Engage our company to determine the pay needed to make your recruiting targets whole.
Your Seattle-based company is trying to recruit John Smith, who now works in Cedar Rapids. How much do you really need to provide John's family with a comparable living standard?
There are many interrelated factors to consider. House prices and property taxes are much higher in Seattle, but interest and property taxes are deductible. And your company provides a relocation bonus, a generous pension plan, a Roth 401(k), and stock options.
John's current company has a traditional 401(k) with a small employer match. Also Washington State has no personal income tax, whereas Iowa does; its top bracket is 9 percent. John's going to pay more federal income taxes if he works for you, but he'll also collect higher Social Security benefits. He also has his eye on a private school for John Jr.
John's making $200,000, and you are considering $275,000. You think this is more than comparable pay, especially given your fringe benefits package and Seattle's amenities. But is $275,000 the right number and, if so, how can you convince John, who thinks he needs $350,000 to live in Seattle for the long term?
Our company can help. Our acclaimed, patented life-cycle financial planning software calculates John's lifetime living standards in the two jobs taking these factors and many more into account. We'll work with you to determine what's really needed to achieve comparable pay and provide a formal analysis, which you can share with John.
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