Putting together a compensation package...

[ddrueding]

I've been asked to put together a compensation package by a potential full-time employer. Besides the usual salary, insurance, 401K, and profit sharing, what should I be looking at? Company cars are fairly common, but I'd like to buy my own. What is a company car worth in cash? What resources would you guys recommend?

 

[Fushigi]

What kind of position is this for? Executive comp is generally better than Professional comp which is generally better than support staff comp.

Company cars are not that common unless there is an actual need for local travel or as an executive perk.

 

[Handruin]

Don't forget time off, holiday pay, sick time, flexible time, working from home, relocation costs (if any). Budgets for training on the job is another benefit.

A company car might be worth whatever a cheap lease costs as I'd imagine most places lease them rather than buy. Add in whatever miles you'd travel for the company with an average gas price and basic maintenance on the car. Things are a bit different out your way, so a basic lease might be more than what people get out here so it's hard to say.

 

[ddrueding]

It's a medium-sized company (400 employees), so I would be a one-man-band, though executive-level decision making and paperwork would be involved. There are a significant number of sites to support, so driving would be part of the job. Everyone except the executives have company vehicles, and since the company has their own mechanic shop and their own gas pumps, I suspect they buy them (trucks for the construction guys, Prius for the office guys). They have a PTO system which seems OK, and since I would be in charge of the budget, training is easy enough to figure out.

Thanks for the comments so far!

 

[timwhit]

What company? And what is the job?

 

[Handruin]

Will you come visit on your corporate jet?

 

[ddrueding]

It is a client I've been supporting for quite some time. A few of my clients have grown to the point where they needed internal support. Typically I just do a full set of documentation, help interview candidates, and then train them on the systems. After that I stay on as a consultant in case they get in over their head.

This company has grown fast enough that they already need a technical CxO, and never had in-house IT. Since I'm getting married in the next couple months, and settling down is becoming a certainty, it looks like I'll be taking this exit from the freelance highway.

 

[jtr1962]

Vacation time and working hours are two good points to negotiate. If it were up to me I'd rather work 3 longer days than 5 regular ones. Four day weekends all the time would be a nice perk. Having the company pay for your housing, especially if you need to relocate to an expensive area, is another idea.

For what it's worth, this sounds like it's going to be a good move on your part. Just the fact that the company is asking you about a compensation package, rather than just saying here's the job, take it or leave it, is a good sign. I remember when the taximeter repair place was closing shop in NY. I was the only employee asked to work at the main offices in Virginia. I never really seriously considered it since Virginia to me looked like Long Island, or upstate NY, or NJ, or any one of a number of typical American suburbs (i.e boring with a capital B). The clincher in my decision though was the compensation, or rather lack of it. The company didn't offer to pay for my relocation or housing. On $10.94 an hour there was no way in hell I could afford to live there. I didn't have a car or license, both of which I probably would have needed, nor could I afford one on that kind of salary. To me it seemed like an offer designed to be rejected just so they could say they offered someone in NY a job.

 

[ddrueding]

Typically at this level they ask you what you have in mind. I used to work with a technical recruiting company, and we had people putting together crazy things (motorcycles, golf club memberships, etc). Though I may put a house in the package, as a sign to him that I'm committed long-term.

 

[P5-133XL]

Don't forget moving costs, if you have to move more than 50mi

 

[ddrueding]

Don't forget moving costs, if you have to move more than 50mi

I will be moving more than 50mi, but it is just my regular commute. I'm tempted to avoid one-time compensation, as I plan to be there a long time and would rather negotiate things that will pay off more over time. We have the money to handle the simple things now.

 

[Mercutio]

My trainer job has no benefits beyond my salary, but the thing that makes my job as happy as it is, is that my schedule, barring extraordinary circumstances, is four 10 hour days or sometimes three 12 - 14 hour days. I was used to spending three hours+ a day commuting before I took the job, so the net result was a reduction in the time I was spending at my "main" job.

The shortened work week is probably the best job perk I've ever had.

 

[ddrueding]

The biggest perk for me (if all things go well) is a 0.5 mi commute from the house I hope to buy. Hours will be staggered, but living so close will make things easier. I'm going to make sure it is an exempt position, and they know that many things can only be performed before or after hours, so no punching the clock.

I'm really looking forward to taking ownership of the network. Being able to put together a long-term strategy for maintenance, training, and budget will be great.

 

[Handruin]

I can tell first hand that even moving from 40 miles each way to work down to less than 9 has added a lot more time for other things and less stress from driving (in addition to the obvious fuel and car maintenance savings).

 

[sechs]

The biggest perk for me (if all things go well) is a 0.5 mi commute from the house I hope to buy.

Maybe you can get a company bike instead. The really nice ones are pricey.

 

[ddrueding]

Maybe you can get a company bike instead. The really nice ones are pricey.

Tempting, but that half-mile is going over a 700'+ tall hill. Plus there would be ~30 miles a day worth of driving on the job (different sites, house calls, etc).

 

[CougTek]

Tempting, but that half-mile is going over a 700'+ tall hill.

Pfff! Moumoune.

 

[ddrueding]

Moumoune.

Quite. Come sailboat racing with me sometime and we'll talk

 

[Pradeep]

Don't be afraid to ask for more time off/vacation than the company rulebook would imply you would be entitled to. An exec level position should have plenty of flex in the comp possibilities. Work/life balance for the win (hard to see how you could go wrong with 0.5 mile commute, and even 30 miles per day).

 

[Chewy509]

Don't be afraid to ask for more time off/vacation than the company rulebook would imply you would be entitled to. An exec level position should have plenty of flex in the comp possibilities. Work/life balance for the win (hard to see how you could go wrong with 0.5 mile commute, and even 30 miles per day).

I agree, especially since you are settling down (and with possibly little-ones on the way).

Go for flex time, and additional holidays (like an additional week over the state/federal standard).

At the company I work for, you have the option to take a short lunch break (30min instead of 1hr), and that time accrues to roughly equal 1 day every 3 weeks which you are free to take off.

 

[ddrueding]

This position will not qualify for overtime, and therefore lunch won't matter. The recognized holidays list is short, but the PTO accrues every pay period and doesn't expire (convert to cash) until you have a couple months saved. This will certainly increase my quality of life; a small commute, steady paycheck and health insurance. It doesn't get much better than that.

 

[sechs]

Trust me, bonus retirement money would make it better... just a lot later than right now.

 

[ddrueding]

100% matching on 401k with a ridiculous cap, and profit sharing. Gotta love that...

 

[ddrueding]

Well, I signed a paper last night, so soon I too will be a working stiff. It actually feels pretty good

Thanks for everyone's help.