When evaluating a job opportunity, compensation should be an important factor to consider. For example, suppose you are looking for a new role and currently earn an annual salary of $83,000 as a Business Development Manager. In that case, it is logical for you to expect an offer with a salary around this figure. However, it is wise also to review all the aspects of the job offer side by side to compare the compensation package's total value as presented by your prospective employer.

Compensation packages typically include many elements such as wages/salary, bonus plans or incentives, healthcare benefits, vacation time, and other perks. Considering each of these components together and comparing them with what you already earn in your current role can help you assess whether the 'total' compensation offered is worth taking up versus staying put. Remember, too, that not all employment relationships involve direct monetary payments, such as if you're volunteering or working in an unpaid internship. Being able to place a monetary value on the total compensation package being offered will strengthen your bargaining power and give you peace of mind when making that informed decision about what’s right for your career journey.

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