Use This Excel Formula To Compare Two Job Offers

compare two job offers

Having to compare two job offers isn’t always easy but it’s a great problem to have! There are many variables to consider that go above and beyond just salary. Before accepting any offers, it’s critical to spend a little time outlining all the key factors. Here’s a complete list along with a handy Excel formula to make your evaluation more tangible.

Benefits

Base salary is only one part of your overall compensation package. Sure, you might have had a number in mind that you’d like to make annually, but you should also consider the type of lifestyle each compensation package will offer you as a whole. 

Spend adequate time assessing each and every element of your compensation packages to outline the benefits included. Look at perks like: 

  • Vacation days
  • 401k matches 
  • Insurance coverage
  • Holidays

Don’t make the mistake of overlooking these benefits for the larger salary number. A larger salary isn’t worth a heavier workload, longer commute, and worse work-life balance. 

Development Opportunities

According to a Korn Ferry poll of nearly 5,000 professionals, the top reason people are looking for a new job is actually boredom. Does that ring true for you?

Feeling challenged and inspired in your day-to-day job is important for personal and professional development. A company that acknowledges that and invests in employees to learn and further develop skills will provide a better experience in the long run.

Growth Opportunities

Learning new skills is great, but what if a company can’t offer you the opportunity to advance with those skills? You’ll find yourself back on the job hunt sooner than you planned. 

A company that can clearly outline the path to move up within the organization will provide you with peace of mind that you’re not wasting time. Take to LinkedIn to do some research on the career paths for the companies you’re considering. Search for the company name and then click on ‘people’ when you get to the profile page. If you find current and former employees in the same position for more than two years, it might be a red flag.

Company Culture

Company culture has been a buzzword for many years now, but for a good reason. Culture consists of all the little things that contribute to an organization’s personality and values. A company’s boundaries, dress code, social calendar, perks, and office amenities are all examples of the ways in which cultures differ among organizations. 

Consider what is important to you in an office setting, and evaluate your offers from there. Culture isn’t everything, but feeling comfortable in your work environment is. 

Flexibility

If you have a life outside of work that you’d like to maintain, work-life balance and flexibility are big factors to keep in mind. Do these companies allow you to work remotely if you need to? Do they encourage you to set boundaries on the weekends? 

If dropping your children off at school or exercising in the mornings are non-negotiable for you, prioritize them when making your decision. Without work-life balance, you’ll find yourself burnt out sooner than later. 

Personal Interest

There should be some degree of interest in the role you’re considering. To be fulfilled at work, you need to feel connected to the impact you’re making and willing to put in the time to get results.

Figure out what your ideal career path looks like, and determine if either of the roles you’re interested in can help you get there. The more honest you can be with yourself here, the more likely you are to put in the work. 

Compare Two Job Offers Using this Formula

Sometimes choosing an offer is an easy decision. If you’ve been reading this article with an overwhelming gut feeling about the company you want to move forward with, that’s great! However, the decision isn’t always black and white for everyone.

Compare and contrast your roles using the scorecard method developed by the Harvard Business Review. The scorecard method is designed to help candidates look objectively at offers, and visualize the pros and cons associated with them. 

List all the factors you’re considering and number them by importance on a scale of 1-5. Then, look at each job offer from a bird’s eye view to note how each company prioritizes those factors on a scale of 1-5. Multiply the importance weight by the decision factor score to determine the total score for each offer:

Importance Weight (1-5) x Decision Factor Score (1-5) = Combined Score

Here’s an example of what yours can look like with the factors we outlined above: 

Image credit: Harvard Business Review, Allison Rimm, A Scorecard to Help You Compare Two Jobs 

Choosing which job is going to be your next job is not an easy feat. Even once you’ve made your decision, you may feel overwhelmed with emotions as you prepare for your new role. However, it doesn’t have to be that way! Take a peek at the 4 Ways To Overcome the Fear of Making a Job Change. You’ve got this!

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