While pay may be a factor in job satisfaction, it often doesn’t top the list for fundraisers. Surveys frequently rank factors like engaging work, advancement opportunities, and a positive work environment as primary motivators. That said, fair and competitive compensation is still essential. It's the foundation. Employers must ensure that salaries are equitable and in line with performance and industry standards to avoid the risk of turnover.
To fundraisers considering a new job offer: beware - sometimes the numbers on the offer letter don’t tell the whole story! It’s crucial to look at the entire package. Your current job might offer more valuable perks and benefits that don’t show up as cash in hand. Here are six key points to consider when weighing a career move:
- Pensions: Many organizations lack a pension plan or offer minimal contributions to an RRSP, while others provide robust defined benefit or defined contribution plans. Defined benefit plans are especially attractive, as they guarantee a fixed monthly income for life upon retirement. The value of these benefits can have a significant impact on your long-term financial security. In some cases, employers match or even double your contributions, offering substantial savings over time.
- Organization-Specific Perks: Organizations often offer unique perks beyond salary. For example, universities and private schools may offer tuition waivers for staff and their dependents, which can mean tremendous savings if you have children in higher education. Consider perks like gym memberships, daycare, health spending accounts, paid internet, or professional development stipends. These benefits can be a valuable addition to your compensation package.
- Extended Health Coverage: Health benefits often vary significantly between employers and can greatly impact your overall compensation. Some plans offer extensive coverage for therapies, medical treatments, or support for dependents with specific needs. Be sure to read the fine print to see if your potential new employer’s health plan meets your needs. Losing certain benefits may end up costing you more in the long run than the bump in salary.
- Vacation Time: A higher salary doesn’t always compensate for reduced vacation time. Some organizations may offer fewer vacation days or lower paid leave. Before switching jobs, consider the true value of your current vacation time and how much you value this time for work-life balance.
- Signature Experience: Consider the elements of your current job that may not be easily replicated elsewhere. Over 15 years ago, Harvard Business Review authors Tamara J. Erickson and Lynda Gratton introduced the concept of a “signature experience” to describe unique offerings that an organization provides, setting it apart from others. For example, JetBlue attracted talent with a home-based ticket agent system, offering a flexible, work-from-home setup that larger airlines didn’t offer. Signature experiences like flexible working arrangements or unique perks may hold more value than a purely financial incentive.
- Flexibility: Flexibility has become an invaluable benefit, especially post-pandemic. Many organizations now offer hybrid or fully remote options, flexible hours, or even reduced work weeks. These arrangements can provide tremendous lifestyle benefits, allowing you to better balance work with personal and family commitments. If your current role offers flexibility that a new one doesn’t, consider whether that’s a trade-off you’re willing to make.
So, before accepting a seemingly attractive job offer, consider the entire package and not just the salary. Factors like pension, unique benefits, health coverage, vacation, a signature experience, and flexibility can add up to significant value—sometimes even more than a higher paycheck alone. It’s not just about how much you make, but about the life you’re building while you do it.