Undoubtedly, it can be an intimidating conversation to have. We’re rarely encouraged to toot our horns. But with some tips, you can successfully approach the conversation with confidence.

When It’s Time to Have the Compensation Conversation

The decision to ask for a raise is not one to be taken lightly. It would be best to consider several factors before making your requests, such as the state of the economy and your company’s financial health.

Additionally, timing is everything when it comes to asking for a raise. You don’t want to ask too early in your tenure or during a time of financial duress. Taking an organized approach can help ensure your success.

Begin With Research

Before engaging in any salary negotiation, you must do your research and know the industry standard for your field. This way, you can enter into the conversation armed with data and have a clear idea of what salary you should be aiming for. There are several resources available that can help you to determine the going rate for your particular skill set and experience level. You can explore websites, such as Glassdoor, Payscale, and Salary.com. You can also explore job postings for similar roles with salaries listed or talk to recruiters in your field.

Once you have a good understanding of the market value of your labor, you can begin to formulate your expectations. With this information, you will be better prepared to engage in a productive conversation about your salary. Remember that this should be a collaborative conversation, and you’ll have better results with a salary range rather than a specific amount, as you’ll appear more flexible and less demanding.

Plan Your Timing Strategically

Timing is everything. An ideal time to ask for a raise is usually during your annual performance review or even about a month or two before that. This allows you to discuss your recent accomplishments and why you feel you deserve a raise. It also allows your employer to see that you’re mindful of your career momentum. And you’ll convey that you’re organized and focused on achieving the next steps in your career development.

On the other hand, asking for a raise at the wrong time, such as during times of financial hardship for the company, can often result in frustration and potentially damage your relationship with your employer. You also want to be wary of asking during times of transition, such as new leadership or a lot of department reorganizing. Let the dust settle before broaching the subject. Otherwise, you’ll appear as self-focused, rather than a team player.

Prepare for Your Meeting

Take the time to prepare thoroughly, so you don’t appear to be asking on a whim. That includes giving your manager a heads-up about the topic so they’re also ready. You should always come prepared with facts to support your request. Remember that your boss generally has at least one team they oversee and often won’t realize what individual contributions you’re making. This is why it’s great to help them discover that your worth has grown with specific examples.

Consider whether any of the following examples apply, and use them to support your request.

• You made significant contributions recently.
• Your role has expanded.
• Your title changed.
• You had a yearly anniversary.
• You received a job offer.
• You’ve gained industry knowledge or skills, bringing more value to your contributions.

Present Your Proposal

Now that you have your research and information lined up, here’s an example of how you might put that information together for the conversation.

I feel that my industry knowledge and skills have grown and resulted in several meaningful wins for the team. As an example, I recently had the opportunity to contribute when working on a pitch for [XYZ Company]. As a result of my contribution, we won the account and got the project off to a strong start. It was a great feeling to be able to help out in such a significant way, and I’m looking forward to continued opportunities to contribute to my team’s success in the future.

Offer Alternatives

There will be times when your boss genuinely feels that you deserve a raise, but it’s simply not an option currently. Take that opportunity to continue negotiations, such as asking to revisit the subject within a specified time frame. Or, perhaps, the budget won’t support a raise, but could you negotiate for flex time, additional vacation time, or the chance to work from home?

Consider Your Options

The good news is, according to a survey conducted by Payscale, 70% of employees who asked for a raise were offered one. The bad news is, there’s a possibility that you might be in the 30% that get denied. After hearing the company’s reasons for turning you down, you’ll need to determine your next move.

Are you willing to do so if they suggest waiting for a specific time frame, such as when the subsequent quarterly or annual budgets are determined? What if they say no and are unwilling to offer a raise? If you’ve done your research and genuinely feel that you’re not fairly compensated, it might be time to consider finding a new job. And this time around, ensure that you include salary negotiations as a step in your job search process.

The post When to Ask for a Raise appeared first on Job-Hunt.

Salary negotiations should be a flexible, collaborative process based on facts and figures, not emotions and desires. Of course, for many, that’s easier said than done! But staying calm, cool, and collected during salary negotiations will help you reach a mutually satisfactory agreement with the employer.

Whether you’re negotiating in real time or over email, or as a potential new employee or a current one, here are a few phrases to help you keep things on track.

What to Say During Salary Negotiations

1. Is that number flexible?

Some companies have strict pay bands they have to follow. Others have smaller budgets and little to no room to negotiate.

The thing is, you won’t know unless you ask! When negotiating your salary with an employer, ask if the pay range is flexible. You might get a “yes,” “no,” or “maybe,” but knowing whether or not the employer has any flexibility can help guide how you approach the process.

2. My research shows…

Researching the average salary for your position before you start negotiating helps you better position your arguments. You should know the market rate for your title, as well as the market rate for someone with your skill set, years of experience, and even your location.

When you frame your points with research, it demonstrates that you understand the overall market in your industry and aren’t pulling numbers out of thin air. And it shows you’re basing your request on objective facts and statistics, not your desires.

3. Now that I know more about the position…

The job description seemed like the perfect match for you, and after learning about it, it still is. However, you’ve also learned it requires more travel or technical skills, for example, than you realized.

You still want the role but have a different idea of what the compensation should be. Explain that because there’s more of [X] involved, you think [Y] would be the right salary. Even if you discussed salary early on and cited a lower pay range or the pay range was disclosed in the job posting, you can still invoke this phrase (along with specific details) to lead into why you should be paid more.

4. I am excited by this opportunity…

A salary negotiation shouldn’t be a battle of wills to see who wins. It should be a collaborative process between employer and employee (or potential new employee) to come to a mutually agreeable salary.

While money is important and may be the deciding factor for you, when you talk about your excitement for the role, you’re making it clear that your motivation for applying and accepting is about more than just dollar signs. You’re signaling that you’re truly interested in the role because of everything it has to offer.

5. I would be more comfortable with…

Because a salary negotiation should exclude emotions, stay away from words like “want” or “need.” Though you may want or need a specific salary, stating it bluntly (“I need [X] salary to work for you”) could be a real turn-off to the employer and might even come across as adversarial.

Though “comfortable” may also imply want or need, it’s a less aggressive word and can help reinforce that you’re willing to work with the employer and be flexible.

6. Can I have a few days to think about it?

No matter what the offer is or where you are in the negotiating process, asking for some time to think about it gives you a chance to walk away and evaluate the whole package. Even if the offer seems like it’s beyond your wildest dreams, it may not be once you take a step back.

Taking a day or two to consider things and dig into the details can give you a chance to respond thoughtfully and professionally. And if the employer says no, consider that a red flag.

7. What about [X] instead?

While salary is likely a significant consideration for you, sometimes employers just can’t go any higher on salary. Fortunately, there’s more to compensation than money!

Consider asking for extra vacation time, flexible hours, or anything else that is as valuable (or more valuable) to you than salary. You might be surprised what the employer is willing to negotiate on outside of pay, so give it a shot! 

Facts and Figures

Salary negotiation of any kind should always be rooted in facts and figures, not desires and emotions. Choosing the right words and phrases can help you stay objective and open-minded throughout the process, increasing the odds that you and the employer both walk away from negotiations satisfied.

The post What to Say When Negotiating Your Salary (Examples) appeared first on Job-Hunt.

That’s where stipends come in. These cash payments can help you cover your expenses while you learn new and invaluable skills. Here’s everything you need to know about stipends.

What Is a Stipend?

In general, stipends are small, fixed amounts of money given to offset expenses when you aren’t eligible for a regular salary, like when you’re an intern, apprentice, or teaching assistant.

A stipend helps pay for expenses while you gain valuable career experience. 

Some employers offer stipends as part of the fringe benefits package for their staff. These stipends also defray certain costs but are a perk above and beyond your regular salary.

How Do Stipends Work?

Stipends cover general living expenses, like food, housing, and travel. They can also be used for specific activities (like research) or to cover equipment (like a laptop).

Because stipends are not considered wages, they are not subject to the Fair Labor Standard Act (FLSA) rules on minimum wages. Depending on how many hours you work, your stipend could equal less than the required minimum wage per hour.

A stipend is often distributed like a paycheck in that you receive weekly, biweekly, or monthly payments. You may also receive a lump sum at the beginning or end of your work or training.

Stipends For Employees

Some employers offer stipends as part of their fringe benefits package. Like other stipends, these offset employee expenses. For example, your employer might offer a travel stipend to defray the cost of public transportation. Or, they could offer a stipend for a gym membership to encourage staff to stay in shape.

An employee stipend is different from an employee reimbursement. Reimbursement amounts vary based on what you spend, while stipends are a fixed amount set by your employer.

Are Stipends Taxed?

Yes and no. Because the IRS does not consider a stipend earned income, your employer does not have to withhold Social Security or Medicare taxes for you. However, depending on the specifics of your stipend, it may be considered taxable income, which means you may need to pay taxes on the total amount. This is true even if the stipend is part of your employer’s benefits package.

How Are Stipends Different From a Salary?

Stipends help you pay your bills while you learn and practice valuable career skills and are not meant to be a primary source of compensation. Because stipends are fixed amounts, you can never increase it no matter how well you perform your tasks.

A salary is payment in exchange for performing your job. It is meant to be your main source of compensation because you have the skills, education, or experience to do the work. While your salary is a fixed amount, you often have the opportunity to increase it through raises or cost-of-living adjustments. And because your salary is considered earned income, your employer must pay taxes on your behalf, and you must be paid at least the minimum wage.

A Little Help

Ultimately, a stipend is a bit of financial support to help you pay for living expenses while you grow and practice your new skills. Stipends may not be much, but they can help you cover costs while you take your career to the next level.

The post What Is a Stipend? How It’s Different From a Salary appeared first on Job-Hunt.

This is a common problem among job seekers. Fortunately, our community was, as usual, full of ideas.

Ask Outright

You can always start by just asking.

That’s what Maria Paula Calvo does. “I am going exactly through the same feeling,” she wrote. “I have decided to: 1) insist on learning the details about the role and the related challenges before answering with hard numbers, 2) ask the recruiter for their advice on this matter, 3) specifically ask for the company’s range, in this order.”

“Force the issue,” Christine Ibanez agreed, especially when you’re dealing with an external recruiter. “It’s their JOB, and they are paid a commission as a percent of YOUR salary. Trust me, they know the range of high/low figures on-base/bonus/etc. Don’t let them play you.”

“Flip the script on the recruiter,” Patrice Smith added. “Point out you have no interest in wasting anyone’s time if not in your acceptable range.”

Be Up to Date on Local Laws

One poster pointed out that many states and cities now have salary transparency laws or are passing legislation to that effect. New York City, for example, will be requiring employers to post salaries on job listings this year, while states like California, Connecticut, Maryland, Nevada, and Rhode Island have passed similar laws.

Find out if you live in an area with one of these laws. In that case, your employer should be posting a range (true, some try to skirt the rules by posting an extremely wide range), and you can certainly ask if they’re not and reference the law.

Say, “I will consider your best offer.”

“My recruiter once told me if asked that question in the interview, to say ‘Compensation is important and I will consider your best offer,’” Rosa Goes wrote. “You could also change the first part of that answer to ‘I’m excited about the position…’ or ‘I believe I’m a good fit…’ or something along those lines.”

This may help prevent you from being lowballed. But it’s also important to remember that while some recruiters will be candid with you, others will not.

Know Your Worth

Ultimately, it’s on you to figure out your value as an employee—or, as Sarah Borders said, “Know your worth.”

Resources like Glassdoor and Payscale.com, she noted, can help you figure out what others with similar skills and experience are earning based on factors like location.

“I would set my acceptable range at [determined worth in terms of annual pay] + $5k,” Borders wrote. “Then, I would research the pay for the type of position for which you are interviewing to make sure it aligns with your range. If you can find information on the exact position at this particular company, all the better.”

While a lack of salary transparency isn’t uncommon, fortunately, there are ways to find out what you can expect—but you’ll have to do your due diligence and make sure you receive the pay you deserve.

Content contributed by Fairygodboss. Fairygodboss is the largest career community for all women to feel supported and empowered to make their next move. Get advice from a community of peers, insights from experts, and connections to job opportunities.

The post 4 Ways to Get Your Interviewer to Share Their Salary Expectations First appeared first on Job-Hunt.

This guide will look at the various freelance and contract work types and outline some of the most common expenses and challenges.

The Details of Being a Freelancer

Regardless of whether you’re a contractor or freelancer, you’ll be able to choose how many hours a week you work for each client before agreeing to any work. As such, you can set yourself up to have several different clients. If one client’s business model changes for any reason, and your position is no longer needed, you’ll have the security of your other clients to fall back on.

The Difference Between a Freelancer and a Contractor

Contracting differs from freelancing in that contracting employees are generally hired by one company on an as-needed basis. Contracting has become increasingly popular over the last few decades, especially in the IT and software development industries. These jobs often offer remote work opportunities and excellent flexibility. However, the rate and commitment are usually set for a more extended time than comparable freelance roles.

What Are the Concerns of Freelancing?

Naturally, it’s easy to focus on the freedoms and perks, but we’d be remiss not to point out some negatives to consider. While traditional employment offers benefits, like retirement plans and healthcare coverage, most freelancers and contractors do not receive these perks. Also, freelancers are responsible for their marketing, computer, and home office equipment.

If you don’t get paid, following up with clients and pursuing legal action falls to you. Unless you were contracting with a large company, there’s no HR department to protect you if a manager is unprofessional. Another consideration is that there are often swings in income and business periods, so freelancers need to be more resilient financially. Planning for slower times ensures that you can ride out the waves as a freelancer.

How to Determine Your Freelance Hourly Rate

After weighing your options, if you’ve decided that freelance life is the way to go, it’s time to build your business model and determine how you’re going to get paid. As a freelancer or contractor, it’s up to you to determine your rates and collect payments.

This is enormous freedom, but it can be overwhelming at first. Many freelancers charge an hourly rate for their work, while contractors usually cost a fixed price for tasks and projects. Most of the time, you can negotiate with clients to cater these prices to their budget.

Pricing is a dilemma for all freelancers, though. If your rates are high, you risk being passed over for other freelancers with lower rates. But it would help if you still had enough to make ends meet and appropriate compensation for the time and effort you put into your work. So, where to begin your calculations?

Discover the Market Average

A good starting point is doing a little market research. You can research freelance rates on your own by looking through sites like Upwork and other freelancers websites. Compare their portfolio, skill level, and marketing to yours. If it seems comparable, try and discover their pricing strategies. Do they charge clients an hourly rate, per project, or a combination?

Include Your Business Expenses

As a freelancer, your business expenses will be considerably more than that of a full-time employee. Ensure that you consider the office expenses, such as software costs, office supplies, and rent on your office space. Even if your workspace is at home, at minimum, you’re incurring more heating, cooling, and electricity, which is generally covered by a company in a traditional setting.

You’ll also need to consider expenses, such as funds for retirement, personal health insurance, vacation, and sick days. Don’t be alarmed, though. You generally can make more than a traditional employee once you’re an established freelancer.

Handling Taxes as a Freelancer

Without a doubt, your best option is always going to be consulting an accountant, but we have a few tax tips to get you started. A general rule of thumb for freelancers is setting aside 25-30% of your income for taxes. They’ll be able to help you understand the deductions that you can take, if any, for your home office equipment and business expenses, such as some of the extra utilities.

Don’t Forget Non-Production Expenses

Don’t forget that you need to be compensated for administrative tasks. You’ll be spending time submitting bids, invoicing, and communicating with clients. Beyond individual project expenses, you’ll also have general business upkeep, such as marketing and web management. The rate you charge needs to cover your hourly rate for all of your hours worked—even those hours you’re not actually producing a product.

Once you’ve figured out all of your business expenses, you can divide them by the number of hours you want to work each year. This is the minimum you can make to ensure your costs are covered, and you’re paying yourself a fair yearly salary.

Consider Different Pricing Strategies

To a certain extent, you’ll be at the mercy of your first clients when it comes to payment strategies. As a new freelancer, you might find clients aren’t agreeable to paying you an hourly wage, not knowing how quickly you’ll be able to complete the task. Once you’ve grown your business, you’ll be able to set your boundaries as the demand for your services grows.

Consider hourly or daily rates, a per-project fee, or a value-based pricing structure. In value-based pricing, you charge based on the value it will bring the client. Suppose you’re a web designer building a landing page for a client marketing a new course they’re selling. You’ll charge differently than if you’re making that same client a more informational page that won’t directly generate as much revenue. The downside to that pricing structure is that it requires more work on the front end while you’re negotiating with the client.

Getting Paid as a Freelancer

Once you’ve figured out your pricing model and your hourly rates, the rest is relatively straightforward, although you do need to fine-tune the details beforehand.

Create Your Invoice

The best part of freelancing is getting paid, right? Ensure that your invoice has all of the essential elements on it.

• Client details—your client’s name, address, and order (job) number
• Your name and address
• A unique invoice number
• Invoice date
• Your business address
• Title and details about the job (including dates, if relevant)
• Your payment terms (“Due upon receipt” or “Due within 30 days”)
• Payment options (credit card, cash, PayPal, etc.)

Consider using invoicing software, such as FreshBooks or Invoicely.

Choose Payment Options

Most clients expect you to accept payment electronically to create a professional business. It’s reasonably easy to find a safe method of accepting credit cards. A popular one is Stripe. Depending on the scope of work you do, you may find that clients like the convenience of PayPal. Be aware, though, that both of those options will charge you a fee. Decide ahead of time if you’re going to include those in your initial quote or add them on.

Launch Your Freelance Business

Once you’ve determined your going rate, you’ll be able to launch your freelance business and start working toward the freedom that comes with being your own boss. As your business grows, you’ll be able to give yourself a raise and maybe even a virtual assistant to delegate the invoicing to. That way, you’ll be able to do more of what you love.

The post How Do Freelancers Get Paid? A Guide to Rates, Invoices and More appeared first on Job-Hunt.

Here’s what you need to know about salary and compensation at your job.

What Is Salary?

The dictionary definition of salary is “fixed compensation paid regularly for services.” In a nutshell, that means you work and get paid for it on a set schedule.

Don’t confuse “salary” with “salaried,” though. When we talk about salary, we are strictly talking about your pay. When we talk about “salaried,” that refers to a status defined by the Fair Labors Standard Act (FLSA). Salaried employees are generally exempt from overtime rules (among other things).

When you think about workers who are eligible for overtime, you probably think of hourly workers. And in most cases, you’d be right. However, hourly workers also earn a salary—their pay. They often aren’t “salaried,” meaning they are nonexempt and usually entitled to overtime pay after working 40 hours each week.

What Is Compensation?

Compensation, on the other hand, includes many things. While your compensation includes your salary, it also includes other items your employer gives you in exchange for your labor. Compensation can include:

• Commission
• Overtime
• Bonus pay
• Merit pay (annual raises)
• Benefits (insurance, vacation pay, retirement)
• Stock options

This is not an exhaustive list, as many things that can fall under the “compensation” umbrella.

Pay Schedules

As part of your employment, you are paid “regularly.” Regularly, though, is up to your employer to define. This is known as your pay schedule, and the pay schedule determines when payday is.

There are a few typical pay schedules:

• Weekly: payday is once per week on a specific day (like every Friday)
• Biweekly: you’re paid every two weeks on a specific day
• Semi-monthly: payday is twice a month on two specific days (like the 15th and 30th)
• Monthly: you’re paid once a month, the same day every month (like the 15th)

Though technically, your employer can pay you on a schedule outside of these, many states have minimum requirements for how often employees must be paid.

Pay Periods

Pay periods are different from payday and a workweek.

A pay period is the specific timeframe you earned your wages. Paydays and pay periods are often connected and can influence how much you receive on a check.

For example, if your employer pays weekly on Friday but you start a new job on a Wednesday, you won’t be paid for Monday or Tuesday, resulting in a smaller check. Likewise, if your employer’s pay period is the first through the 15th of the month and they only pay once a month on the 30th of every month, each paycheck will include the pay from the last half of one month and the first half of the next.

The pay period is also different from a workweek. The Department of Labor (DOL) states that a workweek is “seven consecutive 24-hour periods.” That translates to 168 hours total in a workweek. Put another way, a workweek is seven days in a row!

However, a workweek doesn’t have to be Sunday through Saturday. Your employer can define a workweek any way it wants as long as it’s consistently seven consecutive days. And once you’re working more than 40 hours per workweek (not pay period), you’re entitled to overtime pay, which is unrelated to how many hours you work in a pay period.

Know Your Paycheck

When you receive your paycheck, you’ll notice that what lands in your bank account doesn’t add up to your total salary. What you start with (gross pay) is different from what you actually receive (net pay), thanks to taxes and other deductions.

What Is Gross Pay?

Gross pay is your salary or the amount you earned in a given pay period as an hourly worker. If you’ve negotiated a set salary, your gross pay is the amount of that salary divided by the number of pay periods for the year. For example, if your salary is $12,000 a year and you’re paid monthly, your gross pay is $1,000.

If you’re paid per hour, your gross pay is your hourly rate times the number of hours you worked in that pay period ($10 per hour X 10 hours that pay period = $100 gross pay).

What Is Net Pay?

Net pay is what you take home after taxes and other deductions from your gross pay. What are some of these taxes and other deductions?

• Federal and state tax withholdings
• Social Security and Medicare taxes
• Health insurance premiums
• Retirement savings

These (and any other deductions) will appear on your pay stub as “withholdings” or “deductions.” Each deduction is listed with its name and the amount (retirement contribution, $50).

Other Types of Pay

Sometimes your paycheck is more than you’re expecting, and it’s not because there’s been a mistake! There are additional types of pay you can earn.

Overtime

Nonexempt workers must be paid a premium of at least one and one-half times their hourly wage for every hour they work over 40 hours in a workweek. This premium does not apply to working Saturday, Sunday, or holidays unless that means you work more than 40 hours in a week.

If you’re a nonexempt employee but paid a salary (meaning, you are not paid per hour), you are still eligible for overtime pay. Your employer calculates your hourly rate based on your yearly salary, then pays you time and a half for every hour your work over 40.

Hazard Pay

An employer is not required to pay extra for working in a hazardous situation. However, your employer can choose to pay you additional compensation for working in this kind of situation.

Merit Pay

Merit pay (AKA a raise) is something your employer gives you for a job well done. This increases your overall salary no matter how you’re paid, and the additional pay becomes part of your salary. It’s then paid out over the course of the year as part of your regular pay.

Bonuses

A bonus is also something an employer gives you for a job well done. However, unlike a raise, the bonus is a one-time payment (even if you receive multiple bonuses throughout the year), and it does not change your salary.

Compensation and Your Paycheck

Unlike salary, compensation may or may not appear on your paycheck. For example, a bonus is often considered compensation, appears on your paycheck, and is generally taxed accordingly. Something like the employer’s contribution to pay for insurance or retirement does not appear on your paycheck.

Though it’s something the employee “earns,” many forms of compensation are not taxed by the government. However, these types of compensation may appear on a paystub because it makes recordkeeping easier for the employer.

Value Adds

Your total salary and compensation can add up to huge numbers when you put it all together. Before accepting any job offer, make sure you understand exactly what you’re getting and what it means for your bottom line.

The post Salary and Compensation: A Comprehensive Guide to Your Paycheck appeared first on Job-Hunt.

There are many, many, many things that companies can and do offer as part of the benefits package. However, plenty of companies only offer the bare minimum of benefits. To help you know which benefits you’re legally entitled to and which ones you should ask about during your negotiations, here’s our guide to employee benefits.

What Are Employee Benefits?

The word “benefits” has multiple dictionary definitions. In terms of work, benefits mean everything outside of your salary. These are sometimes called perks, employee benefits, or fringe benefits.

Employers offer benefits packages to encourage you to do a good job and stay at the company for a long time. Many benefits packages are also designed to attract top talent to the company. Because there are few rules about what benefits companies can include as perks, benefits packages can vary widely from company to company and even position to position.

Does My Company Have to Offer Benefits? 

There are some legally required benefits that companies must offer to nearly every employee.

Health Insurance

The Affordable Care Act (ACA) made health insurance a mandatory benefit for most companies and employees.

Companies with at least 50 full-time employees must provide health insurance to all full-time workers. The Act defines “full-time” as working an average of 30 hours per week, more than 120 days per year. Employers do not have to provide health insurance to part-time employees.

Social Security, Medicare, and FICA

The Federal Insurance Contributions Act (FICA) is a payroll tax used to fund Social Security and Medicare. Social Security and Medicare are benefits that provide eligible workers with retirement and disability benefits.

Employers and employees must contribute equally to these funds. Specifically, you and your employer must each pay 6.2% of your gross compensation. The FICA deduction on your paycheck is your share of the tax, and your employer is responsible for ensuring the money is contributed on your behalf.

Unemployment Insurance

Employers are also required to contribute money to unemployment insurance funds. Part-time and full-time employees who meet certain requirements are eligible to receive compensation (a percentage of their overall salary for a limited time) if they lose their job.

Worker’s Compensation Insurance

If you can’t work because of a workplace injury or illness, you are eligible to receive financial support through worker’s compensation insurance. Though the amount your employer pays and the amount you receive varies from state to state, all employers are required to carry this insurance for the benefit of their employees.

Other Required Benefits

Though employers are not required to offer paid leave, there are rules regarding unpaid leave. And if your employer offers a retirement plan, there are eligibility rules that employers must follow.

Unpaid Leave

The Department of Labor (DOL) and Fair Labor Standards Act (FLSA) explicitly state that paid leave of any kind is an agreement between employer and employee. The following benefits are not mandatory:

• Funeral leave
• Paid holidays
• Jury duty
• Personal leave (paid time off)
• Sick leave
• Vacation

However, the Family Medical Leave Act (FMLA) is a legally required benefit under certain circumstances. This is specific to unpaid leave, and employees must meet eligibility requirements.

While there are no federal rules regarding paid leave, some states require employers to provide paid time off to staff. For example, California employers must provide paid sick leave to all employees.

Retirement Plans

Your employer is not required to offer a retirement plan. However, if it does, there are rules regarding employee participation.

The Employee Retirement Income Security Act’s (ERISA) “1,000-hour rule” states that if an employer offers a retirement plan to full-time employees, any part-time employee that works 1,000 hours in a 12-month period for that employer is allowed to participate in said retirement plan.

Disability Insurance

As a rule, companies are not required to provide disability insurance beyond worker’s compensation. However, five states (and Puerto Rico) require employers to offer this insurance:

• California
• Hawaii
• Rhode Island
• New Jersey
• New York

Benefits Employers Can Offer

Beyond the legally required benefits, employers can offer pretty much any benefit they want! And while some of the benefits may be standard for all employees (retirement match levels), others can be negotiated (remote work). Here is a partial list of fringe benefits that employers commonly offer:

• Paid time off (including sick and vacation days)
• Medical insurance (including dental and vision)
• Retirement savings (with a match and different types of vesting)
• Stock options
• Profit-sharing
• Life insurance
• Paid parental/family leave
• Disability insurance
• Continuing education
• Equity
• Flexible hours
• Working from home
• Hybrid schedule
• Tuition reimbursement
• Student loan repayment
• Gym membership 
• Health savings accounts
• Childcare (on-site or reimbursement)
• Commuter and parking reimbursements
• Relocation expenses

To see a complete list of fringe benefits (and how that could impact your taxes), read more on the IRS website.

Endless Options

Companies have nearly endless options when it comes to employee benefits packages. And though not all companies will offer every perk (employer-paid pet insurance isn’t that common), you can always ask about and even negotiate your benefits package before you accept a job offer.

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What Should My Salary Be?

Your salary is a reflection of many things, like your education, experience, and the unique skill set you bring to the role. However, your salary is also a reflection of:

• What the employer thinks your skills and abilities are worth
• What the employer believes the role or the work is worth
• The value of the industry
• The value of a specific job within an industry
• What the company can (and cannot) pay you

These metrics measure different things, and sometimes they compete with each other. For example, your skill set may be rare, making you a valuable employee. In many industries, you could probably count on being paid a high salary that reflects this. However, if you’re working for a nonprofit or a startup that doesn’t have outside funding, you may be worth more salary, but the company can’t pay it.

This is precisely what makes finding the salary you deserve a challenge. It’s a mix of factors that are in and out of your control.

How to Research Salary

Fortunately, you can take back some control by researching salary ranges for specific job titles and industries. This can help you get an idea of what your skills are worth and understand what employers across industries are willing to pay.

Review Job Postings

More and more companies include a salary range as part of the job posting. Seek out the postings for your job title that have salary information and compare them across industries to see what employers think a specific position is worth. Make sure to look at the location, job duties, and education requirements to ensure you’re comparing apples to apples (as much as possible).

In addition to giving you an idea of the salary range for a role, comparing job postings also gives you an idea of whether you’d be at the low, middle, or high end of the salary range. And it provides clues about how you can ensure you’re offered the salary you desire (like obtaining a certification, for example).

Check Outside Sources

Since not all companies include salary information on their job postings, you can turn to third-party sources for more information. The Bureau of Labor Statistics posts salary range information for different job titles, and a site like Salary.com lets you research salaries and cost of living.

Glassdoor is also a good site to research salary ranges for roles. What’s more, Glassdoor also provides self-reported salary data so you can get a general idea of what a company pays employees for specific job titles. And you can also get a sense of whether or not this company pays staff the salary you’re willing to accept.

Keep Location in Mind

As you research salary ranges, where you live makes a difference. Many employers adjust pay rates for the cost of living by location, resulting in very different salary ranges for the same job title. 

For example, the salary for an entry-level role in a high cost-of-living area like San Francisco, California, is likely to be a lot higher than the salary for a job with the same duties, responsibilities, and requirements in a lower cost-of-living area, like Des Moine, Iowa.

However, not all companies adjust for the cost of living. Particularly in fully distributed companies, there may be one salary range for the role, and it does not adjust no matter where you live. 

Consider Your Experience Level

As you research salary ranges, you’ll find, well, a lot of range! And this is because salary ranges often include a wide range of experience levels.

For example, “mid-career” covers a lot of experience levels. Someone with five to seven years of experience may be considered mid-career just as much as someone with seven to 10 years. The person with less experience is likely paid less, but you won’t necessarily see this reflected in pay ranges and may instead see a pay range that includes all mid-career workers.

Keep this in mind as you research and remember that if you have less experience, you’re more likely to be paid at the lower end of the salary range.

Talk to People in Your Field

Finally, one of the best ways to find the salary you deserve is to talk about it!

Like including salary range in a job posting, the taboo around discussing salary is starting to fade. So, if you want to find out the salary for people in your field who do what you do, set up some informational interviews with your network and ask people what salary they started at, what they earn now, and what they did to get there. 

And while it’s important to speak to people who are the same gender as you, make sure you talk to people who aren’t. This can help you understand where there may be pay disparities in your field and help you prepare to overcome them.

Beyond Salary

One other thing to consider when it comes to the salary you deserve is everything your employer provides outside the salary. Extensive employee benefits and compensation packages (the fringe benefits) can greatly increase the overall value of working for a company beyond your paycheck.

For example, you may start at a low salary but receive a bonus every three months for your performance. Likewise, you may take home less pay, but the company pays for 100% of your health insurance premium for you and your dependents. Though your paycheck is less than what you might like, the overall value of what you receive from your employer is worth more.

To learn more, read Salary and Compensation: A Comprehensive Guide to Your Paycheck.

Valuing Yourself

The salary you want and the salary you receive are often two (sometimes very!) different things. However, doing the homework for your role, experience level, and industry can help you get a solid understanding of the general salary range for your job. This way, when you receive an offer or want to negotiate a raise, you’ll know exactly where you are and what you can do to get the salary you deserve.

The post How to Research and Find the Salary You Deserve appeared first on Job-Hunt.

The first step in salary negotiation is recognizing that you can negotiate. It can feel really uncomfortable to discuss pay, especially if you’ve been on the hunt for a position for a while. However, it would be best if you considered it a regular part of accepting a job offer. After all, if you feel under-compensated, you’re likely to end up falling out of love with the job quickly. 

Use the tips that follow to boost your confidence and raise your chances for success.

Be Prepared for Negotiation

As noted in this article from Harvard Law School, the first barrier to our negotiations is often ourselves. The article points out that it’s human nature to continually focus on our own weaknesses rather than our strengths, making it very uncomfortable to negotiate compensation for ourselves confidently. Before anything else, do unbiased research on yourself.

Consider picturing a job seeker that is one of your closest friends. You would most likely advocate fiercely for them. Do the same for yourself.

Know Your Worth

If you’ve ever purchased a home or a vehicle, you most likely went to the table knowing the market value. Salary negotiations should be no different. Utilize salary research tools such as Glassdoor, Salary.com, and Payscale to understand market averages. Be confident in where your experience and education place you on the scale.

Being prepared with facts and presenting your research shows a business acumen that your boss will appreciate. Organization and preparation are traits that every employer will respect. 

For more salary research tips, read How to Research and Find the Salary You Deserve.

Be Your Own Greatest Advocate

Gaps in your employment history or having experienced a hiring bias may cause you to feel insecure about negotiating. Perhaps you stayed home to raise young children for a few years or were a military spouse. Remind yourself of the experiences you’ve gained that make you a great candidate. 

Act With Confidence

If you approach the negotiation with the attitude that you’re asking for a favor, your chances of success plummet. Present a well-formatted list of your accomplishments that will benefit the company. There’s a tendency in job hunting to forget that the interests are two-sided. Not only are you getting a great job, but the company is getting a great employee. 

Create a win-win feeling, demonstrating how your specific knowledge is going to boost your job performance. Similar to the sticker on the car window detailing the upgraded package, justify the cost in writing. 

More: What to Say When Negotiating Your Salary (Examples)

Make It One Negotiation

Don’t drag the negotiations on forever. The employer will lose patience if you agree on salary only to then begin negotiating for better benefits. Consider all benefits included in the compensation package and arrange for everything at once.

And perhaps some benefits might make up a small salary deficit. Maybe it would cost the employer less to set you up with a home office than it would to bump up your salary. Would you find those initial savings substantial enough to be delighted with the lower number?

Does that mean possibly negotiating for a hybrid remote role, saving you two or three days a week of commuting time? Depending on your circumstances, maybe extra vacation time or a flexible schedule will round out a slightly lower salary enough to be a win.

Practice Makes Perfect

Whether it’s with a friend, a career coach, or solo in the mirror, you should rehearse this conversation. Presenting yourself with a confident air is one of the best ways to ensure success. Be ready for unexpected questions about your previous roles or where you found your information. Don’t invent stories about other offers and inflated salaries of earlier employers. Most are easily verifiable. 

Get Everything in Writing

Make sure that you have a detailed agreement of your compensation, rather than just an understanding. Otherwise, miscommunication of what you thought was agreed on could sour your new job. As a final step in the salary negotiations, ensure you’re on the same page and reiterate details. Ask if you missed anything and when they will send over the compensation details for you to sign.

Research and Rehearse for Success

Negotiating your salary should be considered a normal part of an organized job search. Researching and rehearsing your responses is as crucial at this stage as it is when preparing for an interview.

More: 4 Ways to Get Your Interviewer to Share Their Salary Expectations First

The post How to Negotiate Salary: 6 Strategies appeared first on Job-Hunt.

Before signing on the dotted line, however, be certain that the excitement you feel today will continue down the line by pondering these five important issues about accepting a job offer.

Here are five things to consider before accepting a job offer:

1. Compensation

Starting salary not only affects how much you take home today but also how much you stand to make in the future, since raises often represent a percentage increase. Know the “going rate” in your industry and region for your position. If your offer seems lacking, consider negotiating.

Be equally thoughtful about benefits. As noted by Roy Cohen, author of The Wall Street Professional’s Survival Guide: Success Secrets of a Career Coach, “When you accept a job and have not thoroughly reviewed the benefits package, you may be surprised to discover that you pay a higher deductible, the medical plan does not cover your existing doctors, or your vacation time has been slashed. Any or all of these items will offset an increase in salary if you end up paying for medical expenses out of pocket or you lose company-paid time off.”

2. Workplace Culture and Values

A large part of your day will be spent in this environment, so be sure it’s one that suits both your style and ethics. Examine the company’s web page, especially the “About Us” section and any blog posts. Search social media. Read reviews posted by former employees. And definitely take advantage of any opportunities to tour the office and talk to employees. If you catch yourself saying “this place sounds like me,” chances are you’ve found somewhere you can thrive.

More: How to Choose Between Job Offers

3. Stability

Also in your detective work, explore the issue of job stability. “Accepting a great job offer with a bump in title, benefits, and salary will end up a disappointment if the job has a history of high turnover or the company is teetering on layoffs,” Cohen says.

4. Support

Being the “new kid” in the office can be a bit nerve-racking. What have you been told about how you’ll be brought up to speed? Are there designated people to show you the ropes and answer questions? Has any mention been made of orientation programs or job-specific instruction? A company that shows interest in getting you off on the right foot will likely continue to provide resources for you to perform well throughout your tenure.

“Many people accept jobs only to find out there isn’t sufficient training and that they are set up to fail,” says Porschia Parker, founder of Fly High Coaching. “You don’t want to accept a position that is very specific, detailed, or high stress without being 100% sure you can perform.”

Similarly, think about whether the employer has structures in place to support future career goals. If moving up the ladder is part of the long-term picture, is there anywhere to go? Learn about this company’s position on internal promotions, continuing education, and leadership development.

5. Reality

Finally, compare the actual position to your individual needs and goals. Is the opportunity to work for a big-name employer far from your house worth the lengthy, daily commute? Are the hours in line with your desire for work-life balance? Is your gut telling you something about your potential new boss that you shouldn’t ignore? Only you can answer such questions, so be sure you’re approaching the situation with eyes wide open rather than through rose-colored glasses.

If the terms of the job offer don’t match your expectations, here’s how to politely decline a job offer.

Written by: Beth Braccio Hering

The post 5 Things to Consider Before Accepting a Job Offer appeared first on Job-Hunt.