Personally, I would not turn down an offer based on the type of company. I will focus more on the experience I will gain, but also the work environment. Some people have told me I should start up with a sole proprietorship because is small, therefore it will be easier for people to get to know you, network and connect with managers, VPS or directors. Larger companies can feel a little overwhelming I suppose since you are just a small part and perhaps they can replace you easily. However, I think it all depends on how you are. To me, I would take either one because my main focus it's the experience and the care employees receive. Networking with people is also a learning experience so once you are comfortable it won't matter where you find your self at.
Being eager to get an internship, I really didn't look into the company's financial and economic history. But my dad was the one who sat with me and went through the company's financial history, revenue, efficiency , stock price, competitors, employee reviews, etc. Although for an internship this doesn't really matter, this matter for me when I become an employee and work full time. First of all, I care about this because the net income of a company tells me how stable the company is, this can affect me as an employee because if the company is not stable financially, they can fire employees to reduce expenses. The more the net income, the more the company is able to invest in their employees and other expenses. If they aren't stable, they can also be easily bought over, which results in procedures and employee roles changed, which may or may not be what you want. Therefore, for my long term stability, I would look into the company's revenue and net income. Secondly, I look into stocks and reviews to make sure I am working for a good, trusted company.
I don't really bother too much about the type of cooperation they are (LLC, S-Corp, etc) because they change based on the focus of the business and doesn't really tell much about their stability.
I think understanding the financial history and company reputation help to identify the stability of the company. Me personally, I look for that when I get an offer, I want to secure that position is not in danger and I'll be laid off because of company financial because they can not sustain. Also, I even ask about the funds allocated for the project if it is a contractor on a project base. However, I didn't care much about the company type if it is not a personal company. Because as we learned today If I work individually you can get hit on your personal identity. But in the other hand, if you invest for the stock market, a lot of the information that was discussed this week helps to understand and make a good decision based on the financial analysis that Dr. Simon explains.
This question is indeed an interesting one because I always think about doing a research on what the company is about before applying. I feel like all of us try to learn more about a company before applying. However, the research details you have mentioned regarding financial history, revenue, stock price etc is out of the question when trying to get the first job in hand right after graduating college. I feel like having knowledge about the company's goal and its product/service is more important when landing the first job. In this economy, getting a job is already very challenging and on top rejecting an offer based on its financial history would hurt oneself only. Perhaps, trying to change 2nd or 3rd job, then you could use in detailed research
As many other people have echoed, I think in the beginning of one's career, especially right out of college, the type of company is not neccessarily the foremost priority in one's mind when choosing a job. Oftentimes reputation, company size, culture, and a myriad of other factors are what can often weigh in on the decision. On the other hand, many people seem to take what they can get, in the hopes that if they get their foot in the door of a company that they can move up in the future to a position that they want. Personally, I did not look into the type of company when obtaining my current position, I simply applied to places that seemed to have a solid reputation and values that I aligned with and took the position that they gave me. Looking at it now though, were I to move to another company, I think I would take into account the type of company since that would have some say (now that I have had some experience under my belt) in what company to choose, in terms of longevity, style, etc.
Assuming I am in a position of good financial standing, I would possibly turn down a job offer based on a company types or its financial history. In general, I would hope to receive a job offer from a well-established company that has been doing business for a satisfactory period of time. Therefore, most startups typically file their company as a Limited Liability Corporation (LLC), so before accepting a job offer many factors would have to be considered. For example, in such a scenario, it may even be important to research who the managing members of such a corporation are. Furthermore, in a scenario like this it is important to assess whether such a company is making profits or currently running on money from investors. Overall, the assessment of factors such as this related to an LLC can help you determine whether you believe there may be a long-term future for you in this company. Most importantly, I think the ultimate deciding factor for many choosing to work in such corporations is how passionate they feel about the company objective. For others, the risk of working for such a company may be worth it, if they believe that the startup company could indeed take off and become a large, profitable company. On the contrary, I feel as if I would be more inclined to accept a job offer from a larger and more distinguished C-Corporation because they must be well-established and profitable if they can withstand being double-taxed. As a result, in relation to a publicly traded C-Corporation, I don’t believe I would spend too much time reviewing such a company’s financial history.
After watching the videos from this week's lecture, we have learned about the various company types. While thinking about this, would you consider turning down a position based on the type of company it is? For me and usually most people, they would do some research on company even before applying. But some people also look at the company's financial history, revenue, stability, stock price (if applicable) and reputation. I honestly have never looked deep enough to understand the risk behind accepting a position in an Limited Liability Company vs Corporation vs Sole Proprietorship vs partnership.
Some are interested to look at this information to see how financially healthy a potential employer is, and therefore how long you might have a job. It can tell you about pay raises, bonuses and getting a higher position.
I am interested to learn more about your own personal opinions, would you turn down a job in a company based on its type and why?
I would not turn down a position based on the type of company it is. The things I am looking for in a job are whether I will enjoy what I'm doing and enjoy who I'm working with, if the company provides opportunities for me to grow and develop my skills, and if I am being compensated well with a good salary and benefits, among other things. If the company is stable and has a good history, then the type of company it is really doesn't have an effect on the individual contributors, so it wouldn't make much of a difference. The only people that would actually be affected by the type of company it is are the executives - CEOs, Partners, Board Members, etc. They are the ones who would be sorting out the logistics of the company and determining the financial structure, whereas the individual contributors are highered to produce the goods/services the company offers.
Choosing a job based on corporate structure is an interesting point to bring up. While I have never formed an opinion of a company solely on whether it was an LLC or a Corporation, I think it is important to consider how they might operate. For this we can look at two extremes: large companies (thousands of employees) and small businesses (less than twenty people).
First, large companies are often able to provides better benefits like health insurance because they can get better rates due to how many employees they have. They can also provide benefits like 401Ks and tuition assistance. When the company is doing well, they may hire more employees to expand and develop new business ideas. However, if the business is doing poorly entire departments can be laid off at very short notice.
Small businesses, such as ones that are family owned and do not have many employees, generally do not have a benefits package that is as good as a large corporation. However, the culture in small companies is much different since everyone knows each other well. When business is going well, more people tend to receive direct benefits from it. However when business is slow, you may not be laid off unless it is extremely necessary. For example, your boss may know that you may be a single parent and have a family at home that depends completely on you and will keep you on payroll because of the personal connection that corporate executives would never see.
For me personally, I say it would depend on the offers I have in hand. I have worked in a multinational company but I never researched the financial statement as well a the type of taxes it goes for. Moving forward I think I am okay to accept offers and in case I have more than one offer at hand and the pay is almost equal then I might do some research and go for the job which would be long term.
For starting I would not judge all factors whether it is big company or not etc for me gaining experience in the field i would like to work is more important. Once i wish to settle down I would consider the salary they are offering, what is scope of growth in company and other factors.
For me personally work-life balance is more important and I would like to understand companies view about the employees work life balance .And specially in the current situation it makes sense to look at the companies financial situation and also in general looking at those thinks will help you with the long term plan .There are also other factors like is it a right fit ,will it help move in my career. In the end it all solely depend on your plan and what we are trying to get out of this job. We studied about this in system management that some work for recognition some for money ,the point it all depends on what you are trying to get and you will set your mind based on that.
I understand what you are saying with regards to the company's mission and vision. Having work for both large and small organizations, currently working for a LLC, I would suggest that size will matter as well as reliability and consistency. Small companies could have more ups and downs with respect to their stability of work. Large S or C corporations such as Becton Dickinson or Stryker for biomedical engineering students would provide more stability, career path clarity, clear rules and consistency. There is much to say when you are either early or midcareer working for such firms. As you mature in your career you might want to consider other types firms, consulting or niche organizations where they might fall into the other categories reviewed in the lecture. Your personality and interests might also lie with smaller firms because of their innovations. An example would be a startup firm in the tissue engineering area trying to innovate a bone replacement product. The organization could have started with two PhD students and grown to maybe two dozen folks. This would probably be a LLC or partnership. I hope this provides more insights to the topics we covered in class.
In the end, what are you trying to do with your life. Only you can really answer that and it may take years to find out. Potentially, moving a few times between firms. Thoughts?
Prior to this lecture, I don't believe I really put any thought into this topic. To say I'm an engineer, it makes sense that I was unfamiliar with just about all of the corporation types, and what exactly each one really meant. I have always taken the time to research a company prior to applying because well basically, I want to know what I'm getting myself into. Whether that could mean in preparation to an interview or just looking on Glassdoor for common salary ranges of certain positions within the company. Now that I have a better understanding of what corporation types are and how that, and other metrics used to analyze company standing, may effect me as an employee, I can definitely say I will be expanding the scope next time I am doing research on a potential position. For example, in the case of public companies, metrics such as their net profit margin or quick ratio can indicate their current financial standing. Being that I am young in my career and therefore looking for a company in which I can grow within, I would consider turning down a position if such metrics as discussed were not so great.
In the lecture, companies including Limited Liability Company vs Corporation vs Sole Proprietorship vs partnership are classified based on the way of operating business, how many people own the business, and how the company relates to the owners. The luxury of choosing a job is generally very difficult to have for freshers. Whether the company's interests match the individual's interest is what comes of the highest importance at that initial stage. Further on, how the company operates, the pay scale, its core values, and if they will value the individual as an employee becomes more important than their type. Later on in the career, deciding on a company based on how it was formed may be important. It would then be more important to make sure the individual is not just settling and that the company will be able to support them stably.
I don't think I would necessarily turn down a company based on its type. As you said in your question, you tend to look at financial history and success before applying to a position. Even if the company is small, if they have a strong history and are growing then I see no reason to be alarmed. I guess, depending on the type of company, you might want to research a bit into the office culture. For example, a family-run business or partnership might be difficult to work in if those working are isolationist or treat you as an outsider. Not that a large company could not do the same.
Ultimately I would accept based on; company culture, company success, and the potential for growth within the company.
