It’s almost here! 2 days left until the clock strikes midnight and you start 2016 with a fresh calendar hung up on your wall (you’ll probably just keep looking at your smartphone, but let’s just go with it).
Whether you’ve been working these last few days until New Year’s or slacking on your couch while catching up on Mr. Robot before going back to work in January, you’ve probably started being engulfed by this social pressure of having to look back to see what you’ve accomplished, and look forward to what you want to accomplish in the near future.
Busy times.
If you’ve been following us, you’ve maybe given some thought to why you’re looking for something new, you’re investigating the environment you’re spending most of your waking life working in, and you’re figuring out what professional challenge suits you the most.
But what’s that other little thing one thinks about? Ahh. Money.
The main motive for wanting to change jobs is often the desire to seek out a new challenge, but an increase in salary or other economic benefits are almost always a prerequisite for someone to actually make the leap into a new role.
It’s become fashionable of late to say that money isn’t a principal motivator. However, studies have found that both active and passive candidates (that is, those actively seeking to improve their career, and those open to opportunities put on their plate) cite better compensation and benefits as a top priority.
The Economics element of YourFit keeps in mind different types of compensation when thinking about the next step in your career: Fixed/Base Salary, Variable Salary, Perks & Benefits, and Equity Compensation.
Figuring out what’s your ideal gross salary is the first way to go to not getting tongue tied when negotiating your salary. Depending on the country, job, and local tax systems of the country you work or are going to work in, you might have to do a big reality check on what you’re asking for. If you’re moving from London to a startup in sunny Lisbon or Barcelona, for example, you can’t expect the same salary — but there are other things you can benefit from in the South of Europe!
The same goes for your specific skill set and experience — you have to be realistic and find the right balance between your competencies and what you’re asking for. If your experience isn’t in line with the most current technology, you may also have to face the fact that your salary is going to be lower than expected.
Whatever the case, do your research and check out benchmarks for each variable to understand what you’re worth.
Also, be aware that when comparing financial benefits of your current job with a new one, or multiple new offers, there’s more than gross salary to consider. It’s also worth looking into your benefits such as health insurance plans, retirement schemes, sick leaves, meal allowances, etc; and perks, like company vehicles, free refreshments, summer half-days, and choice of stationery and IT equipment, for instance.
Establishing your variable salary is also very important, especially if you’re a freelancer, but also if your company rewards employees that deliver results that are higher than the ones that were expected.
Let’s face it: if you’re doing alright in your job, even if you’re tempted by a new challenge, even if that new company has a really cool office with free food, video games rooms and bean bags everywhere — the final push you need to change jobs is a big financial incentive to do so.
You can find a deeper reflection and detailed analysis of all these aspects regarding Economics in our YourFit ebook, where you can also find the fifth and final element of our tool: Competencies.
Aim for more in the New Year. Find a great challenge with a healthy work environment and a salary that meets your needs and skills — it’s what you deserve. Know YourFit now and happy 2016!
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