When we’re job hunting, oftentimes the one question at the forefront of our thoughts (aside from, “who will hire me?”) as we’re wading through an infinite scroll of job listings is, “how much can I make?” While compensation is quite reasonably the big question behind every job search, you don’t want to overlook job benefits! Your paycheck isn’t the only way you can benefit from employment. Employers can offer a host of other benefits and resources that can offer crucial assistance to you. From healthcare coverage to educational costs and more, employer benefits can make all the difference in times of need and moments of growth.
“Current research suggests that employees at different stages of life may value different benefits, and those priorities naturally change over time,” said Dr. Lily Davidov, Rio Salado College Faculty Chair of Accounting, Entrepreneurship, Risk Management & Insurance. “Today, employees may also look for newer benefits such as flexible work schedules, unlimited or expanded personal time, student-loan assistance, emergency savings programs, identity-theft and fraud protection, legal insurance, pet insurance, elder-care support, and lifestyle spending accounts. The value of these benefits can vary considerably depending on an employee’s age, responsibilities, and stage of life.”
If you’re in the middle of a job search right now or thinking about what you want in the future, take a look at this list of benefits. What are you not getting right now? Which of these are dealbreakers if they’re not available? Does the employer you have right now offer these benefits and you haven’t utilized them yet?
Health Insurance
Considering the high costs of healthcare for individuals, getting health coverage through an employer is one of the most appealing and important benefits you can get. Always ask what kind of health coverage your employer can offer. Check if there’s a single plan that all employees get, or if there are tiers of plans that you can pay into for better coverage. While most employers will offer some kind of health plan, they don’t always cover vision, dental, or prescription medicine costs. Some employers may even offer fertility benefits that can help cover the costs of IVF and other family-planning expenses.
Other kinds of insurance benefits companies can offer include disability (which helps cover a portion of your income if you’re unable to work for a period of time due to accident or serious illness) and life insurance plans (which can offer your loved ones financial support in the event of your passing). Please note that disability and life insurance are separate plans from regular healthcare plans and may have different buy-ins, eligibility requirements, and rules governing them.
Paid Time-Off (PTO)
Aside from health insurance, this may be the most important job benefit to ask about. Time off is essential for maintaining a healthy work-life balance. Many employers offer it because they know that (to quote The Shining) “all work and no play makes Jack a dull boy.” People become less productive and mentally alert the more they work without any kind of break to decompress.
PTO covers several categories of off-the-clock time: sick leave, personal days, vacation, bereavement, sick family, and other kinds of leave. Your workplace may not offer all these kinds of PTO. Find out what kind of PTO they offer and how many days per year. You’ll also want to see if these days “roll over” if they’re not used or if they’re a “use ‘em or lose ‘em” that refresh with each new year. Some workplaces will compensate you for unused PTO when you leave the company, so that’s also worth looking into (though that is a question best asked after you get the job).
On a related note: paid parental leave is its own category of time-off. If you’re thinking of starting a family, check to see what kind of maternal and/or paternal leave is available (the amounts may vary: mothers tend to get longer leaves).
Retirement Plans
Companies don’t offer full pensions as often as they used to, but many do offer 401(k) plans that put aside a portion of tax-deferred money for your paycheck to build up a nest egg for retirement. There are employers who do matching contributions and will contribute a certain amount to your retirement based on what you put in yourself. Another possible perk some employers offer is a Roth 401(k), which have the added benefit that you won’t have to pay taxes on your Roth savings when you withdraw them after you retire.
“Regardless of your age or career stage, it is never too early to participate in a retirement plan,” said Davidov. “Starting early, even with small contributions, gives your savings more time to grow.”
Bonuses/Profit Sharing
There are some companies that offer profit-sharing as a benefit. This profit-sharing can take the form of yearly (or even quarterly) bonuses or stock options. It’s important to keep in mind that these particular benefits are contingent on the overall success of the company. In lean times these benefits will thin out. They’re nice to have, but don’t rely on them.
Remote Work
One benefit that’s become more popular over the years is having the option to work remotely. There are many industries in which this is not possible or practical based on the nature of the work, but there are many fields of work in which partial or full remote work is viable. Some workplaces also offer hybrid options which may involve a few days a week in office and the rest at home. If your employer does offer remote work as an option, talk to them about expectations and the kind of schedule they offer. You should also ask if they offer equipment to off-site workers like laptops, cameras, ergonomic furniture, and other remote-assisting technology.
Wellness Benefits
A healthy worker is a productive one, which is why many workplaces offer wellness incentives and programs to encourage fitness and good health habits. Wellness benefits can cover a wide range of possible benefits: gym membership discounts, fitness classes, free biometric screenings, flu shots, discounts on wearable devices, counseling, and/or reward programs for hitting milestones based on your logged health data.
One important thing to keep in mind is that you do not need to disclose your personal health history or any chronic conditions to your employer unless you are requesting accommodations, asking for medical leave, or you’re working in a safety-central role where your condition could directly impair your ability to perform your duties safely.
Tuition Assistance and Professional Development
Do you see yourself continuing your education? Ask your employer if they offer any kind of tuition assistance. There are workplaces that will help subsidize your education, especially if you’re studying something that directly impacts your work. Some employers form training programs with colleges, giving you the option to take an employer-paid college program that will upskill you and give you important job training.
There’s also the option of professional development funds. Some workplaces will pay for you to attend conferences, seminars, networking events, and online workshops that could help you become a more well-rounded professional.
Commuter Benefits
Some employers may offer you support for your transportation needs. These commuter benefits can help take the sting out of your weekly travel expenses. Commuter benefits could be anything from a monthly stipend to help cover gas or ride-share expenses, discounts on renting bikes or vehicles, a carpool program, toll reimbursement, company vehicles, shuttle service, or even free parking if you work in an area where there is only paid parking available.
Bonuses/Profit Sharing
Some companies offer profit-sharing as an added incentive for employees. These can include stock options and quarterly/year-end bonuses. Since these bonuses and stocks are contingent on the overall financial health of the company, it’s best to think of this as a “nice if it happens, but don’t count on it” benefit.
Severance
While some job benefits are required by law, severance pay is not one of them. Not all employers offer severance, and the ones who do offer severance packages will often have requirements tied to them like length of employment or whether or not you were fired for cause or laid off. Nobody wants to talk about the prospect of losing a job during an interview, so getting into the nitty-gritty of severance as a benefit during the hiring process isn’t a good idea. It doesn’t hurt to do some research on your own time to see if your employer has a history of offering severance so you know it’s an option. Severance is the one benefit you hope you never have to use, but if the situation comes up don’t forget that you CAN and should negotiate your severance pay. What do you have to lose? You’re on your way out regardless, so advocate for yourself and ask for what you think is right. Make sure to keep your cool, however, because being too emotional could end up turning a “yes” to a reasonable request for more severance into a “no” with the wrong attitude.
Article by Austin Brietta
Career Corner
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