Compensation is not everything when looking for a job. You may be deliberating over two job offers with similar compensation and having a hard time deciding which to choose. Employee benefits packages can be just as valuable as compensation and it may be worth taking a position with less compensation but with excellent benefits. There are many benefits unique to each company but some of the most common include:
- Health insurance - every company is different when offering health insurance. You may have to pay part of the premium yourself. They also may cover you and your spouse or let you purchase insurance to cover your whole family as well. Every policy is different so make sure to ask if dental, vision, and disability are included, and what the out-of-pocket expenses will be for you for each plan. Learn more about insurance at CashCourse.org.
- Life insurance is another common benefit. You employer may pay for the amount of one year’s salary, while giving you the option to purchase additional coverage. This would help loved one pay for burial expenses, and loss of income in the event of your death.
- Retirement options - most employers offer some sort of retirement plan option and the great benefit is that contributions may be made on a pre-tax basis. Some may require you to work so many years before you can join. Another perk about employer retirement plans is a possible employer match. Many times employers will match whatever you put into a plan by a certain percent, but again you may have to remain at the company for a certain period of time to be vested and allowed to retain the company contribution portion. Learn more about retirement plan options at CashCourse.org.
- Paid leave time - this can include vacation, sick, or maternity leave. Like a retirement plan you may have to work a certain amount of days or months before you earn paid hours off.
- Other “perks” – childcare services, gym memberships, local business discounts, tuition reimbursement, and bonuses are all things to learn more about when offered by an employer.