How to Calculate Your Full Salary Package
When you are applying for a job, the subject of your salary will definitely come up. For some, it can be quite difficult to name a figure to their prospective employers. After all, you don't want to oversell or undersell yourself. Therefore, it pays to know what you are worth.
How to Calculate Full Salary Package
Keep in mind that your full salary package includes more than just your basic pay. You also have to factor in the bonuses that you receive in a given year, plus all your other benefits. This is the better way to negotiate for a better pay with your potential employees. By enumerating your basic pay, your bonuses, and your benefits - you have a better idea of how much you are worth for your company. By knowing your value as an employee, you are able to confidently assert for a better full salary package.
The Benefits of Getting a Good Full Salary Package
In previous decades, it had been the norm to just state your preferred basic pay, then wait for your employers to dazzle you with the additional benefits that they could provide you. These days, however, employees have smartened up, and have realized the value of negotiating for a good full salary package. What are the benefits of doing this? First of all, you get to be more flexible in terms of how much pay you can take home. With the full salary package, you can declare a basic pay rate - which is taxable - and declare other benefits from your company - which are usually non-taxable. You will end up taking home more pay for your personal use, rather than just having the whole amount subject to tax. The long term side benefit to this is that you can save more, and you have more control over how you will use your extra benefits.
How to Negotiate for a Good Full Salary Package
Right from the start, you have to be upfront with your prospective employer and the Human Resource manager. You can start off by emphasizing that you are asking for a full salary package. If your employer is reputable, they will be able to come up with a range of benefits that you can choose from. The more common benefits include transportation allowance, clothes allowance, representation allowance, and the like. It really depends on the nature of your job, and for sure, your company will be more than happy to provide you with additional benefits better suited for your work functions.
Once you've picked out a set of benefits, you should be able to calculate your full salary package. By then, you can determine if what you are getting paid is worth it. You have to think long-term, and not just be blinded by the initial roster of benefits. In the long run, will this still be relevant to me? Will this help me save more? Will this help me prepare for my future? These are the questions that you should be asking while ruminating over an offer.
In the end, when you are negotiating for your full salary package, what you need to do is to be smart about it. You also have to be confident about your strengths. The more that you exude confidence, the more your company will be willing to pay you. However, make sure that you do not come off too strong and offensive. After all, if you demand too much, your employer will expect for a lot more from you. Create a nice balance and both you and your employer will be pleased with the results.
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