Not all salaries are created equal. All too often, we find that job seekers will overlook a potentially rewarding opportunity solely because the base salary offered is lower than they expected. While starting salary can be an important factor, particularly for new grads chipping away at a mountain of student debt, it is certainly not the only factor to consider when figuring out how much you’ll actually be making at a new position. Here are a few important factors to take into consideration:
What’s the cost of living in the market where the job is being offered?
It goes without saying that a dollar goes further in some places than others. You can’t make assumptions based on market size. Some large cities have very livable economies while some smaller resort towns have higher costs than you might think. Here’s a handy tool from Bankrate to give you some basis for comparison.
Are there profit-sharing plans, hidden benefits, or production bonuses?
These factors can often add five figures (or more) to your base salary. Benefits can also have a major impact on the real compensation a job offers, as can local and state tax rates.
Are there hidden savings or factors that would increase your peace of mind?
Are you moving closer to relatives? Will you save travel costs to a recreational outlet you enjoy? Will it present better opportunities for your family? Is there opportunity to grow into a partnership or ownership role? These things have significant value and should be factored into your consideration.
Is there flexibility in the posted salary?
There is usually some wiggle room in the implied salary. If the number seems out-of-touch with modern salary trends, consider negotiating for a more reasonable amount. Be prepared to justify your reasoning for the increase, however.
Your career has many facets and so should the salary you expect. At ETS OBGYN, our specialty is matching great candidates with great opportunities. Feel free to reach out to one of our recruiters if you’re looking for more information about a career opportunity.