When evaluating a job offer, salary is often the first thing that comes to mind. However, it’s important not to overlook the value of employer benefits. These benefits can have a significant impact on your overall compensation and well-being. In this blog, we’ll discuss what to look for in employer benefits and why they matter.

1. Health Insurance. Health insurance is one of the most important benefits to consider when evaluating a job offer. Make sure you understand the type of coverage offered, including deductibles, copayments, and coinsurance. Also, look at the network of providers to ensure that you have access to quality care.

2. Retirement Benefits. Retirement benefits are another important factor to consider. Look for a 401(k) plan or another type of retirement savings account that offers matching contributions from your employer.

3. Paid Time Off. Another benefit to review is your paid time off. Look at the amount of vacation time, sick time, and personal days offered. Some companies offer holiday pay, so it’s beneficial to review what holiday’s the company recognizes. You may also ask your potential employer what their policy is around flexible scheduling and remote work.

4. Life and Disability Insurance. Life and disability insurance can help protect you and your family in the event of an unexpected illness, injury, or death. Look for a company that offers comprehensive coverage that meets your needs.

5. Wellness Programs. Some companies offer wellness programs that promote healthy living and work-life balance. These programs may include gym memberships, stress reduction classes, and other activities that can help you maintain your physical and mental health.

6. Tuition Reimbursement. If you plan to continue your education or pursue additional training, look for a company that offers tuition reimbursement. This benefit can help you offset the cost of tuition and help you achieve your career goals.

7. Employee Assistance Programs. Employee assistance programs (EAPs) offer support to employees who are experiencing personal or work-related challenges. These programs may include counseling services, financial advice, and other resources that can help you manage stress and improve your overall well-being.

In summary, when evaluating a job offer, don’t overlook the value of employer benefits. Look for a company that offers comprehensive health insurance, retirement benefits, paid time off, life and disability insurance, wellness programs, tuition reimbursement, and employee assistance programs. These benefits can make a significant difference in your overall compensation and well-being.

If you are interested in reviewing employer benefits, and the idea is attractive to you after learning more, prioritize researching even more to see if this is the best path for you. You may even want to sit down with a financial professional or trusted loved one to discuss your options.

Resources:

Ericson, C. (2017, September 28). The benefits to look for when you start a new job. Northwestern Mutual. Retrieved February 16, 2023, from https://www.northwesternmutual.com/life-and-money/job-benefits-101-what-to-look-for-when-you-start-with-a-new-employer/

Jones, K. (2017, February 15). The most desirable employee benefits. Harvard Business Review. Retrieved February 16, 2023, from https://hbr.org/2017/02/the-most-desirable-employee-benefits