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Compensation On The Job: Is Cash Really King?

posted on: 2012-07-23

Considering whether or not to accept a job offer may depend on how you prefer to receive payment for the work you will do.

In the words of Johnny Cash ‘money talks’ to some, but to others ‘it don’t sing and dance, it can’t walk.’ So what other forms of compensation should you consider when looking for your dream job?

Is There a Benefits Package?

Most companies will offer a benefits package as part of your salary with a certain percentage allowed for both medical and dental expenses. Would you rather take a position that offers $10 an hour, but 90% medical coverage, or the job that offers $12 hour with no benefits at all? With medical costs on the rise, you might be thankful one day that your prescription drugs will only cost you $6 instead of $60.

What About Shares?

I heard about an artist who was commissioned to paint the front offices of a start-up company and was offered shares instead of cash. He took the shares. I bet he’s glad too. He painted the first offices of Facebook when it was in its infancy and if he sold his small amount of shares today, they would be worth roughly 2.1 million dollars.

Companies may offer their employees shares which are usually kept and invested in a group RRSP or other employee savings plan. This is in addition to the salary you earn. You may decide the returns earned on your shares are worth sacrificing a higher hourly wage.

Work to Live, Not Live to Work

Maybe money is not your main goal when looking for a job. Perhaps a flexible work schedule where you can spend more time with your family or children is important to you. You have to decide if spending time on your life outside of work is worth forgoing a few extra dollars you may earn while at work.

Perhaps the thought of beginning a whole new career and getting a fresh start on something new and exciting will be reward enough. What you may be looking for are opportunities to grow and be challenged by new roles and positions your company has to offer.

Whatever the payoff is for you, choose the position that will allow you to feel fulfilled in a variety of ways and not just in your wallet.


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