Understanding your "Total Compensation Package"
Often times when we think of our compensation we are focused on the hourly/annual rate. If you're in a space where you feel like you want to make more money, before you look for a higher paying role, I encourage you to evaluate your total compensation package. Your current company may pay less per hour, but cover your benefit premiums 80/20 and offer a company car plus a healthy 401(k) match.
Your total compensation package is the value of all the benefits and investments offered to you as an employee. Companies create this total per employee based on the market and resources available for their overall organization size. Typical rewards could include, but are not limited to:
- Base pay
- Health benefits (medical, dental, vision, etc)
- Health Savings Accounts
- Flexible Spending Accounts
- Flexible hours
- 401(k) company match
- Car allowance, including usage of company vehicle or mileage reimbursement
- Vacation bank or paid time off
- Home office allowance
- Holiday pay
- Wellness credits
- Wellness programs (i.e. Fitness Facility Reimbursement)
- Tuition reimbursement / Educational Assistance
- Company property (laptop, cell phone, etc)
- Recognition Programs
The list could go on and on. When you understand how truly invested your company is in you as an employee it may make you reevaluate your loyalty and commitment to them. Some companies have very rich comp packages, making them highly competitive on the job market. Others lack even the most common rewards and, as a result, tend to see higher turnover.
Think about your current (or most recent) employer. How robust is your comp package - all things considered? It could need a meal or two to catch up to speed with the industry standards (medical/dental/vision, 401k match, holiday pay). On the flip side, there may be benefit offerings you aren't taking advantage of simply because you were unaware they were available to you. Don't miss out on investments because you didn't take the time to ready through your handbook or ask your local HR for a full outline of options.