Quick Answer: What does it mean when asked what are your total compensation expectations?

What are your total compensation expectations answer?

Provide a salary range

The employer will very likely want a specific number, so another strategy is to give them a number or a range. Assuming your target salary is $47,000, you could say: I’m looking for a position which pays between $45,000 and $52,000 for a 35-hour work week.

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. Commissions. Paid time off (vacation days, sick days and holidays)

What should I put for compensation expectations?

The best way to answer desired salary or salary expectations on a job application is to leave the field blank or write ‘Negotiable’ rather than providing a number. If the application won’t accept non-numerical text, then enter “999,” or “000”.

What is your total compensation?

The term total compensation is used to describe all forms of monetary payments to an employee. Vacation time, holiday pay, health insurance, dental plans, life insurance, and tuition reimbursement plans are all benefits that can be considered part of an employee’s total compensation package. …

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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 included in a total compensation statement?

A total compensation statement communicates the entire value of an employee’s compensation package, including wages, which they already see in pay stubs, along with the hidden cost of the benefits that employers provide. … Typically, a total compensation statement is sent to employees once a year.

Does compensation mean salary?

Annual compensation, in the simplest terms, is the combination of your base salary and the value of any financial benefits your employer provides. … Salary is usually cash only and does not include non-cash compensation. Certain retirement plans base your contribution limit on how much compensation you earn.

What is included in a compensation package?

What is a compensation package? It includes more than just salary — it’s everything of value, monetary and otherwise, that an employer provides in exchange for the work you do. Think incentives, benefits and perks.

What is your expected compensation 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.

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How do you answer compensation questions?

How to Answer, ‘What’s Your Expected Salary?’

  1. Research the market and salary trends. …
  2. Consider giving a salary range, not a number. …
  3. Diplomatically turn the question around. …
  4. Now it’s time to give a number, not a range. …
  5. Always be truthful.

What do you mean by compensation?

Typically, compensation refers to monetary payment given to an individual in exchange for their services. In the workplace, compensation is what is earned by employees. It includes salary or wages in addition to commission and any incentives or perks that come with the given employee’s position.

Does total compensation include equity?

The term Total Compensation captures all the different ways you are financially compensated by your employer: base salary, bonus, equity, benefits, etc. Because of the variability of some of these forms of compensation, it can be hard to know ahead of time what compensation package is truly paying you.

What is total compensation in HR?

The term “total compensation” is used to describe not only salary and wages, but also all the plans, programs, benefits and opportunities that become available to you through your employment.