Does Your Job Offer Fair Benefits? | brokeGIRLrich
If you are entering the job market or are currently looking for a new job, there are important things for you to consider other than just the job itself and the pay with which it comes. Sure, a good salary is critical to a fulfilling position, but the difference between a good career and a fulfilling career makes all the difference when it comes to being compensated for the value you bring to your company. Below, we list several critical components of a fair benefits package.
- Vacation and Sick Leave
Without a doubt, a good company offers a good vacation package for you to consider. Do they compensate you with time off for time worked? When does the benefit kick in? Do you get paid-time-off on the days you get sick and will that cut into the vacation days you earn? Does your company even offer paid maternal or paternal leave? These are questions you should be asking yourself before you jump right into the job.
- Health Insurance
Another important aspect to decide is whether or not the company you are considering offers you health insurance. With the recent changes in healthcare, small businesses are now weighing whether or not to provide health insurance to their employees. This can have a significant impact on their bottom line, but there is a negative tradeoff when considering employee job satisfaction and the retention of talent. Most importantly, not having an employer-provided plan can create a significant financial burden on your own personal finances.
- Dental Insurance
Also, not all companies who continue to provide health insurance to employees will also have the option of dental insurance. While many companies who provide health insurance to their employees include a dental plan, not all are required to and this can pose a significant financial burden if you ever need immediate emergency dental care.
- Retirement Plan
Yes, we are talking about a 401K and stock options program. The best companies to work for are ones that provide their employees with a matching 401k or an investment program that provides shares of stock in their company. Most companies who offer stock options require you to be employed for at least one year before you can start earning shares of stock within the company, but the eventual payout can be well worth it.
- Flexible Work Schedule
Finally, there’s nothing better than a company who offers you a flexible work schedule that can be incorporated into your busy life. If you are a job seeker with children, this can be of critical importance because you don’t have to be tied down to an exact time you need to report to your office, and you can leave when emergencies arise. This makes it easier to plan around your family’s scheduled needs.
Even if you have been out of work for a significant amount of time, it’s important to evaluate whether or not the company with which you are considering employment provides a fair benefits package.
Health and dental are huge. People underestimate the problems with higher deductibles — and one or two dental mishaps can cost a TON. Be sure to consider this carefully!
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My current W2 gig only pays for federal holidays. This is a new benefit and is due to the nature of the underlying contract. Normally, my W2 gig gives no holidays or sick leave. That is all for benefits. It’s a damn shame.
These are all important benefits. Two others worth noting are life insurance and disability insurance. Too many people overlook disability insurance and when my wife had to stop working, it made a huge difference. Yes, there are government benefits, but they are hard to get and limited. The monthly difference between SSDI and the disability insurance is an entire mortgage payment!
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I didn’t realize life insurance could be a job benefit.
Another thing to consider is perks. I work at a public university. I can take 1 class a semester tuition free. If I had kids, they would get a 50% tuition discount. That is huge, especially if you have more than one kid.
Oh yeah, definitely! I was shocked the first time I learned about tuition discounts (and a little disgruntled my parents didn’t work at my school!).