Reward is a topic that my students and I are learning about, and my clients and I are talking about.
There are a lot of different parts to a reward package. I have put together some information that might be of use to you if you are in thinking about a move.
1. What base salary do you need, and how important is this component of your overall compensation and benefits package.
2. What benefits are also included, holiday pay, health insurance, maternity and paternity leave and a company pension.
3. Is there are variable pay element to your package, for example bonus, incentives, overtime and how likely is it that you will receive this element of the package?
4. Non-financial rewards such as flexible working, opportunities for personal and career development, recognition etc.
5. Pay progression, if you accept the salary that is offered, how long do you have to wait until you progress from that salary, and what is the likely increment when you do.
When looking at the reward package on offer, think about what you need financially and what benefits are relevant for the stage of life that you are currently at. Then consider the non-financial rewards and how important they are to you.
If you are struggling with the answers to some of those questions, reach out and get some help.
