Keep in mind that your compensation includes more than just your salary. Benefits such as life insurance, health plans, vacation, retirement programs and holiday plans typically add another 20-40% to many salaries. Is your offer missing anything? Here are some areas you will want to understand:
- Health Insurance: How much will you pay in monthly premiums and/or deductibles? What type of plan or coverage choices will you receive? Can you set up a Medical Spending Account?
- Retirement Plan: Will you have a defined benefit retirement or a 401K contribution program? How much will your employer contribute to your retirement? How many years will it take to become fully vested?
- Time away from work: How many days of vacation do you get per year? Are there sick day allowances? Will you have personal days and a flexible schedule?
- Performance Reviews: How often are performance and salary reviews? How often will you receive performance feedback and consideration for salary increases? What are typical opportunities for career growth? How will your performance be measured? Are employees encouraged to find opportunities for growth in other parts of the organization? Are current employees routinely considered for new positions?
- Professional Development: Does the organization provide in-house training, development and opportunities to attend outside conferences? Is tuition reimbursement provided for higher education (i.e., a master’s degree)?
- Signing Bonus: Were you offered a guaranteed sum of money for agreeing to join the company. Is it tied to accepting the offer by a certain date?
- Relocation: What are the moving policies if you have to relocate? What specific fees will be reimbursed, or will you be given a set amount of dollars to make your move and you can spend them as you wish?
- Culture: What is the daily protocol of the organization, including dress code
- Lifestyle: What is a typical workweek like? How many hours do new employees work, on average? How much travel is involved? What obligations might you have outside of normal business hours?
