When accepting an offer, many times, we mistake a rise with only the numbers. An offer may or may not satisfy our expectation, but may have some components which may mean much more than a single digit deficit. Here is looking at what are those components that go a long way in defining how much you earn and spend at a job, and should influence your decision in deciding how good or bad an offer is.
- Paid vacation - while most of us would take this for granted, not All organizations have the same number of yearly paid vacations. Inquire about the vacation time per year, and check if it is same/less/more from your current organization.
- Sabbaticals - for study/child care/volunteer work
is becominghas become a topic of envy for those whose friends or knowns get in at their workplace. If you have plans to further study or may need a sabbatical out of interest or for personal reasons, a sabbatical may be the boon you may just need.
- L&K resources - Almost all the companies do have a Learning & Knowledge division (the name may vary), the key is in knowing how extensive it is. Many companies have sign-ups with sites like Safari and Books 24*7 which will let you download free e-books on varied subjects. Some companies also sponsor certifications or provide a waiver for fees for courses. All these are your CTC. The company is spending it on You, for Your Benefit.
- Subsidies - While providing free food and transport is almost all extinct, even a subsidy on any of these is wonderful and will save you a lot more than a mere penny. Free parking is another thing which should not be taken for granted. (While I was paying a hefty amount to park my car in the previous office, my current office has ample parking space for free. +1, don't you think!)
- Tax friendly package - Now we all know how the tax slabs peek with a rise in salary. Inquire about the breakup early and find out how much of it will go in taxes. It is quite a possibility that an organization has a flat pay structure, and a major chunk of your salary goes to the government. (Now, I am a
goodresponsible citizen who likes to pay taxes accurately and in time, but I would like if I can get a waiver on the petrol that I am using to get to work. Won't you?!)
- Flexible work arrangements - Life is unpredictable. There may be times when you would want to work away from the office premises. A birth in the family, an illness or many other more predictable and unpredictable events may need you to work from your home instead of going to office. It is advisable to ask in the early stage how open (or not open) is the organization to such needs.