Business Case Study: Why Hire a VET?
18
So, you have landed the job. Now, you might be wondering where and how to start salary negotiations.
PEELING BACK THE CURTAIN ON SALARY NEGOTIATIONS:
A company’s approach to compensation will support its culture and business strategy. Some companies lead the market; some lag behind the market; and others lead then lag behind the market. They will generally take a market data approach—where job descriptions for benchmarked jobs are matched to survey data—, a job content approach—where internal value is determined between jobs based on nature and level of work—, or a hybrid of the two.
A company’s base pay structure provides the framework the company uses to make pay decisions.
By Micki Auten, Certified Compensation Professional (CCP)
One thing to keep in mind is the total OFFERED compensation.
Assess the value of not only base pay compensation, but any variable pay compensation, like a bonus, as well as benefits, work-life programs, recognition (like discounts, awards, or gift cards), and development and career opportunities. Some of these aspects may be more valuable to you than others based on your personal or family needs.
Regarding base pay compensation, let’s peel back the curtain and take a look at the salary factors on the other side of the desk.
Understanding Base Pay Compensation