Deciding if the Salary and Benefit Package is Right for You
How much a job pays is not always the most important consideration when considering an offer. Great paying jobs can be boring. But salary is important, and you want to make sure what you are offered is fair, but in the marketplace in general and for you, in particular.
Researching what salaries are being paid for the position you seek really ought not be left until you have an offer in front of you. You should start your job search with a salary range in mind, one based on knowledge rather than desire. Once an offer is received, you should know how it compares to what others are paying and being paid.
Understanding Base Salary Figures
The figure you need to know is “base salary.” This is the hourly, weekly, monthly, or annual wage you are paid before taxes and without benefits. Base salary is what raises are calculated against. You compare your current base salary with the base salary you are being offered.
If your base salary is $25,000 annually and you receive a 3% annual wage rise, the raise is $750. You do not see all of that $750, of course. Your Medicare and Social Security deduction may increase as a result of the raise, as may your Federal withholding.
Will you receive any monthly allowances, such as uniform, transportation, or travel? Are these allowances being includes in the salary figure you are given in the offer? Be sure to ask. If the figure includes allowances, ask what the base salary is before allowances are added.
A base salary does not include pay for overtime, if you are eligible for overtime. Ask if you are eligible for overtime, what the overtime rate is, and if they can give tell you the average amount of overtime pay earned in the past year by the incumbent. While overtime is not a guaranteed income, it can be significant in some positions and so it is important to anticipate its impact on your overall compensation.
