When it comes to finding a job, there are many things to consider, from the hours to the prospects of the company to how you get along with the boss. Few things, however, are as critical when searching for a job than that of compensation. Compensation, in the form of salary, bonuses and benefits, is the make or break issue for most people when they decide whether or not to take a new job.
Compensation of course takes many forms, but for most people compensation boils down to the salary for the job. For most workers, of course, the salary is the most significant part of the total compensation package, but it is important for every worker to carefully examine the compensation as a whole in order to make an informed decision.
For instance, a higher paying job with a poor health care plan may actually end up offering less in the way of compensation than a lesser paying job with a stellar health care plan. It is important to consider all options when deciding between competing job offers, and the health care plan can be one of the most important parts of the compensation picture.
In addition, the bonus structure can be a significant part of the total compensation package for managers and executives. Some companies will offer compensation incentives in the form of stock options or bonuses for meeting specific performance goals, and star workers can end up earning far more than their base salaries under such a performance based compensation package. It is important to look at the specifics of the compensation package to determine where your talents will be best rewarded.
Compensation can be a complicated and confusing issue, but it is important for every job seeker to be aware of the various types of compensation and how they can be used to find the perfect position and the perfect compensation package. From bonuses and stock options to benefit packages to salary, it is important to look at the total compensation when you are lucky enough to have multiple job offers.
There are of course many factors beyond mere dollars and cents that can affect our choice of occupations and our choice of employers. Job satisfaction is always an important choice, as is the respect of our peers, coworkers and superiors. When it comes to making a living, however, the salary we make is still the most important consideration.
by Mike Freemen