HOW TO BREAK DOWN YOUR PAY PACKAGES

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Elijah Pope
6 years ago
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1 HOW TO BREAK DOWN YOUR PAY PACKAGES BY LAURA LATIMER Traveler & Recruiter Matchmaker inside Be Empowered about how you get paid & Negotiate like a pro!

This is what I do! Traveler + Recruiter Matchmaker Some call me Laura. Others call me the recruiter matchmaker!

) I created Nomadicare to be the place that travelers could find an honest recruiter.

the honest, kind and responsive recruiters across the industry.

2 This is what I do! Traveler + Recruiter Matchmaker Some call me Laura. Others call me the recruiter matchmaker! Interviewing recruiters is what I do (other than travel of course!) I created Nomadicare to be the place that travelers could find an honest recruiter. I was tired of seeing my friends get lied to and I went on a mission to create a better way for us travelers to connect to the honest, kind and responsive recruiters across the industry. I interview the recruiters and only about 1 in 4 pass my test. Nomadicare holds the companies and recruiters accountable. And you get matched with two of them and also given great resources so you know how to thrive as you live your dream. This is my way to make this industry even more amazing!

So how does it work? Recruiter Matchmaking 1. Tell us what you need at Nomadicare.com. 2.

3. We hold them accountable and check in with you. 4.

3 So how does it work? Recruiter Matchmaking 1. Tell us what you need at Nomadicare.com. 2. We connect you with two honest recruiters from companies across the country that match your needs. 3. We hold them accountable and check in with you. 4. You live your dream and get tons of free resources to feel empowered! goodies and free resources for you! 1. Online courses and guides walking you through pay, contracts, red flags, and more. 2. The option of a clinical mentor. You are not alone! 3. A surprise welcome gift to your door when you take your first assignment with a Nomadicare recruiter!

4 Money. MOney.. It does not mean more happiness. It will not bring fulfillment or peace. However, just because I advocate, "Don't travel only for money!", it doesn't change the reality that money is a major player in our industry. It is important for us to know how we get paid and where our money is going. Remember: Nothing is free! Everything comes out of your pay bucket. Different companies will distribute your money in different places for marketing and to sound like they have better benefits. What matters is that the benefits they offer are what you need. This guide will help you negotiate and break down pay packages so you can make the best decision for your adventure! xx Laura

5 You can give the next two pages to your recruiter when they are putting together your pay package! Dear recruiter, Can you please break down the pay package like this for me? This will help me see where the money is going and helps keep everything very clear which makes for an awesome experience! I appreciate you!

6 Pay Package Taxable Base Rate Per Hour: Housing Stipend Weekly: Meals and Incidental Stipend Weekly: Total Relocation: When do I receive this? Insurance Reimbursement: (Only if I have my own insurance and not using yours) Total Licensing/Credential Reimbursement: Anything else (such as completion bonus, continued education reimbursements): My Overtime Rate: My Extra Time Rate: What is the Guaranteed Hours/Call off Policy: What is the Canceled Contract policy: (i.e., 2-week notice/4 week notice, etc.)

7 Assignment Details Start Date: End Date: Time off requests during contract: Facility name and address: Shift: Float Requirements: Hours per week: Will I be paid for orientation? Is there any extra testing/unpaid online orientation/etc that I will have to complete before starting? Do you have any feedback from previous travelers about this placement? If applicable: When do my health benefits start? If applicable: When do the 401k benefits start? Is there a vesting period?

8 Woo. Now you can see everything in your pay package clearly. (Make sure all of this is in writing and in the contract as well) ha-ching Time to turn it into a common denominator. (What you are paid by the hour)

9 Break it Down to the Hourly Rate 1. Taxable Base Rate Per Hour: 22 per hour 2. Housing Stipend Weekly: 460 Broken Down into Hourly: 460 divided by 36= Meals and Incidental Stipend Weekly: 300 Broken Down into Hourly: 300 divided by 36= 8.3 per hour. 4. Total Relocation: 500 total Broken Down into Hourly: 500 divided by 468 = 1.06 per hour 5. Insurance Weekly: 62 a week Broken Down into Hourly: 62 divided by 36 = 1.06 per hour= Licensing/Credential Reimbursement: 200 total Broken Down into Hourly: 200 divided by 468 =.42 per hour 7. Anything else total: For example: 1000 Completion Bonus Broken Down into Hourly: 1000 divided by 468 = 2.13 per hour Add it all up! = Total hours in contract = 468 (36 hours a week x 13 weeks)

10 Now that you have an hourly number you can easily compare contract offers from multiple companies. 1. Your pay is so much more than just the taxed and non-taxed numbers- your pay includes everything a recruiter is giving you whether it's in the form of a reimbursement, benefit or money. 2. Nothing is free. Not housing, not licenses, not bonuses, not medical insurance. Nothing. Each category is a part of your pay package. 3. Different companies move your money around and put it in different places for marketing or logistics. 4. Because each company moves your money around differently, we need to add up all those numbers into one hourly number that includes everything. It is the only way we can actually compare pay between companies or assignments.

11 OTHER MUST HAVE NEGOTIATING TOOLS Be empowered. you got this.

12 Extra time Rates 1. EXTRA TIME may be called a different name at each company. But what we are talking about is any hours you work that go over what you are contracted to work. 2. So if your contract says you will work 36 hours- then extra time starts at 37. This is not the same as overtime which is mandated by state laws. 3. The contract you sign should have a number in it that says what you get paid if you work more hours than contracted. 4. Now that you have calculated your blended hourly rate, you know about how much you are making per hour when everything is added up. 5. Use that number as a tool to know about what you should be getting for your extra time rate. 6. The recruitment company is still getting the full bill rate from the hospital (and sometimes more!) when you work over your hours. So you should be getting paid a fair amount. Many companies will profit unfairly off of these extra hours. 7. So from the last example, use that hourly rate and make sure the number next to your extra time is close to that blended number

13 Extensions 1. Extensions are the ultimate win/win for everyone. The recruitment companies love them and save money when you extend. The hospital loves it and trusts you. You don't have to pack and move (yay!) and you already know you like the job! 2. On your extension, there are a few things in your original pay package that the company is not able to pay for again. For example, your travel and license fees. 3. So where does that money go the next time around? For some companies, they just keep it and make more profit off of you on your extensions. 4. If a company does this it's like you got a pay decrease on your extension and they got a pay increase for doing less work. 5. Make sure you feel empowered to know that the reimbursement money did, in fact, come from your pay package and it was not free. They should be giving it to you in a new way on an extension. 6. You could get it in the form of more money in your taxable income, in a bonus, in a CEU reimbursement, etc. 7. Look at your original pay breakdown to see about how much money you should be negotiating for an extension.

14 Want more resources or a vetted recruiter match from Laura? Sweet. Laura Latimer Travel ot + Recruiter Matchmaker

Contract Negotiation- Ten Tips From the Trenches

Contract Negotiation- Ten Tips From the Trenches [Editor s Note: Here s another guest post I strong-armed the author into writing. He sent me a long email suggesting I write more about contract negotiation,