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Evaluating Employee Benefits and Perks

When considering a job offer, many people think the most important factor is the salary. Actually, it is just as critical to analyze the ‘secret’ money – benefits and perks that are offered by an employer. Some benefits to consider include a comfortable and casual work environment, flexible work schedules, an option to telecommute, gym memberships, tuition reimbursement, and a casual dress code.

Typical Employee Benefit Packages

According to the Bureau of Labor Statistics, the average number of annual paid holidays is 10.  Paid leave time also can include sick and maternity leave. Almost half of medium and large employers offered either a defined benefit or a defined contribution pension plan. But they may have some requirements. For example, you can join the plan after working a required number of years for the company. Or you must work for the company a certain number of years before you become “vested” and own the company contribution portion of your plan.

Every company has different requirements when they offer health insurance.  Some may require an initial premium payment  after which, the policy itself will cover you and your family.  Be sure when making insurance selections that you know whether or not the plan will include dental, vision or disability coverage and whether or not there will be any out-of-pocket expenses. Life insurance is also a common benefit associated with most insurance solutions. Employers usually provide an amount equal to a percentage of your annual salary for insurance needs with an additional option to purchase life insurance when necessary.

How to Evaluate Perks

Employers believe that an advantageous way to attract top employee talent is offering perks and benefits outside of the initial base salary. However, not all benefits are necessarily the best fit for you. The true value of perks being offered from the employer should be determined not by the overall quantity or dollar value, but by the benefits that make a true impact on the lifestyle you live. As an example, if living an active healthy lifestyle is important for you as an employee, it may be valuable to look for companies that offer gym memberships to employees. An extreme example of this would be looking for companies that have a gym inside of the office as this perk is becoming more and more popular in the modern day workplace.  Another example of perks would be companies that offer a flexible work schedule. If you are not a morning person, being able to come in later and be more productive creates a win-win situation for both parties! Just remember, when a company is a better fit for you, you are also a better fit for them.

 

Angela Li
Peer Counselor I
Powercat Financial Counseling
www.k-skate.edu/pfc

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