When you find the perfect role and are ready to accept a job offer, you might be overwhelmed by the amount of paperwork that comes with this new chapter. Contracts, non-disclosure agreements, and tax forms will all need your undivided attention.
Before you start signing, make sure you’ve thoroughly reviewed one of the most important parts of a job opportunity: the compensation package.
Covering a variety of important details from sick leave to health insurance, compensation packages can be the make or break factor in accepting a new job. In order to determine if the compensation package you’re presented with is a fair — or even generous — offer, though, you have to know what you’re looking for.
Keep reading to dive into the Sabio Systems overview of the fine print: key components of a good compensation package, bonus perks to note, and resources for researching industry standards.
What Are Compensation Packages?
The phrase compensation package is used to refer to the salary and benefits an employer will offer you in return for your employment. It serves as a comprehensive overview of both your direct, financial payments and your indirect, non-monetary payments like health stipends, vacation time, or childcare services.
When it comes to accepting or negotiating a salary, it’s important to do your research. Use the Payscale Industry Salary database to browse the standard ranges for your job position, calculate your region-specific salary to cost of living ratio, and work with a verified recruiter from the team at Sabio Systems to ensure your new professional position is the perfect fit for you.
Compensation Packages: The Basics
The baseline for benefits and salaries varies depending on industry, experience, and geographical location, but there are a few common threads among most compensation packages.
At a minimum, your compensation package should outline your salary and schedule details, but most include some range of the following:
A company that offers less competitive wages might actually be a blessing in disguise if you’re eligible for an exceptional health insurance plan that includes medical, dental, and vision. The converse is true as well, which is why it’s vital to review all the details of a job offer with a hiring professional before accepting, even if you’re excited about a potential pay increase.
What Makes A Competitive Compensation Package?
Financial comparisons aside, leading-edge employers are attracting top talent by taking contemporary lifestyle elements into consideration.
Health and wellness benefits, for example, are on the rise as the topics have been center-stage for job seekers in the last few years. Going above and beyond the basic health insurance plan, some companies are offering in-house mental health services, paid paternity and maternity leave, or wellness stipends for their employees.
The trend isn’t quite ubiquitous yet, though, so take note if your compensation package shows that your new employer cares about their employees’ physical, emotional, and financial health.
The following additional perks can signal that your new job’s compensation is above and beyond:
If you’re not happy with the compensation package you’ve been offered, don’t be afraid to negotiate! Understanding the value you bring to the workforce and having realistic goals based on industry standards can make your negotiations successful.
There’s no need to navigate the complexities of salary ranges, compensation details, and onboarding paperwork alone — partner with a highly experienced recruiter from Sabio Systems to streamline your job search and find your dream role.