There is nothing more exciting than receiving that phone call that the job is yours. But before you do the dance of joy and rush into accept, we recommend you carefully review your job offer. There are plenty of factors to consider, which is why you need to ensure that your job offer has been put in writing and that your employment contract covers everything from your salary and retirement benefits to your leave allocation. Nasty surprises later on down the line are bound to take the edge off your enthusiasm.
Here are some of the key factors to take into account:
Salary
That dream salary may surprise you at the end of the month if you haven’t requested a detailed breakdown, especially if you are unsure whether the salary stated is a cost-to-company amount. If not included in the contract, it is crucial to request a detailed breakdown of your salary, deductions, the final take-home amount, as well as details of when your salary will be paid. After all, no one wants those monthly debit orders to go off on the 25th only to find your salary is deposited into your account on the 1st!
Retirement benefits
Most companies offer retirement benefits, so it is key to understand the details. Depending on the size of the company, your prospective company may provide membership to a group retirement annuity or offer a pension or provident fund. Either way, you will need to understand which investment type is being offered, the various strategies you can choose from as well as how the contributions work.
Medical Aid
This is generally a standard condition of employment, and you need to understand whether or not you are obligated to belong to a specific medical aid or any registered medical aid. Most companies have a designated medical aid, and you need to understand the different plans as this will also impact your take-home salary.
Leave
Understanding a company’s leave policy is often an aspect we forget to review. If you are used to having 20 days of annual leave, which you can take at any time of the year, you may not be over the moon with your new offer of 15 days which must be taken in December.
In conclusion
There are a host of other aspects to consider, like incentives, bonuses, expenses, and retrenchment benefits through to working hours, and these should all be agreed upfront in writing. And finally, remember you are their top candidate, be proud of yourself and go out and celebrate!
