Most people tend to specifically look at the paycheck as the defining factor for a potential job. It’s time to think again.
According to the Bureau of Labor Statistics, your salary comprises 70.1% of your work compensation. The remaining 30 percent is job benefits provided to employees by the company.
When evaluating any job offer, don’t just focus on the salary. Here are some benefits that you should definitely look out for.
Under the Patient Protection and Affordable Care Act (Obamacare), there are minimum standards set for health insurance companies regarding services and coverage. If a company has over 50 employees, they’re required to provide health care plans to employers who work at least 30 hours per week. This may sometimes also extend to part-time employees.
Typically, you may have to choose between Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). HMOs have lower premiums than PPOs. That also means there are certain restrictions in coverage.
According to the Bureau of Labor Statistics, employees must get 10 paid holidays, a year, once their probation period is complete. However, if you use all your vacation time but end up leaving the job before the year’s end, you may end up owing the company money.
To avoid any confusions and miscommunication, make sure to mention any scheduled plans such as weddings or family vacations. In case you had more holidays in your previous job, it is recommended to mention that to human resources.
It is no surprise that you need some monetary assets saved up for your retirement years. Most employees aren’t wealthy independently. Saving money is crucial. Make sure to have a pension plan worked out with your company. Employer-sponsored plans tend to be a great offer as they invest money to your account; you can also avail tax benefits.
It costs U.S. employers more than $225 billion a year when their employees fall sick. Hence, all companies would want to keep their employees healthy and well. It is worth looking at what the company has to offer: gym, health coaching, fitness classes, flu shots, to name a few. This is an added advantage and beneficial for both parties.