When you consider a job offer – or better yet, compare two competing job offers – it’s tempting to look at the salary offering and make a quick decision. If you limit your evaluation to salary, however, you may be missing out.
In addition to salary, consider these factors when determining whether the overall compensation offered is competitive for the position and supports your best work:
Commissions and bonuses can affect your bottom line, but only if they work in a manner that complements your best efforts. Examine any structure given for commissions and bonuses, including any effect they may have on your base pay.
Health insurance, disability insurance, retirement and other benefits contribute thousands of dollars to the value of many marketing professionals’ overall compensation each year. To determine the value of these benefits, determine their approximate value, minus what you may need to spend in order to access them (such as health insurance copays).
Also, look at employer contributions to any benefits you receive. For instance, if your employer matches your contribution to a health savings account or retirement account, plan to contribute as much as you can to these options each year, so you maximize the value of your compensation package.
Job offer components that affect work-life balance typically fall into one of two categories: time away from work and nontraditional benefits.
Calculate the value of vacation time, sick leave and paid time off, and read the fine print. Will the structure offered help you take care of your family or other important tasks away from the job when you need to? Do you receive adequate time to recharge each year?
Nontraditional benefits may include flextime, telecommuting options, or “perks” like day care, gym memberships, and help with daily tasks. Evaluate these in the context of your life and work. The right nontraditional benefits can help you do outstanding work, but only if they support your actual needs.
At SMR Group Ltd, our recruiters help sales and marketing professionals evaluate employers and job offers in the medical device, biotech and pharmaceutical industries. We’re passionate about connecting professionals to great job opportunities in these fields. Contact us today to learn more.