TLDR: Looking for an online calculator or excel template to calculate the value of my 401k, benefits, and fringe benefits so I can compare a job offer I received to my current job.
Details below for context:
Recently I was offered a job as a governmental affairs junior lobbyist by a small firm’s senior partner. For context, I was not actively looking for a job and she followed up twice with me before I considered the position.
I don’t love my current job, but I also know it’s not my end career and currently supports me while I work toward my future goals. I make 50k with 9% 401k matching and excellent benefits. Zero opportunity for a raise or much growth at this time. Remote 2 days per week.
The job offer is 52k with 4% 401k matching and same healthcare provider, but a different plan. Also remote 1-2 days per week, but I’d be busier. I love that the firm is focused on health policy legislation since my end goal is in healthcare. They are also looking to grow the position as I grow with the possibility of making 60-70k in 6-12 months.
I’d like to negotiate the salary, but I’m not sure how to calculate the value of the 401k and benefits that I’d be giving up. For instance, if my benefits and 401k at the new job are worse, I’d like my salary to make up for the loss. I’m in my 20’s and only plan to be at this job for <2 years before I start med school, so taking a hit on benefits isn’t a huge concern to me as long as I’m compensated fairly.
Does anyone know of an online calculator or excel template that can help with assessing the total compensation value of an offer so I can compare the job offer to my current role? I’m thinking about asking for 62k with a bottom number of 58k, but I’d like data to back up my request. I also think I’m in a strong place to negotiate because I have a comfortable job now, I’m their only option, and they seem to think I’d bring a lot of value to the team.
Thanks in advance for any help!