Getting a job offer is great, but you know what is even better? Knowing that the job offer is going to cover you financially, physically, and mentally. A compensation package or as some call it, Total Rewards Package, should be the time where you carefully assess and review, not only what the company is offering you, but also your goals, priorities, and future plans.
So, what is a compensation package?
Simply put, it is the complete briefing of what your salary will be along with your benefits. It should include your salary offer, health and dental benefits, retirement savings plan, Paid Time Off or Sick Days, and any additional perks. Make note that each compensation package differs depending on the company making the offer. However, your compensation package “should be a two-way street where you have say in your Total Rewards Package”, says Arely Lagunas from Creative Achievers Network (CAN). Arely is a firm believer in negotiating your compensation package, but we’ll discuss that in a bit.. You have an opportunity to ask and negotiate things that are important for you. But for this, it is important to take a closer look at your goals: lifestyle and career.
How do I review a compensation package?
Once a company makes an offer take the time to ask yourself a series of questions. Don’t rush through the decision. Ask yourself if the salary is something that works for you, your monthly bills, your personal savings plans? If you need help figuring out if the salary they are offering is fair, you can refer to the Internet to see what the salary average is for that role. Next, review the other parts of the compensation package, like the benefits and the extra perks. Are the PTO days they’re offering enough for you? Is it important for you to WFH a few days? Do you need arrangements for child-care? When getting an offer, ask for a benefits summary, suggests Arely. That information is helpful when it comes to deciding whether or not you will accept the offer. If you are still left with a few questions, Indeed recommends to simply ask the employer for clarity.
How should Mujeres negotiate a compensation package if what the employer is offering doesn’t match what they deserve?
If you are really serious about accepting the offer, but the compensation package is not quite to your liking, NEGOTIATE. Your compensation package is completely negotiable. Employee perks are negotiable because they give the employer the flexibility to customize the offer in order to retain talent. So how do you negotiate? RobertHalf suggests these 3 things:
1) Research the company about job perks and policies that are currently in place. Knowledge is power.
2) Be specific about your conditions. If you are asking for more vacation time, give them a specific number.
3) Have a plan B. You may not get everything you are looking for. If you don’t, decide what things are non-negotiable and are willing to give up.
What other things can you negotiate aside from salary?
Aside from your salary, you are able to negotiate things like:
- Vacation Time
- Flexible Work Schedule
- Remote Working
- Tuition Reimbursement
- Learning & Professional Development Budget
- Job Title
- One-Time Sign On Bonus
- First-Year Bonus
- Start Date
- Relocation Costs
- Stock Options
- Health & Wellness Benefits
- Office Space
Why do employee benefits matter?
Negotiating a job offer benefits will ultimately give you the opportunity to improve your quality of life. Finding a new job shouldn’t put a financial strain on you, nor should it deteriorate your mental health. After all, if you are looking for a new job, doesn’t that mean you are looking for better opportunities? If you leave a job to join a new company that does not give you a better pay or the benefits you need, it defeats the purpose. Benefits also help you set up a better future. “Retirement benefits can help provide employees a well-organized and reliable way to save money and plan their financial futures for themselves and their families.”, says Indeed.
Another important reason why benefits matter is the work-life balance. As employees, we look for opportunities in companies that are going to provide us that balance. “These types of benefits can help reduce employee stress and fatigue and prevent burnout.”
The most important benefits are those that are going to let you reach your personal, career and financial goals. Mujer, if you are struggling with finding your worth and beliefs that limit the money you make, read Viva La Budget & Finance’s latest blog “How To Overcome Money-Limiting Beliefs as a First Gen”
If you need the extra help to work through numbers, mindset, and kickstart your financial wellness, download the Financial Wellness Workbook today!