Compensation is always a hot topic.
This post isn’t about how to negotiate compensation – it’s about changing your perception of what this word means and what other things are included in an overall package.
Show me the money.
Well, let’s get this one out of the way first. Money is obviously the first thing that comes to mind when people are getting ready for negotiating a job offer.
Fair market value in your compensation is important – after all, if you don’t do a good job now in the negotiations, you could be setting back your total life time earnings with a low-ball offer that you accept. So do your research.
The doctor will see you now.
Health care is another part of the compensation package. With ever-rising costs and a tumultuous health care market / exchange, anything an employer can do to cover a portion of health care expenses means more money in your wallet.
Plan on those golden years.
It’s shrinking, but the amount (if any) employers still plunk down in employee 401K or other retirement accounts with matches or vestments is a huge compensation package plus.
Here’s the keys to your new car.
Larger companies often offer a perk to management that includes use / lease of a car, which can avoid putting wear and tear on your car. This can mean a lot of costs that you won’t have to foot.
Get that healthy glow.
Health club memberships are often tossed into compensation packages with a two-fold purpose – give active employees a great place to work out while also encouraging behaviors that keep health care costs lower.
Time to take that trip you always wanted.
Vacation time is a coveted compensation package item. If the employer won’t budge on the salary numbers, perhaps they’ll toss in another week of vacation!
Welcome to the team!
Increasingly tight labor markets can mean you might be offered a signing bonus as an incentive to join the team. Any time someone can get some additional cash for starting at a dream job is a great thing!
Hat Tip to Top Performers
Another compensation option is performance bonuses, but be careful about this one because you should really be clear on what metrics are being used to determine who gets this bonus and who doesn’t.
Make sure it is within the realm of possibility in your performance, rather than a tempting tidbit that gets yanked right when you think you’ve reached that goal.
FSAs / Disability / Life Insurance
These options can help employees defray additional costs, which counts as a compensation offering as much as the other ones.
Additional Perks
Depending on the industry / company, certain perks might be additional compensation pluses – an example might be someone who joins a brewing company gets a certain allotment of free beer.
Keeping in mind all of these compensation options will help you gain a bigger picture of what your overall package might be valued at, and remember, don’t get fixated on just the paycheck you get!