Asking for the right total compensation package can be a tricky business. After all, you don’t want to ask for too little and miss out on potential income, but you also don’t want to ask for too much and be seen as too demanding.
Fortunately, there is a general rule of thumb that can help guide you in the right direction. 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. This means that you should be asking for benefits such as bonuses, stock options, vacation time, and other perks that add up to the total amount.
Of course, this is just a general guideline, and the actual amount you should be asking for will depend on your experience, the industry you’re in, and the job market in your area. But if you’re just starting out, this is a good starting point.
When you’re negotiating your total compensation package, it’s important to remember that you’re not just negotiating for salary. You’re also negotiating for benefits, vacation time, and other perks that can make a big difference in your overall quality of life.
It’s also important to remember that you don’t have to accept the first offer you get. If you feel like you’re worth more, don’t be afraid to negotiate. Employers expect you to negotiate, and if you can make a strong case for why you deserve more, you may be able to get it.
Asking for the right total compensation package can be a daunting task, but with a little research and preparation, you can make sure you’re getting the most out of your job. 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. So 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.
By following this rule of thumb and doing your research, you can make sure you’re getting the most out of your job and that you’re getting the total compensation package you deserve.
Date: 27.02.2020.
