After considering the various compensation components in our previous article, you notice that there are other details in your offer letter. Let's break it down for you!
We classify the components into these 3 main factors:
1. Work-Life Balance & Culture
This is measured by:
Expected working hours
Number of leave days
Number of family care leave days
Presence of Insurance coverage and Extent of coverage
Verify if there is upskilling tuition fund (e.g. LinkedIn Learning, Coursera)
Verify if there is a budget for gym membership, other fitness or wellness classes etc.
2. Career Progression
Functional Role eg. Marketing, Software Engineering, Human Resources etc.
If you are keen to explore adjacent functions, check with HR and your Hiring Manager if there are internal mobility options.
Tip: Position this proposition carefully by highlighting your plan to contribute in the function you are originally hired in, before exploring possible developments in other functions.
Job Grade: Executive, Senior Executive, Manager, Director etc.
A more senior title could have more responsibilities, but higher visibility and authority to influence the company's direction. It could also improve your resume's attractiveness to external employers.
On-the-Job Roles & Responsibilities
Assess this from your interviews with your Hiring Manager.
Tip: Gain insights on the Objective Key Results (OKR) that your performance review will be measured based on and evaluate their difficulty.
3. Association to Employer
Consider the company's branding as it will be linked to you upon accepting the offer. Some points include:
Will this company name elevate my CV? If it is a startup, will this add a new dimension to my existing corporate repertoire?
Does this company offer unorthodox or controversial products or services?
Has the company been in the spotlight for negative reasons?
Upon considering these offer letter components in a holistic way, we will share negotiation tactics when accepting an offer in the next article!