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Deciding salary and benefit requirements (redirected from Acquiring a job)

Page history last edited by Holly Swyers 6 years, 6 months ago

What do you need to consider when deciding if a salary and benefits are appropriate for the responsibilities of a job?

 

Financial Stability

You should find a job that will ensure that you will be financially stable. You must be able to live somewhat comfortably and pay your bills on time. You should not shoot for the highest paycheck as a first job, but you definitely have to be able to support yourself. Fay Lowry states, “If they’re not paying you enough, then you should ask for more pay”.

 

Research The Company

Make sure to do some research about the companies you are interested in working for. Compare different companies in the same industry to get a feel for what you will get from each one and whether or not it is worth your while. Vince Vonnegut suggests keeping in touch with the marketplace in terms of compensation and benefits. Karen Ford admits to using Google quite frequently and Dean Burroughs says you should seek out many sources and, “build a network that can guide you through these processes. Ask questions and be curious”.

 

Benefits

Another aspect to look at is available benefits – what does the company have to offer you? Do your research on the benefits of a particular company. You know what you need in life so benefits are extremely important, especially if you are in between jobs. Healthcare benefits are crucial, according to Valerie Lowry and Fay Lowry. Earl Cheever states benefits should be more than just health insurance. You need to look into what companies offer you vacation time and availability for activities outside of work.

 

Know Your Worth

More than half the people stated you need to know your worth. What are you bringing to the company? Ana Caldwell claims you shouldn’t  “sell yourself short because you can always work towards a promotion”. Take a look at your work output as in did you increase sales or implement a new thing into the company. Think about what skills and time you have and if you are willing to give it to them.

 

Something You Love

Circling back to salary, Fay Lowry explains that salary shouldn’t mean much if it is a job you love. You may need to take the risk of not being paid much in the beginning if it means you’ll be happy there. Don’t have money being the deciding factor. Emily Bennett pointed out that sometimes it will be worth taking the smaller salary if it means it’s a big stepping stone for you career.

 

This page was developed from interviews with:

Fay LowryVince VonnegutKaren FordDean BurroughsValerie LowryEarl CheeverAna Caldwell, Emily Bennett

 

 

What What do What do you need to consider when deciding if a salary and benefits are appropriate for the responsibilities of a job? Financial Stability Everyone agreed you need to be financially stable with whatever job you have. You must be able to live somewhat comfortably and pay your bills on time. Some people stated you should not shoot for the highest paycheck as a first job, but you definitely have to be able to support yourself. Fay Lowry states, “If they’re not paying you enough, then you should ask for more pay” (pg 1). Research The company
Almost every single person mentioned something about doing your research on the company. Compare different companies in the same industry to get a feel for what you will get from each one and whether or not it is worth your while. Vince Vonnegut suggests keeping in touch with the marketplace in terms of compensation and benefits (pg 1). Karen Ford admits to using Google quite frequently (pg 1) and Dean Burroughs says you should seek out many sources and, “build a network that can guide you through these processes. Ask questions and be curious” (pg 4). benefits Another aspect to look at is available benefits – what does the company have to offer you? Do your research on the benefits of a particular company. You know what you need in life so benefits are extremely important, especially if you are in between jobs. Healthcare benefits are crucial, according to Valerie Lowry (pg 1) and Fay Lowry (pg 2). Earl Cheever states benefits should be more than just health insurance. You need to look into what companies offer you vacation time and availability for activities outside of work (pg 3 & 4). know your worth More than half the people stated you need to know your worth. What are you bringing to the company? Ana Caldwell claims you shouldn’t, “sell yourself short because you can always work towards a promotion” (pg 1). Take a look at your work output as in did you increase sales or implement a new thing into the company. Think about what skills and time you have and if you are willing to give it to them. something you love             Circling back to salary, Fay Lowry explains that salary shouldn’t mean much if it is a job you love (pg 1). You may need to take the risk of not being paid much in the beginning if it means you’ll be happy there. Don’t have money being the deciding factor. Sometimes it will be worth taking the smaller salary if it means it’s a big stepping stone for you career.

Fay Lowry Vince Vonnegut Karen Ford Dean Burroughs Valerie Lowry Earl Cheever Ana Caldwell
need to consider when deciding if a salary and benefits are appropriate for the responsibilities of a job? Financial Stability Everyone agreed you need to be financially stable with whatever job you have. You must be able to live somewhat comfortably and pay your bills on time. Some people stated you should not shoot for the highest paycheck as a first job, but you definitely have to be able to support yourself. Fay Lowry states, “If they’re not paying you enough, then you should ask for more pay” (pg 1). Research The company
Almost every single person mentioned something about doing your research on the company. Compare different companies in the same industry to get a feel for what you will get from each one and whether or not it is worth your while. Vince Vonnegut suggests keeping in touch with the marketplace in terms of compensation and benefits (pg 1). Karen Ford admits to using Google quite frequently (pg 1) and Dean Burroughs says you should seek out many sources and, “build a network that can guide you through these processes. Ask questions and be curious” (pg 4). benefits Another aspect to look at is available benefits – what does the company have to offer you? Do your research on the benefits of a particular company. You know what you need in life so benefits are extremely important, especially if you are in between jobs. Healthcare benefits are crucial, according to Valerie Lowry (pg 1) and Fay Lowry (pg 2). Earl Cheever states benefits should be more than just health insurance. You need to look into what companies offer you vacation time and availability for activities outside of work (pg 3 & 4). know your worth More than half the people stated you need to know your worth. What are you bringing to the company? Ana Caldwell claims you shouldn’t, “sell yourself short because you can always work towards a promotion” (pg 1). Take a look at your work output as in did you increase sales or implement a new thing into the company. Think about what skills and time you have and if you are willing to give it to them. something you love             Circling back to salary, Fay Lowry explains that salary shouldn’t mean much if it is a job you love (pg 1). You may need to take the risk of not being paid much in the beginning if it means you’ll be happy there. Don’t have money being the deciding factor. Sometimes it will be worth taking the smaller salary if it means it’s a big stepping stone for you career.

Fay Lowry Vince Vonnegut Karen Ford Dean Burroughs Valerie Lowry Earl Cheever Ana Caldwell
do you need to consider when deciding if a salary and benefits are appropriate for the responsibilities of a job?
Felix Miller Do your research in terms of the position that it is in the same geographic area compare to other places- like California is expensive to live, so people are paid more. Benefits aren’t usually public- nature of the environment of work. Research about benefits, but they’re hard to gauge.
Fay Lowry If you can live off of it, not paycheck to paycheck, and if you’re happy with your situation it shouldn’t matter. If it’s a job you love, then the salary should be anything enough to let you live comfortably (modestly and humble). If they’re not paying you enough, then you should ask for more pay. They should give you healthcare benefits.
Ana Caldwell For the salary, you can look at Linked in- they have the position and location feature to see if jobs are in the range. Second, you need to be realistic. Don’t sell yourself short because you always can work towards a promotion. Look at your resources. Benefits is super important. Know what you need in your life, and look at the benefits you get from work- especially if you’re between jobs.
Vince Vonnegut           You have to look at it from the employers side first, what are you bringing to the table? What are your responsibilities? You proably have a greater appetite for risk if you have no one to worry about but yourself. When you get older and your responsibility grows, you need to be able to support your family. Constantly keep in touch as to where the marketplace is in terms of compensation and benefits.
Karl Miller Salary has to be able to support you and your dependents. You have to ask yourself what are your choices. You don’t have as many choices as you assume you have. Sometimes you take a lesser salary for more potential.
Fred O'Connor Primarily whether or not it is going to allow you to survive, don’t take something if you are not going to be in a position where you can pay bills. You need to make sure you understand that you’re not gonna get the big paycheck, don’t turn your nose up at things like that and it will benefit you in the long run.
Karen Ford This is terrible, but I use Google a lot. I also reach out to my collegues to see what they’re charging/doing. Take an honest look at  your work output. Did you increase sales by 400%? Did you lead a team in a new initiative successfully? Did you show up 10 minutes late every day? Most people exude an attitude of what they feel they’re worth.
Teresa Lovecraft Well I do not do this for the money every job that she has taken has made more than ther previous job. I was single and my denomination had health insurance. Once  married I got cheap and good insurance because of my husband. You want to know expenses and what you can live off and cost of living. Know what you are willing to do and live in the area you desire and search and get information on what other people are getting paid in the field you are in. What can I live with and without and do not want to turn down anything in the company that you like to be and your chances to advance. Consider your majors and be able to apply in different jobs.
Chris Lewis I would say you need to consider comparable jobs in similar fields and their salaries and how much you believe your time and expertise are worth to perform the job. You must also consider whether the salary is a starting salary with more chance for advancement and increase dependent on your dedicaton and work success or if the salary is stagnant and will not increase much over time.
Valerie Lowry I think that all depends on the tactical things it is very important to take these things in consideration like where are you living? what part of the country are you living? and what postion are you looking at an entry level? As an engineer it is important to ask yourself do I have experience in the postion that is needed verses people that are younger. Learning the ropes by doing the grunt work in an office I was not one of them because over the summer I was working at these jobs trying to get a higher postion. Health insurance is vitally important you always need to have it. Vacation time and personal time off is also needed . Does this postion allow me to do the things that I want I have to be honest with myself but also how much you really need to cover expenses salary wise. The perfect job will have great benefits and also enjoyable. But sometimes we might not be able to have both so you have to be realistic with your situation take the risks of finding a job you really love even if that means you will not get paid enough.
Fred Lewis I never even gave salary a thought. You should find something you love doing rather than focus on salary.
Jose Fitzgerald Comparisons with other firms in a similar industry.
Hanna Dreier A lot of it is what you can you can say what you can bring to the table. If you want to get ahead you want to do more than that and add 20% extra work so you are qualified to get that salary. Take where you want to go and add your previous experience to and that's how you decide that is the right salary.
Katrina Fowles Know what your worth is and look on glassdoor to see general market rate. Know your demographics and where you are living and take into account the cost of living, and what is the average going rate of people with your skills or job titles. Know what your rate is and what your qualifications are worth. I would wait till I have multiple offers to negotiate with other companies who are offering the job.



Emily Bennett Consider monetary and nonmonetary issues worth taking a lower salary if it is a stepping stone for the job vs. if it isn't then you want to look for higher salary and also if you like the job. value yourself and look into the market based on your qualifications.
Bret Kipling If possible, investigate comparatives at other companies within that industry to see what else is being offered.  Another thing to consider from a salaray perspective is how in demand is the job opportunity you are tying to secure.  For example, if you want to work for ESPN and you know many people would die for the opportunity to work there, you have to be willing to make a sacrifice from a salary standpoint to get your foot in the door there and realize that if you perform well and work your way up, the compensation will come your way in time.  Of course, it’s also a matter of what do you need to be able to make ends meet in life at the start– you don’t want to over sacrifice and leave yourself in a miserable position.
Andrea Roth One would be to research what the entry level salaries are. But, don’t set your sights too high. Don’t compare your salary to someone who has been in the field for 5-10 years. Make sure it is competitive with other employees for entry level positions. Also, find out what the expectations are to get a raise. The most important is to make sure you can pay your bills. Look at the aspects of your job in terms of experience and quality of life. Don’t take the highest paying offer. Look at the social and experience value not just the monetary.
Lee Farrell The first thing you should do is to figure out if you can do it. Look at paying off debt, renting an apartment, food. You must budget. You ask yourself, how close to the bone are you willing to go to the things interesting to you. As an employer, give people enough money to not go broke, start them off at lower salary and then give them a raise right away depending on their productivity. The best way to say thank you is to give a raise, give responsibility, cool things to do. And hopefully you get all three. The ultimate relationship between employer and employee is money. Anytime you find that someone isn’t telling you the truth, run like hell. Surround yourself with people who do not lie, because you won’t know if they are being truthful in the future, after they have lied to you once already. If you cannot see your limits, then how can someone trust you to work within or out of limits.
Ernesto Mailer I would say I would not worry about salary with respect to first job. You have to be able to feed yourself, but your first job should be about experience and opportunity. If you wanted to be a sports agent, and you are given the opportunity to be an assistant to a sport agent, you take it because you’ll learn more and gain more opportunity.  Once you have experience and are well grounded you ask yourself what value does my role bring to the organization. You should quantify the value you bring to the organization. Taking more in value than you offer will not work, an employer will not give you a higher salary if your value does not match it.  With jobs that you can’t quantify, it becomes difficult to place a number.
Earl Cheever Well I think that part of it is time really is money and I mean that if we are talking of salary and benefits. We need to expand the idea of benefits as mentioned before I get paid a salary for the work I do, and an extra bonus that I get for the level of wrok that I do. The incentives that you receive other than your salary. Also, the time you get outside of work to spend with family. Benefits should include more than just health insurance. You need to be able to have time with other activities outside of work. You really have to alos think of what you are sacrificing at my old job I had to be available 24/7 even on holidays. The drawback of that is if I am expected to be there 24/7 so I should be getting paid for it and the time I put forth this job. Your negogiations and you need to know what your batna is and what skills you have and the time you are willing to give. Now you have to consider your stanza in life if you have a family you have to be able to cover for them with health care. Making sure with the firms and their health plans and what pacakges they have which one will be the best one for you. Getting full coverage and your firm being understandable if you get sick and need a good health care plan and being able to take care of yourself. That is all part of the negotiation where you ask for a health care plan that will allow you to get regular check ups to be able to be accountable in your firm. Your responsibility and your understanding of where you fit and being reasonable will help you with your negotiatin skills you have in your job. I highly recommend enhancing a batna.
Dean Burroughs Do they move you closer or further away from your personal, professional, and financial goals? Don’t be afraid to take less money for the right opportunity that will develop you into the position you want. But, know that companies will promise you that they can do this and have done it before. It is perfectly appropriate to ask and I highly encourage you to ask what systems and processes are in place to support your development and who can you talk with who has been developed previously. Now, with that said, knowing your worth and having market data is essential but that data is often hard to come by and inaccurate. Seek multiple sources. Build a network that can guide you thru these processes. Ask questions and be curious. The other advice I would give is to avoid providing how much you earned in your last position during the hiring process. Why? It’s irrelevant data. Instead, state what your salary expectations are and if they are in line with their range. Now, you will meet a lot of recruiters who will push hard for this databecause they don’t have built out salary ranges and levels and you will meet a lot of recruiters that push for this data because they try to lowball candidates. Stick to this message and it will serve you well.

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