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Things You Should Consider Before Signing An Offer Letter

Things You Should Consider Before Signing An Offer Letter

You just landed a new job and you are super excited. You can’t wait to get started. There is no better feeling than completing rounds of an interview and finally securing a job

However, there are a few crucial things you must be certain of before signing your job contract which is otherwise known as an offer letter. 

In this article, we will have a look at some of the details that need to be examined and understood before making your new job official. Keep reading, we got it all covered. 

Things You Should Consider Before Signing An Offer Letter

Start date and working hours

If you are switching to a new job, be sure that your last day at your former work does not coincide with your first day at your new employment. 

This is because there are certain procedures to fulfill before leaving your former work. Make sure you allow enough time to finish them and then begin over. 

Remember to double-check the start time on your first day, as arriving late on your first day will reflect poorly on you as an employee.

Check the working hours specified in your contract once you’ve determined that the start date is suitable for you. 

The working hours must correspond to your expectations and job title. 

Because maintaining a work-life balance is critical for remaining productive and stress-free, you must make sure that the hours work for you. 

You don’t want to create a work-life balance by working nights and weekends just because you failed to read the contract terms.

Salary and incentives

Verify that the remuneration listed in the contract corresponds to what you were told during the interview. 

It’s also crucial to grasp the pay structure and the distinction between your cost-to-company (CTC) and in-hand compensation. 

If you believe the disparity is more than you anticipated, you should speak with HR. 

After you’ve checked your base wage, search for any bonuses or incentives you’re entitled to during your job. 

These may be guaranteed or discretionary, so make sure you understand what you are owed and what you must earn via your work.

Additional Benefits

Many organizations provide additional perks and incentives to their employees in addition to basic remuneration. 

Inquire with Human Resources about specific perks such as health insurance for you and your family, free meals, parental leave, and more. 

While these benefits are a terrific complement to your overall compensation package, you should be aware of a few potential pitfalls. 

For example, some employer-provided health insurance plans indicate that half of the cost will be covered by the firm and the other half will be withdrawn from your pay. 

This is still a fantastic advantage to have, but you should be aware of any limitations in your benefits package.

Company policy on leave

HR may not discuss the number of leaves given to you each month or year while discussing the specifics of your contract. 

However, it is critical to understand your yearly leave allocation as well as any additional vacation days that may be available. 

Paternity leaves, as well as maternity breaks, birthday leaves, and even period leaves, are now available in many modern workplaces. 

Understand your full leave arrangement, including your sick days and casual leave. You will be able to arrange your trips and leave without losing money in this manner.

Compensation for termination of the contract

This is one of the most crucial parts of your contract that you should read, debate, and fully comprehend. 

This section will detail your entitlement to salary and benefits following the termination of your contract. 

Many employers provide cash in lieu of notice, compensation based on available or unused vacation time, leaves, stock options, retirement perks, or medical/life insurance. 

These facts will allow you to shift to your next employment with reasonable compensation if your contract is canceled for any reason, such as mergers or closure. 

Also, make sure you read through your contract’s various termination clauses.

Conclusion

There are a few things you must be certain of before signing your job contract. Make sure that the working hours specified in your contract work for you. 

It is crucial to grasp the pay structure and the distinction between cost-to-company (CTC) and in-hand compensation. 

You should be aware of any limitations in your benefits package. Understand your full leave arrangement, including sick days and casual leave. Also, make sure you read through your contract’s termination clauses. This section will detail your entitlement to salary and benefits following the termination of your contract.

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