What Benefits to Ask for When Seeking Employment
A DREAM job and a big salary hike – what more could you want when you get the call offering you the position you wanted?
Well, benefits are the straightforward and simple answer. With the value of a good benefits package being worth up to 40 percent of your actual salary, it is worth checking the small print thoroughly – or that income raise may rapidly turn out to be not such a good deal after all if the benefits package is not that strong.
The big one for most of us is the healthcare component of the benefits package. And it is not just the deductible and copays you need to ask about – does it exclude certain treatments? Does it cover spouses and children? Does it cover same-sex spouses? What are the waiting periods before coverage kicks in? Depending on your health and family circumstances these are critical questions and can make a big difference to how attractive the package is.
What about time away from work? How generous is the vacation allowance? Is there a separate bank of time for sickness in you or your family members or are you expected to chew through your paid time off days? Again, this is a very personal issue depending on whether you are single or have lots of children, or perhaps you are for elderly relatives - but all the more reason for you to ask what is on the table and whether it can be improved.
Also, vital to ask for is retirement savings – do not forget you are not just earning income for today but also to keep you in your later years. Does the company have a 401(k) scheme to pay into, and what does it match? Any matching percentage of your salary paid into a retirement vehicle is literally worth thousands of dollars extra a year to you – it is just time delayed before you get it.
Likewise, what about any insurance benefits? Cheap group life insurance is fairly standard and well worth taking – some firms give a limited amount free of charge automatically, but even if you buy top up it is often the cheapest way to protect your family should you die unexpectedly, and they lose your income.
The same is true for any short- and long-term disability insurance - if you find you cannot work, how will you pay your bills? This could be the answer and is worth looking into.
Some firms offer education and training benefits – if you are younger it may be a great way to further your own education and enhance your career prospects, all on the company’s dime.
Maybe you need flexible working conditions, maybe in hours worked or in location – is home-based working an option, and can the workday be flexed around childcare if needed?
And depending on location, does the firm offer free car parking to staff, or pay for professional subscriptions, uniforms, licenses? These ancillary costs can soon mount up and tell you a lot about how the company views you as a person and a professional.
One final tip – do not ask about all these at the interview itself, concentrate on getting the job offer first. Once that is in place then you have a stronger hand to talk through the benefits package with the company and may even be able to shape it to your advantage.
Find out more about how we can help with your benefits at Noble Davis.
