Calculating the Value of Benefits
Salary is also not the only part of the compensation package that should concern you. Employers calculate each position’s cost to them based on salary, cost of benefits, cost of recruitment, cost of office space, and numerous other factors. Having a good idea of the employer’s total cost of employing you not only gives you a more accurate picture of your own compensation, but may suggest where the employer has “wiggle room.”
Employers can offer a wide range of benefits to employees. It is important to know exactly what benefits you are being offered as part of your job offer. Even if the offer letter includes a list, ask about other possible benefits that may not be on the list. If the benefit is not monetary - flex time, compensatory time for overtime hours, casual Friday’s, bike parking - the offer may not mention it. The benefit may have a monetary value to you, however, if it means you do not need a car to commute, you and your partner can avoid childcare by shifting work start times, or you can burn less gas by coming in early or late to miss the slow commute across town.
