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Let's Talk Money: Salary and Total Compensation

4/25/2023

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By Brenda L. Peterson, The Layoff Lady

Contract vs Benefits Eligible Roles

When you're looking for work, it's important to know what salary range you have in mind. As you are initially searching for jobs, a key factor in deciding which jobs to pursue and which to pass on will be what you will earn.

​If you are looking at contract positions, the salary you will receive is the same as your base salary. Usually, you are paid a set amount for each hour worked with no additional benefits. Consequently, contract positions often have a higher hourly rate knowing that each contractor will have to cover their health insurance and other additional benefits that may be included in other job offers. 

However, If you are in a benefits-eligible role, you will receive additional value above and beyond your base salary rate. Let's consider what factors may be included in your total compensation package. 

A Disclaimer

While I feel comfortable discussing various financial and insurance concepts, I do not currently hold a license or any certification that deems me inherently qualified to give financial advice. The information provided here is intended to be used for educational purposes only. 

Sometimes, the core challenge is knowing how a system generally works, the terms used to describe what you’re asking about, and where to go for additional help. My goal for this article is to share information to guide you as you navigate the murky waters of  job searching. I hope my personal experiences can help you cut a path through the wilderness as you try to figure out your next steps.

Feel free to take my recommendations or not. Whatever you do, double-check my facts--and everyone's purported facts, for that matter. This is your life, and you will care more about your financial and healthcare decisions than anyone else. Use this information as a starting point for further research as you ultimately decide what’s right for you.

 Your Work Income

First, let’s look at a high-level, generalized overview of the money you may receive:
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  • Base salary: Money you will earn for showing up and meeting basic employer expectations for your job. This is typically paid on a bi-weekly or bi-monthly basis. This is usually what recruiters are asking for when they inquire about your "salary requirements."
  • Bonus:  Additional money you may (or may not) receive based on the performance of you individually, your team, and/or the organization as a whole. Bonus payment depends on the organization and may be paid quarterly, annually, or on another schedule.
  • Commission: Additional money you may earn, typically based on what and how much you sell. Commissions are often a percentage of what you have sold. ​Bonus payment depends on the organization and may be paid monthly, quarterly, or on another schedule.
  • Signing Bonus: Additional money you may receive for agreeing to work for a given company outside of your agreed-upon salary. This is usually a one-time payment paid out as an incentive to accept a job offer.

Employer Money You May Recieve For A Specific Purpose

​​In addition to receiving money in the form of a check or payment payable to you, you may also receive money earmarked for a specific purpose. 

  • Retirement Account Contribution: Your employer may give you a matching contribution as a percentage of what you contribute to your retirement account (usually a company-sponsored 401(k) or 403(b) plan). Alternatively, you may receive a retirement contribution before you put any money in. This money is typically deposited into your retirement account and invested alongside your other retirement account money. 
  • A Post-Retirement Pension Payment: Upon retirement (and based upon requirements and guidelines set up by the employer), you may be promised a series of payments. The details of that pension will be set up on an employer-by-employer basis. (Pensions are not as common.)
  • Health Savings Account (HSA) Contribution: If your insurance is a High Deductible Health Plan (HDHP), your employer may contribute money to your Health Savings Account. This may be a one-time contribution given right away when you start your job, a monthly amount, or money awarded at another interval. This account is specifically designated to be used for qualifying healthcare expenses.
  • Tuition Reimbursement or Educational Assistance: If you want to pursue a college degree, some organizations may assist with that cost. Depending on the organization, they could pay the cost upfront or reimburse you after you successfully complete a course.
  • Professional Development: Some organizations will pay for memberships in professional organizations, certifications, or additional job-specific training. Depending on the organization, they could pay the cost upfront or reimburse you after you successfully complete a course.
  • Offsetting Specific Costs: You may receive a payment or stipend to offset your costs for various expenses. Here are a few examples: gym membership, home office setup, internet access, cell phone access, uniforms, passport, mileage, lunch, parking, travel, rent, and student loan payments. 

Insurance and Benefits, At Least Partially Employer Paid

In the United States, many people obtain different types of insurance through their employers. Employers often pay administration costs of the plan and help cover some of the costs.
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  • Health Insurance: Employers may offer one or more health insurance plan options and usually cover administrative costs and part of the monthly premiums. Costs will vary widely. When reviewing benefit premium costs for recent jobs, I saw health insurance rates for my family of three range from $255.00 per month to $1,249.30 per month for the least expensive High Deductible Healthcare Plan options they had. 
  • Dental Insurance: Employers may offer one or more dental insurance plan options, usually covering administrative costs. They may cover a portion of the monthly premiums as well.
  • Life Insurance: Employers may pay for a life insurance plan. The coverage may be a set amount, like $50,000, or a multiple of the employee’s salary. 
  • Long-Term Disability: Employers may offer disability insurance plans and usually cover administrative costs. They may also cover some or all of the monthly premiums as well.
  • Employee Assistance Program (EAP): Usually employers include EAP access to give their employees access to counseling services as needed, referrals, basic budgeting help, and basic legal assistance as needed.
  • Flexible Spending Account Access: On a related note, employers may pay administrative fees so employees can use flexible spending accounts for healthcare, dependent care, or transportation. These are typically employee-funded accounts. 

Access To Purchase Additional Benefits

Many employers offer the option for employees to purchase additional benefits. These can include vision insurance, short-term disability, long-term disability, enhanced disability coverage, supplemental life insurance, spouse life insurance, child life insurance, accident insurance, condition-specific health insurance, a legal protection plan, or orthodontic benefits. 

Perks

Companies may also offer a variety of perks. These can include items you can purchase for a lower cost or resources you can take advantage of that you might otherwise pay for elsewhere. These could include an onsite gym, onsite daycare, free parking, entertainment discounts, stamps, bus passes, use of the company van, cell phone plan discounts, or reduced entry fees for area attractions.

​Perks can also be anything that makes work easier, more engaging, or more pleasant. These could include shift bidding, flexible work arrangements, remote work, work-from-home days, summer hours, four-day workweeks, onsite flu shots, overtime opportunities, or company events. 

Time Off

Employers also often pay you for specific hours when you do not work. Here are a few standard categorizations for different types of paid time off: paid time off (PTO), sick time, vacation time, paid holidays, floating holidays, volunteer time, bereavement leave, jury duty pay, or military leave.
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Instead of having a specific number of paid days available for sick or vacation time, some companies have unlimited time off policies. In most cases, instead of earning and then choosing to use paid time off, you work with your manager whenever you want to take off. In general, as long as you are performing your job to an acceptable level, you can take time off.   

The Salary Question: Revisited

Remember, when a recruiter asks about your salary range, there is a lot more going on than just your base salary. Overall, I suggest giving a salary range instead of a set number to account for possible differences in company-offered benefits. 

Learn More

  • The Layoff Lady: I Just Got Laid Off--Now What? ​
  • Nerd Wallet: What Are Your Employee Benefits Really Worth?
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Job Listing Challenges: Remote, Hybrid, and Onsite Labels

4/18/2023

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By Brenda L. Peterson, The Layoff Lady

Onsite, Remote, and Hybrid Work Implications

One challenge during my most recent job search has been the newly added focus on work location. Specifically, the following labels have become more standard on job listings: onsite, hybrid, and remote.

While there are, indeed, many remote jobs available, I discovered first-hand that companies and job search sites are not necessarily aligned on what remote, hybrid, and onsite work arrangements mean. Let's dig a little deeper.

Remote Job Clarifications

Overall, a "remote" job could mean one or more of the following are true:
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  • The candidate lives in the United States and can work from anywhere.
  • The candidate lives in the United States and must work from their home.
  • The candidate lives within a specific list of states where the potential employer is set up to conduct business.
  • The candidate lives within a specific time zone.
  • The candidate is willing to work hours in a specified time zone.
  • The candidate lives within a specified distance from one of the company's physical office locations.
  • The candidate lives in the metropolitan area of the company's headquarters.
  • The company is "remote first" with no physical office location.
  • The company is "remote-friendly," meaning there may be the option to work in an office location, a designated shared space, or fully remote.
  • The company is "open to remote" and may consider a candidate who does not work in their office location.

Onsite, Remote, and Hybrid Roles in Practice

Regardless of the label, jobs may work differently in practice. Here are a few of the many possible scenarios:

  • A company may label a job as remote, then later in the job description mention preferences for being onsite.
  • A company may label a job as hybrid when it could more accurately be described as remote with some travel to the corporate office.
  • A company may label a job as onsite or hybrid, and in the body of the job description, explain that they are also open to remote.
  • A company may label a job hybrid, expecting people to be onsite (in the office) anywhere from never to 4 days per week. 
  • A company may have an unstated preference for the location of employees.
  • A company may not be clear about their ongoing thoughts on having workers return to the office or the timeline for that change.
  • Many companies label roles as remote but do not clarify additional details about arrangements (which states, preferences for specific geographical locations).
  • Companies may decide on a case by case basis where they prefer employees to be located or if they will be remote, hybrid, or onsite.
  • Any of these designations may also include travel. 

Navigating Job Listings for Remote Roles

As a job seeker, knowing that companies may vary on how they list details in their job descriptions, here are a few strategies for navigating job listings:

  • Review posted job openings for additional details on work arrangements. For remote roles, read the main job description and skim the listing for additional location restrictions (time zones, states, and proximity to a physical office).
  • If you're on a job search site, find the job listing on the company's website. Sometimes they will include additional details on the specific states where they are able to hire and/or want to hire for a given position. 
  • If you’re not sure if a company can do business in your state, use LinkedIn to search for employees at that company who currently live in your state. This would indicate that the company is legally able to hire someone in your state.
  • Connect with and speak with someone at the organization and ask for additional clarification on work arrangements and remote work policies.
  • If it’s unclear, reach out to a company recruiter to clarify details (or, if time is of the essence, apply first, then ask questions later).

Remote Work Implications: Candidate Location,  Job Location, and Pay

There are also a few other implications of remote work to keep in mind:
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  • Salary ranges will be all over the board for the same role. For example, a title like "Training Manager" could have a salary of anywhere from $50,000 - $225,000 per year, depending on the location of the company's corporate office. 
  • In addition, some companies adjust their salary ranges based on the candidate's geographic area, while others do not. 
  • Even with pay transparency laws in some states, not all jobs list the salary range--even when they are now required to do so. 

Strategies for Remote Work Salary Conversations

Given these variations on how salaries work for remote roles, be sure to think through your financial requirements and how you will address questions about your desired salary:

  • Identify your desired salary range overall. Use this range as a starting point for all conversations.
  • Review posted salary ranges for the role. Make sure they at least meet your minimum salary.
  • During the interview process, when a recruiter or hiring manager asks you for your desired salary range, answer that question with the question, “what is the salary range for this position?” This assures that you’re not selling yourself short.

Learn More

  • The Layoff Lady: Interview Preparation: The Initial Phone Screen
  • The Layoff Lady: I Just Got Laid Off--Now What? ​
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Asking for Help Using LinkedIn Messaging

4/11/2023

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By Brenda L. Peterson, The Layoff Lady

Messaging With Your Connections

One of the benefits of having connections on LinkedIn is that you are able to directly send them messages. This is also a feature that I've seen used poorly on several occasions. Let's look at how to use LinkedIn messaging effectively to continue to build professional relationships. Let's also look at some guidelines for how to use this feature well. 

The Value of Mutually Beneficial Relationships

To have successful professional networking relationships, make sure those relationships are mutually beneficial. Networking is about give and take. Make sure that you are adding value along the way. This includes sharing useful content, congratulating people on their accomplishments, and answering one-off questions when people are asking for advice. In short, be a good LinkedIn neighbor. If you give more than you take, your LinkedIn connections will be more likely to want to help you. This is the real secret to successful professional networking--make sure it's a two-way street. 

Messages That Add Value

When you contact people directly, be sure your messages are not all you asking others to do things for you. Here are a few types of messages you can send to your connections that add value to the relationship and give more than they take:

  • Wishing them a happy holiday
  • Congratulating them on a promotion, job, degree, personal milestone, or accomplishment
  • Thanking them for sharing useful content that helped you personally
  • Thanking them for helping people in general
  • Checking in on them to see how they are
  • ​Telling them it was nice seeing them at an in-person or online event
  • Following up on a previous topic of conversation
  • Offering help on one of your areas of expertise
  • Sharing a resource, article, or piece of information that would benefit them

Make sure you are not THAT PERSON who only reaches out when they need a favor. 

Direct Asks For Help: Worst Practices

Asking for help is an art. First, you need to be willing to ask for help. Next, you need to craft your ask in a way that you have a higher likelihood of getting that help.
Here are the most significant issues I’ve seen with how people ask for job search help:
  • Connect and pitch
  • Making a big ask early on
  • Making a vague ask
  • Making an ask that is disproportionate to how well you know someone
  • Making frequent asks
  • Being aggressive in asks
  • Re-asking too many times
  • Not being able to hear no
  • Being angry if they don’t get what you want

The Worst Asks 

Even though I am, by nature, a helper, here are the types of requests I receive via LinkedIn messages that will not get much of a response from me.

  • Can you get me a job at your company?
  • Can you introduce me to people?
  • If you hear of any openings, let me know.

​Why are these not good asks?  For one, these are big asks. These are also the types of requests that would require me to do a lot of investigation to be truly helpful.
  • I’m not going to magically get you a job at my company. Being hired isn't quite as simple as that.
  • I’m also not going to go through my list of professional contacts, prioritize who I think you should meet, and facilitate multiple introductions.
  • I will also not be your personal job searcher and send you roles—partly because there is no guarantee that my assumptions based on our past experience working together will align with your current job search goals.
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When you ask people to help you, put in your work first. Then, when they know you are committed to being successful, they are much more likely to help you clarify details.  

Direct Asks For Help: Better Practices

Here are a few better asks, but may only work with connections who you know very well and who you have helped in the past:
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  • Would you review my resume?
  • Would you review my LinkedIn profile?
  • Would you refer me for a position at your company?
  • Would you pass my resume on to your connection, the hiring manager?
  • Would you meet with me for 30 minutes to discuss [a professional topic]?

​These requests are specific, which is better, but each is still a sizeable request. The first two may be time intensive. The next two involve me putting my reputation on the line to recommend you for a role. The final one requires a block of my time on my calendar. Depending on our interactions prior to these requests, my response may vary from “of course!” to no response at all. 

Again, remember to make sure your asks are aligned with how well you know one another. 

Direct Asks for Help: Best Practices

Asks are better when they are more specific and less time intensive. It’s also helpful if there is context. Here are a few asks that are more likely to get responses. The requests earlier in this list are more likely to get a response than the ones later on:
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  • I just made a job search post on LinkedIn. Would you be willing to visit the post [link here] and like, comment on, or share this post to help me boost my signal?
  • I’m considering applying for the Associate Project Manager position with Super Cool Company. How do you like working there? Would you recommend it as a workplace?
  • I am working on a career transition from being a software trainer to a project manager. What do you like about your current role as a project manager? What skills would help me in that role?
  • I am working on a career transition from being a software trainer to a project manager. I see you’re connected to Alonzo Johnson, a project manager with Super Cool Company. Would you be willing to facilitate an introduction between us on LinkedIn?
  • I’m considering applying for the Associate Project Manager position with Super Cool Company. As I get my application materials together, I’d appreciate your insights on the company and how to position myself for success. Would you be willing to have a 15-minute phone call sometime over the next week to talk?
  • I’m considering applying for the Associate Project Manager position with Super Cool Company. As I get my application materials together, I’d appreciate your insights on the company and how to position myself for success. Would you be willing to have a 30-minute virtual coffee zoom meeting sometime over the next week?
  • I’m considering applying for the Associate Project Manager position with Super Cool Company. As I get my application materials together, I’d appreciate your insights on the company and how to position myself for success. Would you be willing to meet for a coffee at the local coffee shop of your choosing? The first cup is on me!

People Get To Say No

Remember, when you are asking for help, people will tell you no. More likely than telling you a direct no, they may just not respond. Ever. Keep in mind that job searching, like sales, means that you're going to hear a whole lot of no on the way to that one yes you need. When you need a specific thing, it's useful to ask multiple people for help to give you a better chance of getting a response. It's also not personal. We're each on LinkedIn using it to varying degrees and all trying to accomplish our own goals. 

Making sure that you are making the relationships mutually beneficial will make it much more likely that people will respond to you and want to lend you a hand when you need it. 

Learn More

  • The Layoff Lady: Growing Your Professional Network: Adding LinkedIn Connections
  • The Layoff Lady: Using 1:1 Networking Meetings for Job Searching
  • The Layoff Lady: Growing Your Professional Network: Attending Webinars
  • The Layoff Lady: I Just Got Laid Off--Now What? ​
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Strengthening Professional Relationships: Interacting With LinkedIn Posts

4/4/2023

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By Brenda L. Peterson, The Layoff Lady

Getting To Know Your LinkedIn Connections

Connecting with someone on LinkedIn is a great way to start a formalized relationship with someone in your professional network. While that is a great start, deepening those relationships is a helpful next step to get more value out of LinkedIn. Let's look at a few ways to do just that. 

Interacting with Posts

Interacting with  posts on LinkedIn is a great way to continue to build relationships with your connections and demonstrate your professional value. Not only is this a great way to build your credibility with many connections at the same time, it also gives you an opportunity to showcase your knowledge without having to choose the initial content for the post. You can also use your comments to interact with others and even use this as a starting point to invite other commenters to connect. 

Adding Your Reaction

The easiest way to interact is by adding a reaction to a post. With a click of a button, you can like a post or select from the other available responses. When you react to a post, your name will be listed on the post as well. This is an easy way to have people see your name and affiliate it with the content you liked. Adding your reaction also helps more people see the original post. 

Commenting on a Post

An even more valuable way to interact with a post is by commenting. Once you have connected with someone, reading and commenting on their posts is an excellent way to build on that relationship. This way, they are starting the conversation, and you are helping expand on that content by adding your ideas. In addition, you can comment on other people's comments and share additional value. 

​You can thank the initial poster for sharing the idea, add your thoughts, share your experiences, and illustrate how you have used the concept in practice. Commenting on posts also gives you an inroad to connect with someone else who is also interacting with that post. Commenting is a great way to interact with others in your profession, build credibility, and make more meaningful connections. It also helps to achieve one of your LinkedIn goals of showcasing your knowledge and also sharing valuable information. 

Reposting

If someone posts something of value to your connections, you may want to comment on the post itself and then consider reposting it with your comments. When you repost content, first, you'll see anything you typed, then LinkedIn will include the entire original post. This helps the original post get additional views and also enables you to share useful content with your network.

​When I repost content, I usually include "Thanks [original poster] for sharing this information!" To include the original poster's name, include the @, then type the first part of their name, and choose their name from the options provided. (This is often called an "at mention." This will tag them in the post so they can interact with your new post, which will help boost the number of people who see the post. 

Sharing Your Own LinkedIn Posts

Sharing content on LinkedIn is a great way to engage with your connections, add value to your professional relationships, and promote who you are and what you know. Unfortunately, very few people ever post anything at all--which is a huge missed opportunity to differentiate yourself from others in your field. 

Another question that comes up is the frequency of posting. I recommend posting on LinkedIn no more than twice per day and posting one to four times per week. Use your favorite search engine for recommendations on the best times and days of the week to post to get the most views on your posts.

As for content, you don't have to write a lengthy, original manifesto to post on LinkedIn and make an impact. ​Personally, most of the content I share on LinkedIn includes some version of the following:
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  • Context: A sentence or two framing the information I share and presenting its value.
  • A Resource: A link to an article, post, or eye-catching graphic.
  • Keywords: 2-4 hashtags to make my post more findable.

Once you make a post, be sure to like any comments other people make on your post and even reply to each comment. The more likes and comments you receive on your post, the more people will see it. This will continue to build your professional brand and add value to the networking relationships you are fostering through LinkedIn. 

Learn More

  • The Layoff Lady: The Why and What of Posting on LinkedIn
  • The Layoff Lady: Growing Your Professional Network: Adding LinkedIn Connections
  • ​The Layoff Lady: I Just Got Laid Off--Now What? ​
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    7-time layoff survivor Brenda L. Peterson, The Layoff Lady, waxes poetic on layoffs, job transitions, & career resilience.

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