Compare job offers on what really pays
The bigger base doesn't always win.
Two offers are almost never comparable at a glance. One has a bigger base; the other loads up on bonus, a sign-on, or equity that vests over four years — and they're in cities where the cost of living differs by 40%. Offer Compare turns each into a single, honest annualized number: base + bonus + annualized equity + amortized sign-on, then multiplied by your cost-of-living index so a high salary in an expensive city stops looking bigger than it is.
There's no guessing and no hidden data — you supply the numbers and your own cost-of-living index (set them all to 100 to compare nominal comp). It ranks the offers, shows the gap in adjusted total comp, and points you to the negotiation scripts so you can close the difference before you sign.
- ✓One annualized number: base + bonus + equity + sign-on
- ✓Cost-of-living adjustment so the real winner shows
- ✓Compare up to three offers side by side
- ✓Then close the gap with the free negotiation scripts
Why base salary alone obscures the real value of an offer
Two offers that look wildly different at first glance can be nearly identical in total value once you account for sign-on bonuses, annual bonuses, and equity. An offer with a base of £120,000, a sign-on of £20,000, a 20% bonus target, and 16,000 restricted stock units over four years is worth more in year one than an offer with a £135,000 base and no bonus, even though the base is higher. The second offer has a smaller year-one payout because it front-loads everything in base salary, which is stable but low-ceiling. The first offer has lower base but that sign-on and bonus front-load the year-one cash, and the equity brings in additional upside.
The sign-on bonus matters more than it appears because it is a one-time cash payment that happens at signing or within the first few months. An offer with a £20,000 sign-on is giving you £20,000 that you see immediately, whereas an offer with higher base spreads that value across twelve months. From a cash-flow perspective, the sign-on is worth more because you have it now. It is also, subtly, a negotiation signal: a company that offers a large sign-on is signalling they know they need to make the offer attractive to win you away from other companies or your current role.
Annual bonuses work similarly. A target of 20% means the company is saying 'in a typical year, we pay an additional 20% of your base on top of your base salary.' But 'target' is not guaranteed; it typically ranges from 0–130% or 0–150% of target depending on company performance and individual performance. This matters because a £120,000 base with a 20% target is actually a £120,000 to £156,000 range, which is a large spread. A £140,000 base with a 10% target is £140,000 to £154,000. The second offer has higher guaranteed money (the base) but a lower ceiling. In a good year, they are nearly the same; in a bad year, the second offer pays more. What you choose depends on your confidence in the company's ability to pay the bonus and your own performance.
Understanding equity vesting, cliffs and the cost-of-living trap
Equity is the part of the offer that makes the most difference when it goes wrong. A stock-based grant of 16,000 units worth £10 each at signing is nominally £160,000 of value, but that value is speculative and comes with vesting. A standard vesting schedule is four years with a one-year cliff, meaning nothing vests until you have worked for one year, then 25% (4,000 units) vests immediately, then you vest 1/48th of the total every month for the remaining three years. If you leave before the one-year mark, you get nothing. If you leave after month thirteen, you get 4,000 units (the year-one cliff) plus 1/12 of the second-year amount. If you stay the full four years, you get all 16,000.
The cliff is the hidden cost of equity. An offer you leave after eleven months leaves you with £0 of equity even though the offer looked like £160,000 of value. This is not a fine print gotcha; it is how equity is designed. Companies use a cliff to ensure you stay long enough to vest anything, because equity is meant to incentivize tenure. If you are considering an offer at a startup, the equity value is theoretical (private equity is worth £0 until or unless there is a liquidity event like an acquisition), and you could work four years and have it be worth nothing. If it is a public company, the share price moves, so £160,000 at signing might be £80,000 or £240,000 after four years. Equity is not cash and should not be counted as certain compensation.
Cost of living shifts the entire comparison between offers. An offer of £150,000 base in London and £150,000 in Manchester are not equivalent because your living costs differ. In an expensive city you might spend £36,000 per year on housing alone, whereas in a cheaper city it might be £18,000. The London offer leaves you less after basic costs. This is where a cost-of-living index comes in. If you set London to 130 (meaning it is 30% more expensive than your baseline) and Manchester to 85 (15% cheaper), then a £150,000 offer in London becomes £150,000 ÷ 1.30 = £115,000 in comparable purchasing power, whereas £150,000 in Manchester becomes £150,000 ÷ 0.85 = £176,000 in comparable purchasing power. The second offer is actually worth more money in your pocket after you account for living costs, even though the base is identical.
Negotiations and knowing what information changes the conversation
Once you have compared offers and calculated real value, negotiation is about which information the recruiter does not expect you to have. Most candidates negotiate base salary, which is the smallest lever. A recruiter might move base from £120,000 to £125,000 because that is how hiring is budgeted, but they often have flexibility on sign-on, bonus structure, equity refresh grants (additional equity after the first one vests), and start date (which affects when your equity vesting clock starts). If the company says the £120,000 base is fixed but you have another offer at £130,000, do not negotiate base—instead ask for a £15,000 sign-on or an equity refresh clause. This gives the recruiter a way to match the competing offer without breaking the salary band structure that might affect other employees.
Equity negotiation is harder because you cannot easily compare the value, but you can negotiate quantity. If the offer includes 16,000 RSUs and you know another company would give you 20,000, ask for the higher quantity with the same vesting schedule. You can also negotiate the refresh: instead of a one-time grant, ask for an additional grant to vest each year, which reduces the cliff risk and keeps your compensation growing over time. Bonus structures are negotiable too, especially the target percentage and the threshold (what does the company have to achieve before bonuses pay out).
One piece of information that changes the conversation is a written offer from another company. A recruiter might say 'we cannot move on base,' but if you have a letter from a competitor offering £130,000, the conversation shifts because they now have real data about market rate. Another shift happens when you have a deadline: if you need to respond to another offer by Friday, a recruiter suddenly has urgency and flexibility they did not have on Wednesday. The final detail is this—if an offer is contingent on equity value that is private and unproven, you should discount it heavily in your comparison and let that discounting inform your walk-away number. An offer at a pre-revenue startup with £100,000 base and £500,000 in vesting equity is really just a £100,000 offer in purchasing power until the company succeeds, so do not let the headline number fool you.
Frequently asked questions
How do I calculate the real value of an offer that includes stock options or RSUs?
Add the grant size (number of shares or units) multiplied by the current price per share (which is your grant price for RSUs or the exercise price for options). Then divide by the vesting period (typically four years) to get the annualized value. Remember that this is speculative—private company equity could be worthless and public company equity changes price daily. Use this as one input, not the whole answer.
What is the difference between a sign-on bonus and base salary when comparing offers?
A sign-on bonus is a one-time payment you receive at or shortly after you start. Base salary is paid over the year. For year-one cash, a sign-on is equivalent to base; for long-term value, base matters more because it compounds (future bonuses and equity grants are often based on your base salary). When comparing, treat sign-on and base separately.
Should I factor in cost of living when comparing job offers in different cities?
Yes, absolutely. A £150,000 offer in London is worth less in purchasing power than the same salary in Manchester because housing and living costs are higher. Calculate your cost-of-living index for each city (rent, transport, food) and divide the salary by that index to see the real value. This often changes which offer actually pays more.
What happens to my unvested equity if I leave a company before four years?
You forfeit any shares that have not yet vested. A typical schedule vests 25% after one year (the cliff), then the remaining 75% over the next three years. Leave after month thirteen and you keep that 25%; leave after month twelve and you get nothing. This is why the cliff matters—an offer you leave just before the cliff pays zero equity.
Can I negotiate salary, bonus and equity separately or does it have to be total compensation?
You can negotiate them separately, and should. A recruiter might not move base salary but could offer a higher sign-on, a better bonus structure, or more equity. Ask for each one: 'Can we move on the sign-on to £20,000?' or 'Can the bonus target be 25% instead of 20%?' This gives you multiple levers and the company room to say yes to something even if they say no to base.
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