Compensation

The best advice we can give you is to do the math.  Try to monetize all benefits in standard terms.  For example, lets compare two hypothetical positions:

Position A

W2,200,000/month

Free Round-Trip Airfare

Free Single Accommodations

1 Month Severance

Health Insurance

Free Lunches at Cafeteria

Max 30 classroom hours/week

Paid Vacation All National Holidays + 2 Weeks

Position B

W25.000/hour

Free Round-Trip Airfare

Free Single Accommodations

Min 24 classroom hours/week

Max 40 classroom hours/week

1) Convert the per hour rate into a per month rate and vise-verse.

Position A:  30 hours/week = about 126 hours/month, 2.200.000 / 126 =  W17.500/hour

Position B: (lets assume that we’ll work 30 hours/week since that’s in the middle of our min and max rates, and will make the comparison simpler) W25.000/hour * 126 hours/month = W3,150,000/month

2) To simply the comparison, don’t think about benefits common to both positions. 

In this case, both positions include free round-trip airfare and single accommodations, so that shouldn’t effect our decision.

3) Monetize unique benefits.

Position A includes free lunches, one month severance, health insurance, and vacation time.

A lunch costs about W4,000.  At 21 work days per month, that amounts to W84,000/month.

W2,200,000/12 months in severance = W183,000/month

Health insurance costs about W40,000/month

You have about 24 days of paid vacation.  Rather than adding the value of Position A, it’s best to deduct it from Position B, because if you wanted to take those days off in Position B (you might have to, if the school is closed) you wouldn’t get paid for them.

24 days/ year = 2 days/ month.  Position B pays W150,000/work day.  Therefore, this represents a loss of W300,000/month.

4) Add it up!

With hours, vacation, and benefits standardized

Position A: W2,507,000/ month

Position B: W2,850,000/ month

5) Draw your own conclusions

You may not be able to foresee all the advantages and disadvantages of a position before you start, but the more information you know, the more informed your decision will be.  Additionally, money isn’t everything and not all factors can be monetized.  That’s why we suggest you check out the other four important factors!

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