Receiving an offer of employment can be very exciting. You’ve worked hard, interviewed well, and jumped through several hiring hoops to beat out the competition. But what if the salary offer seems too low?
The first thing to remember is that there is much more to compensation than salary. Some companies pride themselves on a robust benefits package, with things like health insurance, 401(k) matching funds, paid time off, holidays, etc., all of which add up to extra (and sometimes hidden) compensation beyond just the rate of pay. Make sure you take the value of the entire compensation package into consideration when evaluating your job offer, and know that some companies may be more willing or able to negotiate benefits than salary. This could be especially true in organizations with limited financial resources. Something as simple as a flexible work schedule may be tremendously valuable to you – perhaps more so than extra money – and might cost the company nothing. Continue reading →
So, you are offered a job. Congratulations! Savor the accomplishment, but before you accept the job, make sure you understand the total compensation package. The time for negotiating is during the small window of time between getting the offer and accepting the job.
Here are some things to consider & research:
Compensation = Salary + Benefits
Look at the whole package. Different industries have different standards for sweetening the deal – from health insurance, retirement plans, vacation & sick days, tuition reimbursements, wellness packages, discounts on transportation & vendors, and relocation cost reimbursement. Make sure you understand the full picture.