What Total Compensation Should I Ask For?
When you’re negotiating a job offer, it’s important to understand the total compensation package you’re being offered. Your salary is only part of the equation; you also need to consider benefits, bonuses, and other perks. As a rule, for most non-C-level salaried positions, you want to be asking for a total compensation package that’s somewhere between 1.5 and 3 times larger than your salary.
For example, if you’re making $100K/year in salary, with not that much experience, you want to be looking for at $150-$200K in total comp. That means you’ll need to negotiate for additional benefits, bonuses, and other perks that will bring your total compensation package up to that level.
So what kind of benefits and perks should you be asking for? Here are a few ideas:
• Health insurance: If you’re offered health insurance, make sure you understand the coverage and the cost. Ask for a plan that covers your needs and is affordable.
• Retirement plan: Ask about the company’s retirement plan and how much they’ll contribute. If you’re not offered a retirement plan, you may want to negotiate for one.
• Bonuses: Many companies offer bonuses for meeting certain goals or milestones. Ask about the bonus structure and how you can qualify for them.
• Vacation time: Ask about the company’s vacation policy and how much paid time off you’ll get.
• Flexible work hours: If you’re looking for a flexible work schedule, ask about the company’s policy on telecommuting and flexible hours.
• Professional development: Ask about the company’s policy on professional development and training. Many companies offer tuition reimbursement and other programs to help employees stay up-to-date on the latest industry trends.
When negotiating for a job offer, it’s important to understand the total compensation package you’re being offered. As a rule, for most non-C-level salaried positions, you want to be asking for a total compensation package that’s somewhere between 1.5 and 3 times larger than your salary. Make sure you understand the coverage and cost of the health insurance plan, ask about the company’s retirement plan and bonus structure, and inquire about vacation time, flexible work hours, and professional development opportunities. By doing your research and negotiating for the right benefits and perks, you can ensure you’re getting the total compensation package you deserve.
This article was written on Feb 27, 2020.
