How Do You Calculate Total Compensation?

What are examples of indirect compensation?

What are examples of indirect compensation?Pension funds.Cell phones.Company cars.Health insurance.Life insurance.Overtime pay.Annual leave.Childcare..

How do I ask for compensation?

If you’re asking about salary, use the word “compensation” rather than “money and ask for a range rather than a specific number. Likewise, if you want to find out about work-life balance, it may be more useful to approach the topic in terms of “office culture.”

What is your availability answer?

Examples of the Best AnswersI am available to work Monday through Friday, and I am very flexible about the start and end times on those days. … I’m available during school hours while my children are at school, 9 am – 3 pm, Monday through Friday. … I’m flexible and available just about any time you need me to work.More items…•

What is expected compensation range?

For example, you might tell them your expected salary is $65,000, but the minimum they pay for that job is $70,000. … If your expected salary is well above their budgeted pay range, they may just move on to other similar candidates with lower salary expectations.

What is your salary expectation best answer?

Tips for Giving the Best Answers You can try to skirt the question with a broad answer, such as, “My salary expectations are in line with my experience and qualifications.” Or, “If this is the right job for me, I’m sure we can come to an agreement on salary.” This will show that you’re willing to negotiate.

What is your salary expectation sample answer?

“Thank you for asking. I feel that an annual salary between $67,000 and $72,000 is in line with the industry average and reflects my skills and experience level well. I am, however, flexible and open to hearing about the company’s compensation expectations for this position.”

Why is total compensation important?

The primary reason businesses provide benefits is to attract and retain quality employees. Total Compensation Statements show company commitment to employees by showcasing available benefits and capitalizing on the value of the benefits package. Nothing makes an employee more loyal and committed than feeling valued.

What should I put for total compensation?

What should be included in a total compensation statement?Salary/hourly rate.Medical benefits coverage—include amount paid by employee and employer.Flexible spending account information.Paid leave—include vacation/sick/PTO, holiday, personal, bereavement, military pay, jury duty, etc.Disability insurance.Life insurance.Employee assistance program.More items…

What is total compensation system?

Total Compensation comprises accurate, timely staging of your overall compensation plan, from executive-plan incentives to exempt, non-exempt salaried systems through to hourly rates for part-time or casual employees, or independent contractors.

What is a compensation package example?

Compensation may include hourly wages or an annual salary, plus bonus payments, incentives and benefits, such as group health care coverage, short-term disability insurance and contributions to a retirement savings account.

What is your salary expectation sample answer for freshers?

Answer 1: As you know, I am a fresher and i don’t have work related experience. Before beginning a salary discussion, I would like to know more and more about the company, also, what do you normally pay to the employees who join your organization as a fresher at the same position with the same education and skills.

What is compensation and types?

Compensation is the total cash and non-cash payments that you give to an employee in exchange for the work they do for your business. … Compensation is more than an employee’s regular paid wages. It also includes many other types of wages and benefits. Types of compensation include: Base pay (hourly or salary wages)

What is the compensation plan?

A compensation plan refers to all the components of a compensation package (wages, salaries, and benefits), the manner in which it will be paid, and for what purpose employees receive bonuses, salary increases, and incentives. Benefits of having a Compensation Plan.

What are the four types of compensation?

The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay. The four major types of direct compensation are hourly wages, salary, commission and bonuses.

What is your desired total compensation?

Desired compensation is the salary and benefits you ask for from an employer. An employer may refer to salary or benefits separately as compensation during the hiring process. Desired salary could be hourly or salaried depending on the type of position a company is hiring for.

What is total compensation expectations?

Total compensation includes the base salary, but it also includes the value of any benefits received in addition to your salary. Some of the benefits that are most commonly provided within a total compensation package include: Bonuses.

What is compensation with example?

The definition of compensation is something of value given in exchange for something else. The money a company pays to its employee to do work is an example of compensation. When a person gets into a car accident and injures someone, the money he pays to the injured victim for his losses is an example of compensation.