Compensation

The question of compensation can be very sensitive and unnerving to reach a figure that is fair and acceptable to both the company and the individual.

Some Points to Remember

Most companies want to make a fair offer.


They want to bring new employees on board at a salary level that provides incentive to change jobs and that also is consistent with the company’s existing salary structure for that position.


The days of 20% and 25% increases in compensation are gone. All corporations are more conscious of maintaining consistency in existing salary structures. The economic growth in many industries has leveled off and the competition for better positions has increased. A reasonable (although, not guaranteed) percentage increase ranges from 2% to 7%.


The position and opportunity is the single most important element of your decision.


No amount of money will make a bad job good. A quality position and working with quality people in a dynamic work environment offers rewards that money can’t buy. Question companies offering salaries significantly above fair market value, there is always a reason!


Be flexible and think about the long term growth, not the short term gain.


Compensation packages are often a combination of salary, bonuses, reviews, benefits, titles and perks.


If you are asked what salary you are looking for, try to avoid quoting a specific number. Try something like “I am aware of what the compensation range is for this particular opportunity and am willing to entertain an offer that you care to present”.