3 Compensation Package Questions You Need to Ask

To some, the most important element in a job is how much money they make. Others are more interested in what they get in addition to the money, such as good benefits, training and opportunities to learn new skills. The truth is that both salary and perks matter when evaluating a job offer or potential career move.

What is most important to you in a job offer or potential career?

In order to decide which factors of a compensation package are most important for you, consider your current salary vs. the salary being offered, the type of work environment you’re looking for, and what additional benefits are offered in the compensation package. 

It’s important not only to consider these things before accepting an offer, but also be sure your future employer knows what is most meaningful to you so there aren’t any surprises down the road.

The amount an individual is compensated for their work can have a direct impact on how much effort they devote to their career. That’s why it’s no surprise a study done by Achievers found 52% of employees are either actively looking or would consider leaving their company because of compensation. 

So what exactly is compensation? Compensation can be broken into three key factors. To determine which factor is most important to you, consider how each will affect your life:

• Salary: The salary offered by an employer typically acts as the employee’s main source of income. This includes the monetary value you’re willing to work during normal business hours in addition to any overtime rates, if applicable.
• Benefits: The benefits structure is an important factor that often varies widely depending on company culture and performance. Benefits are defined as indirect compensation beyond your determined salary and annual raise. Some traditional benefits to ask your potential employer about are insurance (both health and life), paid time off, training or educational opportunities, childcare, remote-work stipends, workout resources, on-site snacks or meals or additional workplace perks.
• Promotions: One element of the compensation package that many overlook is the opportunity to be promoted within the company. In some cases, it may be worth accepting a slightly lower-than-anticipated initial salary if there is an opportunity to quickly advance in the company.

How does this compensation package shape up compared to industry standards?

Three words: research, research, research. Determine the cross-section of your worth and current, local industry standards when considering your compensation package. Make a list of what skills you could be bringing to this position including your experience, training and education. Then, find out what is common for someone with your level of expertise to be compensated. Lastly, ask yourself if that salary range and benefit package level would satisfy your willingness to excel at this job. If not, this last question is for you.

Have you brushed up on your negotiation skills?

Knowing what you want out of a job is just the beginning — you need to know how to ask for it. There are three key components to successfully negotiating your compensation package: know your worth, stick to your number and back it up with stats. Learn how to negotiate your salary with ease by reading our Best Practices to Negotiate Your Salary.