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Today, I’ll be sharing the last part of 3 part series of this article – Compensation.

Last week and yesterday’s article covers points 1) & 2) for us to consider before making a decision to accept or to reject a job offer.

In point 1), we have learnt that the job you will be taking up should be aligned with your career objective and in part 2), the vision and direction of your future employer should be conducive enough for you to deliver your commitments to them and also to facilitate in achieving your career objective.

3) Compensation

The first thing that come to our mind about compensation is definitely how much is your future employer is willing to pay for you. Well, your monthly salary is just a portion of the total compensation. As an overview, compensation that you are entitled consists of the 2 parts:

      Monetary compensation

-         Salary

-         OT (Overtime)

-         Sign on bonus

-         Bonus

-         Medical coverage  

-         Dental coverage

-         Insurance coverage

-         Share option/Restricted share unit

-         Salary review

-         Performance bonus

-         Profit sharing/Result bonus

-         Service award

-         Allowance

-     EPF/Pension scheme

      Non-monetary compensation

-         Flexible working hours

-         Flexible starting date

-         Working from home

-         Working less than 40 hours/week

-         Learning & development program

-         Education assistance program

-         Professional membership

-         Child care assistance program

-         Annual, medical, weeding, paternity, maternity, compassionate leave

-         Paid time off

-         Public holiday

-         Internet / phone personal usage

The above are the typical compensation that you are entitled from your future employer. Please take note that, different companies have their own compensation plan which might not cover everything as listed above or may have additional plans which I’m not aware of. Feel free to share your own experience in your comments. The good news is majority of companies especially the well established ones, will compete with other to provide the best compensation plan for their employees. Hence you have some sort of bargaining or negotiation power with your future employer to get the best compensation plan.

In my future articles, I’ll be sharing in details each of these monetary & non-monetary compensations for our discussion including some tips on how to negotiate effectively before making your decision to accept or to reject the job offer.

Till then,

Take care

Regards

Yusoff