How to calculate the true value of your OVERALL compensation package. First lets breakdown the different components of a compensation package.
Some definitions, some quick maths, and some truths.
A Thread/
Salary/Hourly rate: The guaranteed pay you're entitled to as long as you're employed. Probably the most important aspect of your comp package.
Medical benefits coverage: your employer, through an insurance company agrees to cover some or all fees regarding your health/dental.
Paid leave: Days off you can take without losing a day's pay. This includes vacation, sick, PTO, holiday, personal, bereavement, military pay, jury duty, etc.
Disability Insurance: a form of insurance that insures that if you're unable to work, you'll still earn an income.
Life Insurance: Basic life insurance that is intended to provide your people with some money in the event of your death.
Employee assistance program: Assists employees with personal problems that may impact their performance, mental & emotional wellbeing.
Retirement benefits: Defined contribution plans towards your retirement in which the employer, employee, or both make contributions on a regular basis.
Bonuses include Relocation fees, sign-on bonuses, education, and career advancement plans.
I found this on Reddit and thought to share-
"Calculating your total compensation is easy:
Take your base salary and write it down, jot down any company match that you get for a 401k/RRSP. (% times base salary)
Take your base salary and divide by 12 then divide again by 20.
Then multiply this number by how many vacation days you get per year and how many pod holidays the company gives off per year.
Write down any monetary “perks” that your job provides (company car, company has, parking pass, etc.)
Add all of these numbers up.
Add up any monthly premiums you have for health, vision, dental care. Times this number by 12.
Subtract this number from the number you got in step 5. You now have a number of what the “total compensation” for your job is. Use this number when comparing job offers."
You can also use tools like @Fidelity 's Job offer calculator which I LOVE because you can compare two different offers and get a mathematical answer as to which is better.
communications.fidelity.com/pi/calculators…
The only downside it's pretty US-focused.
Finally, always know what your market is paying for people in your position. I made a salary guide for Tech professionals that gives that kind of insight.
It's a free download:
drive.google.com/file/d/1wxVg5e…
If you have any questions on how to increase your salary or get a better paying job, feel free to hit me up. My calendar is open:
Calendly.com/jermainelmurray
Source for the Reddit thread: reddit.com/r/personalfina…
Hey Black Tech professionals! Have you ever heard of @bptn_ca ? We're an organization dedicated to getting Black people jobs in Tech. We're hosting an event where you can meet employers and networking digitally. Have a free pass on me!
eventbrite.ca/e/bfutr-2020-v…
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