In the job market, many employers are increasingly focusing on the benefits provided to employees over base salary alone, and for good reason. As more millennials enter the workforce an emphasis on benefits and perks have become much more attractive to new hires than the bottom line salary they receive. This is certainly an important aspect to consider when accepting a position, but how do you know what the benefits offered to you are worth? It’s a complicated issue and many companies have a team of people helping to get them the best deal on employee benefit packages.
While you can’t hire an HR or Finance department for yourself, you are on the right track by researching. Something that employees have to consider which companies don’t is personal priorities when it comes to insurance and benefits. For example, if you and your family have a history of perfect eyesight, then good vision insurance probably isn’t high on your list of must-haves. Or if you plan to start a family benefits like childcare and maternity/paternity leave may be a deal-breaker. After figuring out which benefits are most important to you, consider each of these and any other benefits a bit more in depth:
Student Loans
As the second largest source of consumer debt, after mortgages, student loans weigh heavy on recent grads and those entering the workforce. Some companies have taken note and offer student loan repayment benefits, which are certainly a major perk for those with a great deal of debt right out of college. Many of these companies have yearly or monthly payments up to a maximum limit, but these are often disclosed to employees and easily quantifiable.
Health and Wellness
Health insurance is one of the more complicated benefits to consider as it is not as easily quantifiable. Some important things to consider are your deductible, premium, and co-pay amounts. While there are many other facets of employee benefit packages, knowing what you will pay out of pocket from these amounts can give you a good idea of what kind of benefit plan you are being offered.
Continuing Education
If your profession requires continuing education to maintain a license or certification, it is likely that your employer will provide resources to fulfill that. However, if it is of your own personal interest to continue or expand your education, ask about what opportunities your employer provides or if they are willing to reimburse you for opportunities you pursue on your own. If there are continuing education opportunities, be sure to familiarize yourself with and advantage of them, or you could end up paying for something you don’t even use.
Unquantifiable Perks
Does the office stock your favorite soda? How flexible will your hours be? What kind of travel opportunities or obligations are involved? How do you put a price tag on the kind of flexibility and lifestyle you desire? While these benefits do not have a directly calculable value attached, they certainly have value to employees and it is up to you to decide which of these is important to you and how much you are willing to sacrifice from your base salary to have these perks.
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