One of the most common mistake people make especially young professionals when negotiating for a pay package to focus on the gross salary and overlook other equally important benefits that may have been put on the table.
This leads them into turning down an otherwise lucrative offer because the salary didn’t meet their expectations. Look beyond the salary when assessing a job offer since you might a job has salary but there are other benefits that make the whole package better than what you could be offered elsewhere.
Here are other factors you should look out for to make sure you get the compensation package you deserve.
Training and development
The professional field is dynamic and you need to keep up to remain competitive. You will need to go for further education and have advanced training to keep with the ever-demanding roles of the corporate world. All these are expensive and make a huge dent on your finances if you are funding them on your own.
So the better if the company finances them as part of their employee retention strategy. This will save you more earn that you could ever earn even if you demanded that your salary be matched with the market rates at Highersalary.Com.
The advantage is that the skills you acquire build your career portfolio and are transferrable so you can always leverage them during a salary negotiations or get better employment.
You can have a highly demanding job that pays slightly better but which take up most of your time that you neglect your social life.
While negotiating for your salary, ask about the working hours and the intensity of travel involved in the role. Some employers have a flexible working hours which may be more suitable if you want to take care of your personal matters too without feeling like you are slacking in your job. There are several startup tech companies that lets you work on flexible working hours while providing you with great salary and benefits.
There are jobs that pay better but offer limited job security. While you can earn more, you never know when you may be let go which may affect your financial plans.
As part of a pay package offer, you may be given a permanent contract at a slightly lower salary but this comes with job security which allows to make short-term and long-term financial plans with your life.
Other jobs may give you more money but on shorter contract and you will find yourself unemployed after months living on the savings you made for the time you were gainfully engaged.
Pay review policy
You can start your career as an intern with little remuneration but there may be chances for absorption into the company’s staff roll which comes with a significant increase in your earnings.
There are organizations that offer a low starting salary but have regular salary reviews based on duration and/or performance which can make you grow your income within comparatively short period. There also those with a good starting salary but it takes years for your salary to be reviewed meaning your income will remain stagnant for quite a while.