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When employers talk about “salary,” they are almost always referring to the base salary rather than the larger salary package.
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However, each of these elements can be involved in your overall compensation package. For example, tips, sales commissions, stock options, health insurance, vacation time or use of a company car are not included in base salary. In other words, a job ad that promises a base pay of $20 per hour means that the employee would earn a salary of $20 per hour worked, or $160 for an 8 hour day.īase salary does not include any extra lump sum compensation, including overtime pay or bonuses, as well as other types of benefits. Base pay is expressed in terms of an hourly rate, or a monthly or yearly salary. What does base salary mean?īase pay or base salary is the initial rate of compensation that you receive as an employee in exchange for your services. In this article, we will review what a base salary is, how it fits into a larger benefits package and how to consider base salary about your overall compensation. However, when evaluating various benefits alongside a base salary, you may find that compensation packages can feel complicated. Whether you’re searching for a new job or trying to negotiate a raise at your current position, understanding all elements of your compensation package is critical. You'll learn strategies for developing your target range, communicating pay expectations and demonstrating your value to a possible employer. In this video, we analyze the salary negotiation process from start to finish, providing key tips at each stage. Related: How To Negotiate Salary: Asking for More Money After a Job Offer