Building Gurus: How to Evaluate Compensation Packages
When you get a job offer, there is a flurry of excitement – someone believes in your skills, experience and potential enough to invite you to their team! It is an exciting time and emotions are high. We all like to be liked and all have some kind of ego that tells us what we are worth.
There are 3 typical responses to compensation offers:
- It’s exactly what you were expecting or more. You are pumped to accept!
- It is slightly less than you were expecting but still a decent offer. You are happy and ready to accept.
- It is not at all what you were expecting and you are upset or angry. You are not ready to accept and probably want to immediately decline.
While salary is a key factor in your decision, it is only part of a compensation package. Don’t get blinded by the base pay. Make sure you take the time to add everything up.
How To Evaluate Compensation Packages
In the moment, most people don’t fully comprehend their economic choice. When contemplating a new position, there are many factors to consider. Don’t forget about the cost of living, benefits and future potential.
It is hard enough when you have just a single offer to consider. What do you do if you have 2 or 3 packages to consider?
No matter what you are feeling or how many job offers you have on the table, think about every aspect. Smart applicants will take the time to go through the following guide.
Before you decline or accept, spend 5 minutes evaluating & contrasting benefits packages to ensure you are doing the right thing for your future!
|Current Job||New Job||Element to Consider|
|$||$||Profit sharing potential|
|$||$||Value of stock or equity|
|$||$||Cost of living differences|
|$||$||State, local taxes|
|$||$||$ Difference (+/-)|
To view the original post, click here.
Source: Building Gurus