When considering a job offer in Canada, salary is only one component of the compensation package. It is important to understand other parts of your compensation package such as performance and indirect pay.
what does a compensation package include?
Compensation package varies depending on position, employee tenure and industry. Listed above are the most common components.
Why compensation package should matter to you
While Canada has a universal health-care system that covers essential basic care, it does not cover prescription drugs, dental care and vision care (except you are eligible for government coverage as a low-income earner). Full or part supplemental coverage for these services might be provided by your employer as benefits.
Depending on your company culture, a variety of employment benefits will be available to you. While some will be aimed at helping you to attain work-life balance, other benefits will help you to maintain a healthy lifestyle. Examples of these are flexible working hours, telecommuting and discounted gym memberships. Other benefits will help you prepare for the future, retirement benefit contributions by your employer helps you to prepare for life after work while education subsidy could help you to upgrade your skills and get a promotion.
It is important to evaluate the entire compensation package and not just your base salary. Depending on what is important to you, other components of a compensation package might make up for a low base wage or salary. An employee with family might value a fully covered health coverage, flexible working hours and subsidized childcare while their unmarried counterpart might put more value on the number of vacation days, telecommuting and a discounted gym membership. It is also important to be aware of eligibility requirements for these benefits as you might not be entitled for some of them immediately.
If you are not certain about the industry standards for your compensation package, payscale and glassdoor are good places to start your research. This would help you to make an informed decision when considering a job offer in Canada. Like, comment and subscribe.