Total Compensation is More Than Just Salary

Total Compensation is More Than Just Salary

If you’re in the market for a new job or re-evaluating your current position, it’s important to note that the salary or hourly wage is not the sole factor when considering a job offer. Often times we rush to accept a position because the number seems right, but it’s important to note that there are so many other factors that go into compensation including health care, benefits, and company culture. Here are 5 points to consider when debating pay:

Healthcare Package

Ask your employer if they offer a form of insurance coverage when discussing compensation. A healthcare package could potentially cover the expenses of prescriptions, medical visits, and dental work, depending on the package provided. Consider all of your existing medical conditions and how much those would cost you out of pocket without a healthcare plan, and keep these numbers in mind when calculating your total compensation. 

Profit-Sharing or Stock Options 

Some businesses might offer profit sharing, bonuses, or stock options. This means that if the organization is successful, you earn extra income; making it an incentive to go to work and do your best every day. When you are offered shares or other stock options, you could see a huge return on your investment in the future.

These added benefits can include other financial options like 401k or retirement savings plans. These plans are designed to give you an income when you retire. You contribute a portion of your income to receive upon retirement. 

Subsidized Education or Training

If you are still in school or looking to further your education, you may be able to get it reimbursed or subsidized through your employer. Some businesses offer to pay for advanced education to improve the skills and productivity of the employers in their workplace. 

When employers provide these kinds of benefits to employees it shows that they are invested in you and see you working with them in the future.

Paid-Time Off

When evaluating your compensation, you have to consider the paid time off. There will be days when you don’t work, but still, get paid such as major holidays or requested days off. It’s important to note the holidays observed by the company and the number of days allotted to you for vacation and sick days, otherwise, you wouldn’t be able to take time off without hurting your paycheck. 

For expecting mothers, it’s important to note the maternity leave policy within the company. This is the period of time a mother may take leave from work before or after they give birth to a child. This kind of benefit could be a make or break point when discussing a job offer, and it is not something you will want to deal with once the situation presents itself. Make sure to discuss these benefits with employers to save both parties time. 

Lifestyle and Other Perks

Some underrated benefits offered by employees include discounts or reimbursements on things like cell phone and internet plans, gym memberships, or wellness expenses. We all know how quickly those expenses can add up, which could be another factor in your decision-making process. 

There are also non-monetary perks that come with any job. Things like work-life balance, remote work, and company culture are huge benefits when it comes to making decisions. These minute details can make all the difference regarding motivation in the workplace. You are at work for the bulk of your day, it is essential that your environment is a positive one! 

There are so many factors when considering a salary and evaluating your total compensation beyond healthcare, paid time off, and a proper 401k plan, these are just some areas that can be easily overlooked when calculating your salary. Consider what benefit is the most valuable and non-negotiable, and talk to your potential employees about what they have to offer. Remember that you do not have to accept every offer you receive, but you can take that salary and leverage other potential offers. Happy job-hunting! 


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