What is the meaning of "£40k-£60k basic salary + double OTE, car allowance". Is it mean Salary plus bonus or commission in total between £40k to £60k. Or Basic salary is £40k to £60k plus added bonus on top.In addition to it Car Allowance will be given separately.
I don't know it from personal experience but a quick research tells me this:
It basically means salary + bonus based on how well you do + car allowance.
OTE stands for on target earnings. These are sales related incomes where you are paid according to the number of sales you make and meeting certain (often quite optimistic) targets.
Similarly, the double keyword indicates the threshold of the bonus, i.e. 2 x your basic salary, that you can possibly get with time and performance. In this case £80k-£180k.
I have worked in IT&T sales for the last 20 years. In my experience, the OTE is usually double the basic salary.
You should be concerned on how you achieve it though and it probably varies:
You should expect to reach OTE within 3 months (except where long sale cycles are expected). If you don't, there is obviously an issue with company expectations or your suitability for the role.
Meaning that you should probably reach the lower boundary pretty soon unless there's something wrong with the company policies or your performance.