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Now Let's Talk Total Compensation Package

In my last post, I talked about a few tools to help candidates research what they are worth before negotiating a salary or a raise. I just ran across an interesting post on Career Solvers that discusses negotiating total compensation packages – meaning not just salary but also the monetary value of any other perks such as health insurance, paid time off, and performance bonuses.   

It had some great information in it, including a link to another post on Compensation Blog that references a Bureau of Labor Statistics report called “Survey of Employee Benefits in Private Industry” that all candidates should review before entering a salary negotiation.

As you prepare yourself to negotiate a total compensation packages, you obviously want to address things such as paid time-off and work-life balance options like telecommuting. These are now pretty common benefits that are negotiated as part of the total compensation. But what about perks such as equipment, a car, mileage, or relocation packages?

For example, most sales professionals are on the phone or in their cars for the majority of their work day. With the high price of gas, not to mention wear and tear on your car, it wouldn’t be uncommon to negotiate a company car or generous lease package from your employer.

Furthermore, if your employer has endorsed or even mandated that you telecommute, be sure to negotiate payment for an office home line, cell phone, Internet service, and additional equipment such as a fax machine. These are imperative to complete your job, but not necessarily added expenses for you to absorb.

Think about the responsibilities and/or tools needed of your job as you prepare to discuss a total compensation package.