Are you a contractor or temporary employee being offered a permanent position with the company that you’re currently working with? If so, that likely means that you’re looking at a compensation package and wondering whether or not you should take it. This can be stressful – especially if the position you’ve been filling hasn’t been perfect. Understanding the advantages and disadvantages of a conversion is the first step, but here’s what you really want to know as a contractor.
How much does salary matter?
It’s easy to think that a job is better just because it pays $8,000 more a year, but if you’re commuting farther or working longer hours, that may not be the case. The greatest benefit of being a contractor is the fact that you’ve already gotten a feel for whether or not that job is a great fit for you. Do you like this job enough to continue to do it for the pay that they’re offering you? Maybe that answer is YES. But your decision to take the job should never entirely hinge on salary. All the other elements need to check out as well. Money is important (you are getting paid, of course!), but there are a ton of other benefits or drawbacks that a job can have. It’s essential to consider those as well because there’s always the potential to negotiate your salary.
Working with your agency recruiter can help you get to where you want to be in regards to salary. Candidates in this situation often have the client’s loyalty, so while it may initially feel awkward, it would not be considered a faux pas to ask for a slight raise if you’ve been on assignment for six or more months. A good recruiter can help you walk this fine line when proposing a salary bump as part of the offer and often will have already requested one.
What are the other benefits?
Your first look when you receive a compensation package will be to the dollar figure, and who doesn’t do that? Salary is what everyone gets stuck on because you want to know what kind of money is going to be in your pocket at the end of the day. Yet, total compensation packages need to be evaluated holistically.
When you initially started working, paid time off, free parking, holidays, retirement savings, insurance value (health, dental, vision), and even small things like a subsidized cafeteria or free snacks and cafeteria in the office were likely enough to make decisions for you on a compensation package. Now, you’re looking at more factors than just these. Onsite childcare and gym, FSA, stock, equity, unlimited vacation, member VIP checking for SeaTac airport, pet insurance, family medical leave. These are all factors that can truly demonstrate the value of the package offered because it not only saves you money, but it saves you time. As someone at your stage of life, that’s often just as beneficial as – if not more beneficial than – money.
What else should I be considering?
If you didn’t think the decision was already hard enough, there’s even more on the list that you can keep in mind as you evaluate the package. As someone who has worked for the company in question, you have insider knowledge. Lifestyle and company culture questions always get asked in interviews because they matter to employees. What is my life actually going to be like as an employee? Since you know, you can factor that right into your decision making.
Lifestyle: What has your life been like as you’ve worked at this company for this period of time? Do you spend a ton of time commuting? Do you end up spending $16 on lunch every day? Is the office dress code professional and thus contributing to a spike in your dry-cleaning bills? Do you get free coffee in the breakroom? While these may seem like silly considerations, they do start to add up and lifestyle factors can take a toll on your total compensation.
Company culture: You have the greatest advantage in this case than anyone else – maybe ever. Does your company have the kind of culture that you could see yourself permanently sticking with? When you want to be at home eating dinner with your family or at your daughter’s school watching her class program, will you have the flexibility to do so? Does your company have the technology and the permission to work remotely? And do they support it? Would there be backlash for taking advantage of this benefit as an employee? Since you have been in the company already working, you know what everyone wishes that they knew when they are in the hiring process. You know the team, the politics, the leadership team, and the culture. Do you like it enough to stay permanently? That’s what you should be asking yourself.
Final thoughts
The job you are being offered may not be perfect, but if the benefits are great, then you might have a hard time saying ‘no.’ When you’re offered a conversion, it’s crucial to properly evaluate the total compensation package that you’re offered and look at the benefits beyond just your potential salary. The biggest takeaway? Don’t pass on something just because of the salary – there’s much more to it! So really dig deep and think about it before you make your final decision. For more information, visit The Jule Group or connect with me on LinkedIn for more information.
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