How to Compare a New Job Offer to Your Current Job

In today’s workforce, job mobility is common. While our parents and grandparents could spend their entire careers with a single employer, recent reports show that today’s workers change jobs every three to five years on average.

There are lots of reasons you may switch jobs. And the decision can be easy when one job is far worse than another. But what can make the decision to change employers especially hard is when you are left choosing between a good job offer, and a current job you really like. If you find yourself stuck in a similar dilemma, here are five considerations that might help you decide between better and best.

1. Compensation

Unsurprisingly, this is the first thing you should compare when deciding where you want to work. You may love where you work, but a significant raise could be life-changing and help you reach your financial goals quicker.

That said, you need to consider more than just your paychecks. Take the time to investigate bonus structures, stock options, and retirement plans. The new job may offer a higher salary, but that doesn’t mean it’s more financially beneficial when considering the entire compensation package. You should also consider the costs associated with switching jobs, which could offset the higher salary.

2. Benefits

Your compensation package is more than just take-home pay. You must also compare the benefit packages of your current employer and the potential new job. Things like health insurance and paid time off are all very important considerations when trying to decide where you want to work.

For example, your current employer may not offer as much money as this new job, but if you are married with children and your current employer covers your entire family’s health insurance premiums, it may be worth staying put.

3. Work-Life Balance

While compensation is obviously a top consideration when deciding whether to switch jobs, you should also strongly consider things like work-life balance. A good work-life balance is critical to maintaining a high quality of life.

An employer that lets you work from home several days a week to save money on commuting, or an adjusted workday so you can manage kids’ schedules, goes a long way and may be worth a dip in pay.

4. Career Development

Where do you see yourself in 5 years? Ten years? What’s your dream role? Now ask yourself which of these two employers will help you get to your career dream faster?

If your current job has been stagnant in terms of professional development, a new opportunity may be the perfect chance to gain new skills, learn from new mentors, or advance to a leadership position.

5. Job Stability

The past several years have seen some significant variability in the labor market. Some industries suffered severe layoffs, making many people question how long they’d have their jobs.

While a new job may seem exciting, it could also come with the risks of possible downturns. Not to mention, in many instances it’s the new hires without seniority who are let go first if problems arise. Depending on where you are in your career, you may favor the stability of a secure job over the risks of a new, higher-paying employer.

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