Evaluate the Compensation Package
Consider the net value of all monetary benefits and expenses. Fringe benefits, such as health insurance, retirement contributions, and tuition reimbursement programs, can amount to 25–40% of the salary. Job-related expenses, such as safe and convenient housing and transportation can significantly decrease your net income.
To evaluate a salary package, consider:
- starting salary, including benefits package
- comparative salary and cost-of-living information
- vacation and other leave-with-pay time
- salary review schedule.
- signing bonus, if offered
- relocation stipend
- spousal/partner assistance in locating a new position
- stock options, if applicable
Other factors to consider:
- employer reputation and stability
- job security
- facilities and working conditions
- any “catches,” such as a restrictive non-competition clause?