How to Evaluate the Compensation Package and Job Offer

How to Evaluate the Compensation Package and Job OfferHow to Evaluate the Compensation Package and Job OfferYouve made it to the final stages of the hiring process and received a job offer. Congratulations Still, there are several important questions to ask before signing on.? Salary?is just one component of a compensation package, and now is the time to ask questions about the benefits and perks?that provide extra incentive to accept a?job offer. They also deserve thorough examination.What does a?compensation package include?It?varies greatly depending on the employer and position, but here are the fruchtwein common components?of compensationSalary, plus any bonuses or commissionsPaid holiday, vacation and sick daysMedical, dental and vision insurance401(k) or another retirement savings planIn addition, as employers strive to?remain competitive and?attract top talent, nontraditional perks?such as these are becoming more commonTelecommuting or flexible work hoursSubsidized training o r educationOnsite child careConcierge servicesWhy benefits?matterBenefits, loosely defined as items outside of cousine salary and bonuses, are important to consider for several reasons. First, they can help offset the costs of necessary services, such as medical insurance, that you might otherwise have to pay for out of pocket or even be unable to afford. Employees frequently get a better rate by joining the company health insurance plan than they would if they purchased policies independently.Second, employment benefits help you maintain a healthy work-life balance. Companies are concerned that employees often feel stressed from juggling their jobs and everyday life, so many offer benefits that offset demanding work responsibilities.?Telecommuting, for instance, allows employees to avoid a hectic, lengthy drive to the office. Another example is paid time off for volunteer activities. These and similar benefits help to improve employee morale and mental health.Third, benefits can he lp you prepare for the future. Whether its subsidized?training?that could lead to a promotion and higher salary or a 401(k) plan that helps you get ready for eventual retirement, benefits are set up to reward you for your time with the company by making your future better and more secure.How to evaluate?a compensation packageWhen you have an offer in hand, its time to consider the entire package. If the?proposed?salary?is not what you expected, evaluate the paycheck with the perks. A top-notch package may make a lower salary more palatable. Or, if the perks arent?what you were expecting, you may be able to negotiate certain items.? Here are some questions to consider when evaluating a potential?employers proposal1. Whats most important to you?Values, goals and lifestyle vary from person to person, so theres no one-size-fits-all perfect compensation package. For some, health insurance and a 401(k) plan might be the only must-haves. For others,?the ability to telecommute might be very important, or perks such as an onsite gym or tuition reimbursement could seal the deal.The point is that you must know during the job hunt which aspects of the compensation and benefits package are most important to you. If all of these elements are present when you get an offer, youre in good shape. If not, nows the time to talk to the potential employer about whats missing and why a particular perk is a deal breaker for you.Which city is right for you? Learn more by downloading the Career City Index. 2. What details do you need to know?Once youve identified your?must-haves and have a job offer in hand, get all the compensation details?from your potential employer. Take health insurance We all know that offerings can vary greatly from one company to the next just because the firm provides health coverage doesnt mean?youre good to go.Ask for a summary of key programs so you understand the finer details and costs of each, or even request policy documents so you can read them in full . You dont want to be caught off guard after youve started your new job.3. What are the eligibility requirements?Bear in mind that you may not be eligible for all job benefits and perks the employer offers immediately. Some programs are open only to employees who have reached a certain tenure with the company. Others, such as tuition reimbursement, may be dependent on your managers approval.The good news is that you may be able to negotiate in this area. If youre currently working toward a?certification?or advanced degree, for instance, one condition of employment may be that the company pays for the rest of your education. Ask how much flexibility there is with?the eligibility criteria.4. Whats your benchmark?Its difficult to evaluate a compensation package without some kind of standard of comparison. To get a reliable benchmark for your starting salary, check out?Robert Halfs annual Salary Guides, which you can download free of charge. Our Salary Guides provide up-to-date compensa tion data for hundreds of positions in a wide range of fields.To compare benefits, look up relevant benefits data in government and association reports - many of which are available zugnglich for free - and in reports based on surveys of your industry.Questions to askDepending on your circumstances, you may also want to consider questions like theseWhat are the out-of-pocket costs for benefits such as?health insurance?If youre in a same-sex or domestic partnership, is?your partner eligible?At what intervals will your performance and salary be reviewed?What?career development?programs will you have access to?You cant be overinformed when it comes to the compensation package from a prospective employer. Keep in mind, though, that,?job satisfaction?depends on more than the perks youll receive. If a companys business ethics and corporate culture align well with your values, youre off to a good?working relationship.LET US HELP YOU FIND A JOB 2. Wh at details do you need to know?Once youve identified your?must-haves and have a job offer in hand, get all the compensation details?from your potential employer. Take health insurance We all know that offerings can vary greatly from one company to the next just because the firm provides health coverage doesnt mean?youre good to go.?Ask for a summary of key programs so you understand the finer details and costs of each, or even request policy documents so you can read them in full. You dont want to be caught off guard after youve started your new job.3. What are the eligibility requirements?Bear in mind that you may not be eligible for all job benefits and perks the employer offers immediately. Some programs are open only to employees who have reached a certain tenure with the company. Others, such as tuition reimbursement, may be dependent on your managers approval.?The good news is that you may be able to negotiate in this area. If youre currently working toward a?certification?or advanced degree, for instance, one condition of employment may be that the company pays for the rest of your education. Ask how much flexibility there is with?the eligibility criteria.4. Whats your benchmark?Its difficult to evaluate a compensation package without some kind of standard of comparison. To get a reliable benchmark for your starting salary, check out?Robert Halfs annual Salary Guides, which you can download free of charge. Our Salary Guides provide up-to-date compensation data for hundreds of positions in a wide range of fields.To compare benefits, look up relevant benefits data in government and association reports - many of which are available online for free - and in reports based on surveys of your industry.Questions to askDepending on your circumstances, you may also want to consider questions like theseWhat are the out-of-pocket costs for benefits such as?health insurance?If youre in a same-sex or domestic partnership, is?your partner eligible?At what intervals will your performance and salary be reviewed?What?career development?programs will you have access to?You cant be overinformed when it comes to the compensation package from a prospective employer. Keep in mind, though, that,?job satisfaction?depends on more than the perks youll receive. If a companys business ethics and corporate culture align well with your values, youre off to a good?working relationship.