As I am starting the process of looking for jobs and interviewing with employers, a common theme amongst my age group is that we are not sure what we should be looking for in terms of salary and benefits. We may get offered jobs, but we need someone to explain every detail to us regarding the offer and benefits. While there is nothing wrong with getting help, it is beneficial to have an idea of what you are looking for and needing out of a company. A large part of this is simply having an idea of what your priorities are and your desired lifestyle.

Types of Benefits (not all are listed):

• 401(k)/403(b) plans:
  • Types of retirement plans that give employees a tax break on their contributions. Companies will frequently have a match program where they will also contribute a certain percentage into this account if their employees pay into it.
• Employee Stock Ownership Plans (ESOPs):
  • The company will give employees interest in the company in the form of stock. At some point in the future, the employees will then be able to sell their stock, hopefully at an appreciated value.
• Profit Sharing Plans:
  • Plan that distributes a percentage of the company’s profits, typically quarterly or annually, amongst employees based on how well the company is doing.
• Medical Insurance:
  • Protects employees from high medical costs. Employees generally pay a portion of their salary to have this benefit. They also are required to pay their medical bills until they hit their deductible and out of pocket max. The deductible and out of pocket max amount varies based on the plans offered and the one that is selected.
• Dental & Vision Insurance:
  • Dental and vision insurance is structured similarly to medical insurance, but unfortunately is a separate cost.
• Health Savings Accounts (HSAs):
  • HSAs are solely for medical expenses. Based on an employee’s health insurance, they are allowed to put a set amount into an HSA annually. There are three different tax benefits to this account: the contributions are pretax, the growth is not taxed, and the withdrawals are tax free. Additionally, the amount of money in the account rolls over every year.
• Flexible Spending Account (FSAs):
  • FSA’s are very similar to HSA’s as they are accounts used for medical costs and also have tax breaks associated with them. The difference is that only $570 maximum of the FSA money leftover at the end of the year can be carried forward into the next calendar year.
• Continuing Education Stipend:
  • Employers sometimes will pay for their employees to earn additional degrees and certifications that benefit their line of work. The idea is that the employee is gaining knowledge that will help the company. Therefore, the employer will pay for the costs associated with it.
• Paid Time Off (PTO):
  • PTO is simply time off of work where you still get paid. Many times, the longer you stay at a company, the more days of PTO you are allowed.
• Student Loan Payback Programs:
  • Employers contribute an amount of money towards their employees’ student loans.

What is most important to you? While I have listed several benefits that might be offered at a job, there are so many more as well. Take time to reflect on your priorities and how that will impact a future job for you. What are your “must haves,” and what are some things you hope for but don’t need? If you would like help thinking through these potential benefits, schedule a meeting with a NEXUS Coach or contact the IWU Office of Career Development. We are here to serve you!

Resources

Ganti, Akhilesh. Investopedia, “Employee Stock Ownership Plan (ESOP)”. 28 April 2021. https://www.investopedia.com/terms/e/esop.asp. 23 November 2021.

Wooll, Maggie. Betterup, “The 6 Types of Employee Benefits: How to Go Beyond the Minimum”. 2 August 2021. https://www.betterup.com/blog/types-of-employee-benefits. 23 November 2021.