Assessing A Job Offer And Your Compensation And Benefits Package

Feb 05, 2014 3 Min Read
Alt

While employers have strategies in place to attract the best talent, what can employees do to better understand the compensation and benefits package they currently have or are being offered?

Firstly, do your research and find out what the market norms are. Then compare them with what you are being offered.

Try talking to people already in the industry who would be willing to share that kind of information with you. You can also look at job advertisements to get an idea of what these companies are offering.

Apart from the pay, look at employee benefits as well. Your employment benefits may comprise up to 40% of the total value of your rewards.

Ensure that you are sufficiently covered for what you and your family needs. For example, does the health insurance that the company offers to cover your spouse and children? Details on the amount of coverage and conditions for the coverage should also be considered.

Fringe benefits such as free parking, a company car, or a gym membership can also make a big difference for some people. It is therefore important to review the benefits package thoroughly and if sufficient information is not given, here are a few questions to ask:

  • Does my benefits package include health insurance coverage? If so, how much coverage is given? Is the premium deducted from my salary?
  • Is life insurance provided?
  • Can I review a summary of the health insurance plan options? What are the restrictions and limitations? What about pre-existing conditions? When does coverage begin?
  • How much sick leave, vacation time, and holidays are provided? When do benefits start to accrue?
  • Is there a pension plan in place? How much does the company contribute?
  • Does the company offer short-term and long-term disability coverage?
  • Are there educational and training benefits? If so, are they available for your family, and yourself?
  • Are there any other fringe benefits that are offered?


Remember, however, that the right time to bring these questions up is not during your interview, but only later, once you have a job offer in your hand. You can discuss employee benefits either with human resources or the person who is offering you the job.

Review this based on your personal circumstances and take into consideration what is important to you at this stage of your life and in the future (such as coverage for childbirth, the possibility of a sabbatical etc).

If you would like a handy tool to help you assess the value of your compensation and benefits package, try the calculator available at www.calcxml.com/calculators/total-compensation.

Click here for more articles.

Share This

Alt
Eva was formerly the Research & Development leader at Leaderonomics. Prior to that, she was an editor at Leaderonomics.com. Today, she is the Product leader of Happily, an engagement app at Leaderonomics Digital. She believes that everyone can be the leader they would like to be, if they are willing to put in the effort and are curious to learn along the way, as well as with some help from the people around them.
Alt

You May Also Like

person in black long sleeves holding the other persons hand depicting trust and loyalty in a team

Can Loyalty Go Too Far?

By Michelle Gibbings. Discover the intricacies of workplace loyalty and how to balance it with ethical decision-making through self-loyalty, tough conversations, and healthy debate within teams.

Mar 23, 2023 4 Min Read

Alt

ChatGPT4 Turbo Unveiled: Sam Altman's Keynote at OpenAI DevDay | AI's Next Leap

Discover the transformative potential of these models in various applications and learn about OpenAI's ongoing partnership with Microsoft. Key Insights Summary: - Explore the new voice and vision capabilities of ChatGPT, making it a more interactive AI tool. - Learn about OpenAI's Custom Models program and the launch of the GPT Store. - Understand how GPTs are revolutionizing programming and technology interaction. - See real-world applications of GPT in education, finance, and more. - Discover OpenAI's approach to AI safety and user accessibility.

Nov 16, 2023 43 Min Video

Be a Leader's Digest Reader