Salary is, by far, the most important consideration when deciding whether to accept a job offer, but benefits aren’t far behind. If you’re trying to decide between two or more job offers with relatively similar salaries, the benefits could easily make the decision for you. Here are three factors you should weigh when evaluating those benefits.
- 1. Will you use the benefits? Some employers offer a long list of seemingly impressive benefits that you’ll never actually use. From local discounts at places you never go to benefits that just don’t fit your lifestyle, these so-called perks should not be considered. Instead, focus only on those benefits you can use with your current lifestyle or those that may become relevant within a few years (one example might be onsite daycare for individuals who don’t currently have children but plan to soon).
- 2. When will you be eligible for the benefits? It’s not uncommon or unreasonable for an employer to place some restrictions on benefit eligibility. Limiting benefits to employees who work a certain number of hours or who’ve been employed for a specified period of time makes having benefits financially viable. But if you have to wait too long for the benefits to kick in at one employer, it could make more sense to choose an employer who allows for quicker eligibility.
- 3. What is the value of the benefits? Whether the benefits are onsite daycare, tuition reimbursement, health insurance, retirement plan contributions or free coffee, each benefit has a value and a cost to replicate on your own. Determine how much you’re actually saving by taking advantage of the various benefits offered by the employers and you’ll have a better idea of which benefits package has a higher value to you.
A great benefits package can’t make up for an inferior salary or unhappy working environment. It can, however, make it easier to choose between solid job offers. Remember too that you may be able to negotiate on unlisted benefits, such as flex schedules, which add yet another potential dealmaker for one position over another.
#benefits #value #considertheoptions #financing101
Author: Dennis M. Postema
Video Production: Adam Grillot