A Compensation Thought List
The economic idea of work is that you put in effort and time and your employer gives you money. But compensation is not that simple.
There are many things, both economic and otherwise, that can compensate you meaningfully for you labor and contribution.
Here’s a Thought List of compensation options. It’s not a checklist. The idea is that different items will get you thinking about what’s best for you and that will help you make good decisions.
Let’s start with economic compensation. Direct compensation includes pay and bonus. There’s also deferred compensation like options, contributions to a retirement plan, etc.
Then there are the in-lieu-of-cash items. The biggest of these is health care. The difference between what you pay for employer-sponsored health insurance and what you’d pay for the same coverage as an individual can be several hundred dollars a month.
I believe that you should make “enough” money doing something you love. You have to define what’s “enough” for you.
My life experience tells me that making a ton of money doing something you hate is a bad choice. So is doing something you love while you constantly worry about paying the bills.
When people talk about their great jobs with me in coaching sessions or in class, money is hardly ever mentioned. Here are some of the other things that come up a lot. It’s only a partial list.
Look for work that’s exciting for you. Professional challenge might do the trick. Or maybe you want to spend a lot of time in contact with people. Perhaps you like projects. Whatever it is, seek out work you like.
Look for place where you can work with people you like. Working on a good, productive team is great for most people. But if you’re a person who loves to work alone, find a job that lets you do that.
Flexibility is great compensation for most people. This can be a flexible schedule or flexible assignments.
You may be a person who craves opportunity. If that’s you, seek out places that give you the opportunity to rise to the top of the tree or take on exciting challenges. If you love learning, look for work where you can learn new things.
What else is there? Think back over the best jobs you’ve had. Consider the jobs your friends and family members have done. What was great about them?
The best job for you is one that offers you enough money to do work you love. When that happens, it’s hardly work anymore.