The Whole 9 Yards

When evaluating a job, it’s not just salary

When considering a new position, there is a lot to consider. It seems like a gut reaction for most people to first look at how much the job pays. That’s natural. But there is so much more – just in compensation. For one thing, many companies will pay some sort of bonus – which could be based on any or all of several factors, not the least of which is the employer’s profitability.

Of course, if you’re in sales, there is the whole commission consideration – straight commission, salary plus commission, draw against commission. You may need a calculator.

Beyond the obvious

Most companies today offer some sort of medical insurance benefit. In recent years this has changed mightily as – to save money on premiums – companies have begun moving toward high deductible policies which will have a direct – and possibly dramatic – effect on your finances.

Then there is the consideration of the possibility of a health insurance policy available through your spouse’s employer. You may want to pass on one or the other.

Once you’ve climbed the mountain of medical insurance, don’t think that you’ve finished. There are other possible benefits to consider.

Take vacation time for example – and this is especially relevant to the older worker. Because of our work and salary histories, we may price ourselves out of some positions. “Why should I hire you when I can get a 30-year old for a lot less money?” (And we realize that, in and of itself, that is an entirely separate discussion.)

This is where your negotiation skills – and creativity – come into play. Maybe either you and/or your prospective employer will be open to that lower salary in exchange for more vacation time. If they’re offering $X in salary – which is lower than what you were earning before, or what you otherwise would be willing to accept – and their typical new hire is eligible for two weeks vacation, maybe you’ll accept $X if you can get three or four weeks vacation. It’s an option.

The list goes on from there. A company or travel allowance is a possibility. Retirement contribution such as a 401(K) match is a possibility. Employee stock options is another as is equity in the business.

Before you leave the interview, or accept an offer, make certain that you know all the elements of your compensation package. It will pay in the long run – literally.

More tips.