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What IS your NEXT position WORTH?
While most any working condition of employment and relocation is often negotiable, it is to your advantage to negotiate utilizing the total monetary value of an employed position.
- Base Salary… That structured part of total value that is paid to you on a regular and frequent basis. This is usually the most visible, and emotional, component of the value package, your position worth.
- Structured additions to salary, or other actual monies… also paid on a regular and frequent basis. For example, sales commission or project completion bonuses. Once paid, it is your to keep. These first two items are regulated to factor in to 401K Plans, and often drive pension formulae…
And now “the rules” shift…
- Unstructured additions to salary, or any discretionary monies… these payments can be huge or insignificant (a holiday turkey), taxable or not, and come in a wide range of creative descriptions. They are typically not used in retirement or pension equations– but can be. Discretionary is the keyword, here.
- Benefits… For budget purposes, standard benefits are usually calculated at a fixed percentage of structured salary monies. Health care, sick pay, short term disability, etc can represent 20-50% or more of structured monies within a position’s worth.
- Perks… Payments made on behalf of an employee, before or after taxes. These are usually non-standard things relative to certain positions, like company cars, country club memberships, special equipment allowances, expense money, etc.
- First Year Vacation… While most companies pay vacation money on a very standard timetable, it is paid out of existing budget–usually your structured salary monies. This makes vacation monies essentially a negotiation giveaway for those who ask. Using the fairly standard two weeks, that’s roughly 4% of position worth.
- Start Date… Yes, start date. For employed professionals making a career transition, even start date may influence their total value package. Once again, the drivers are structured monies paid to the employee.
This week Thursday, August 2nd, we will overview the entire 12-step process, answering your questions and concerns at each step of the way… this is a great place to start for new-comers as the other Core Topics will follow in sequence.
Who should attend?
- Those who might ask… Negotiate an offer in TODAY’s market?
- Those seeking a systematic, focused, more predictable way to conduct any career transition, including simple job search;
- “Regulars” who need a ‘booster shot.’… and bring a guest;
- New Comers and tire kickers… this is a great session with which to kick-off your job search effectiveness!