Minority Career News
January - March 2002
Pay: What's It All About?
By MCN Staff
Compensation is a more inclusive term for what people generally refer to as pay. In
fact, it is the term of preference since corporate perfidiousness is rampant. The
structure of your compensation deserves your attention in view of recent events.
Below are some questions you may ask as you examine how you are compensated.
Questions
- What benefits do I receive?
- How much does the company contribute to these benefits?
- How much do I contribute to these benefits?
- How much of my compensation is tied to company stock?
- How is vacation or comp time handled? Can I roll it over, or will I lose it
if I don't use it within a certain time frame? What other perks do I receive?
- How is the company 401K structured? Who manages it? Who monitors
it?
- Is there a separate company retirement plan? What are the vesting
requirements? What is my status?
- Is my compensation tied to a sign-on non-compete agreement? How long
is the agreement in effect? Are there circumstances under which the
agreement is non-binding?
- What is the current severance pay policy? How is it calculated? Who is
eligible?
- What dollar amount do I take home? Are there bonuses? How are they
determined? How often are they given?
As you can see compensation involves more than a bottom line figure. It involves
the important element of structure. This reveals risks and true rewards, and
provides a basis for realistic pay comparisons.
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