Thursday, February 22, 2007

Negotiating Total Compensation Can be Totally Awesome

Recently during an online conversation about negotiating total compensation rather than just base salary, I was asked "What are the best resources to use to figure out how to quantify your 'total compensation' and make sure you are not forgetting anything?"

Total compensation can include base, benefits, performance bonus, sign on bonus, relocation assistance, perks like an expense account or company car, cell phone, laptop, etc. Other things to consider are amount of vacation time, severance package, and commuting reimbursements…it all adds up in the end…think of all the money people save at Google on the free lunch (and think of all the weight they gain!).

When comparing healthcare plans, look at things like the out of pocket expense, deductible or co-pay, healthcare reimbursement savings accounts, number of well-care visits, and health provider network.

The Compensation Force Blog has an excellent post outlining many of the extra benefits that may be negotiated as part of a total compensation package.

Base salary is just one part of your total compensation package. With a little bit of knowledge and some careful planning, you can successfully negotiate a valuable and competitive package for yourself.

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