A few years back I left a company I had been working at for 10 years for another position elsewhere. Though it was a more of a lateral move, the base salary the new company offered was $27,000 more than my current pay.
I reviewed minor details like the expectations of the role, daily commute, and main benefits package. It was enough for me to make the move. It ended up being the worst career move I’ve ever made. Aside from being a toxic environment, I miss calculated my compensation offer.
A chunk of my base salary was put into a mandatory pension fund and I had 1 less week paid vacation . When all was said and done, my expected $27,000 ‘take home’ increase looked a lot less.
Compensation at times is challenging to calculate. While we focus on base pay and benefits as the main drivers for our decision, it’s easy to over look other areas such as: the working environment, company core values, potential future growth and sustainability. Even basic benefits like an opportunity to participate in a pension or matched RRSP plan, and negotiating vacation should all be considered.
In the end there shouldn’t be a price tag on our mental health and wellness. No amount of compensation should be accepted in exchange for it. Doing as much upfront research as possible on a company can help avoid this from happening.