An extra increment in salary may be less significant after taxes than an improvement in benefits. Benefits can be tailored according to the needs of the individual, to augment life insurance, to save for children's college expenses or to contribute to retirement savings. You will need to know what your duties to the organization will be. Define salary and incentives in writing. The salary clause should contain provisions for a salary adjustment at least yearly, indexed to inflation, accounts receivable or other means.
Employee benefits are an important part of a compensation package.
Evaluate the differences among retirement plans. 4 Health, life and disability insurance coverage along with vacation and conference time may be incorporated as an attachment to the employment agreement. Professional liability insurance. The cost of such coverage may be considerable. If tail coverage is not purchased, your personal liability exposure will be significant in the event that a claim is made against you.