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I would first look at the market sector that the company is pursuing.
Next, the company's ability to serve that sector and the way it positioned itself,
Then I will need to assess its product/service demand and maybe run a quick SWOT analysis
Then, opportunities of advancement within the company and my chances to grow
Benefits and work environment would come next, because even if they're paying the highest salary in the market, still you will need to consider whether the company's environment and culture worth the increase is salary or not.
Finally, their compensation plan. While, we work to maintain and secure our fiancial needs, yet money alone does not guarantee work-peace of mind.
All the bullets I mentioned above MUST be met but I would verify them in that order and make decision accordingly. Yet sometimes, you will need to compromise and only you would make that final call.
I would look out for stability and security of the company in the that market. I search for a good working environment that provides job satisfaction. The job should match me and our objectives and should provide wide scope for growth.
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