Dollars and Cents
It’s Not All “Dollars and Cents” When it Comes To Your Job Search
When searching for a new position most people tend to look for and accept the highest paying position possible. Whether you are a new graduate that accepts one job offer over another in order to make $2 more an hour, a seasoned health care veteran looking to transition to a much higher paying position … or perhaps somewhere in between; money speaks. No matter your level of experience, you should take a look beyond the dollar amount you are offered as salary. There are many other factors to think through besides the salary that a position pays.
It may not be the wisest choice to make an employment decision based purely on the salary or hourly rate that you are offered. When it comes down to it there are many other benefits that should factor into your career search that will ultimately help you to make a more informed decision. And many of these benefits actually affect the amount of money that you will earn (for example think about the rising costs of health benefits).
We understand that the salary you are offered important; we all need to support ourselves. Remember to ask yourself what other factors or benefits are most important to you in a career choice? Things to consider on top of health insurance include: location, tuition reimbursement, CME allowance, facility type, work schedule, work- life balance etc.? If you still think money (the salary you are offered) is most important, then consider this scenario:
You were offered two great positions at two different practices and you must choose where you would like to work by the end of the day. You think you will accept “Position A” because it offers you $5,000 more a year in a base salary compared to “Position B” and they have the same responsibilities. After doing some further research you learn that: “Position A” offers you $5,000 more a year, is located 45 minutes from your house (on a good day, traffic is terrible), has a 60+ hour work week, the company contributes 80% of your health insurance benefits and the plan options all offer non-competitive coverage with at least a $3,500 deductible. “Position B” offers you $5,000 less than “Position A”, is located 10 minutes from your house, is a 45 hour work week and offers to pay 98% of your families health insurance benefits with a competitive $0 deductible plan.
Now if you were most concerned about the amount of money that you will make at first look you would think to choose “Position A”. But after taking a further look at the travel, work hours and benefits does it still make sense to accept “Position A”? Just because you were offered a salary of $5,000 more a year is “Position A” the right choice? Most likely not! Between the money you will spend on gas, the extra time spent traveling in your car and working in the office, plus the expenses you can incur from a non-competitive health insurance plan; if you are really most concerned about dollars and cents the numbers just do not add up.
Next time you are offered a new position make sure to take the time to review and account for the benefit package and additional perks that are offered along with the salary. If you are most concerned about the amount of money you will make; you will be quite surprised to learn in the long run that based on benefits and other factors“ your highest offer” may not actually equal more money in your wallet.