There are a lot of factors to consider when deciding on a new job. One of the most difficult parts is figuring out the benefits package. Here are some helpful hints to help you understand and gain from your benefits package.
What To Look For
General Coverage- Find out if there are any costs associated with your benefits package. Often these costs would be removed from your paycheck before taxes. If there are costs, which is likely, find out how they work. You should also find out if you can pick and choose options, and if so your choices can be altered at a later date.
Medical Insurance- Find out what type of plan you have, whether that be choosing a provider or having one chosen for you. You also need to look into what expenses are covered by your plan and if there are any exclusions written into your plan. Additionally you should look into both dental and vision insurance. Many people don’t think about these other two insurances but they are really a necessity in keeping you healthy overtime.
Life Insurance- As you add loved ones to your life this benefit will grow in importance to you.
Disability Insurance- Look for both short term and long term coverage. You’ll need this if you become disabled. Look into the cost and how it will change over time.
Vacation- Look into how many days of vacation you get in your first year of work and how they accumulate in time. You’ll also want to look into if there are any restrictions on when you can use them
Holidays- Find out what holidays your company covers, a lot of companies give an extra day at Christmas and Thanksgiving and cover lesser celebrated holidays.
401K- A 401K is a retirement savings plan in which the savings are invested and are protected from taxes. Consider what your company will contribute towards this benefit.
Pension Plan- A pension plan is a plan in which the company sets aside a set amount of money for you that will grow as you work and that you will receive upon retirement. Pension plans are often offered in place of a 401K.
Stock Options & Profit Sharing- These benefits allow you to benefit from the success of your company. Of course these only really mean something if the company is doing relatively well, but they can be a great addition to a traditional benefits package.
Reimbursements- Find out what expenses you can be reimbursed for, in particular commuting, mobile phone, parking and educational expenses as well as general company expenses.
How & Why You Should Negotiate
Remember this company has invested their time and money into recruiting you, which means they want to hire you. Once you receive the offer you can be a little more firm about what is it you want and or need from them. Don’t shy away from asking for what you want, now is the time to be bold. As you progress within the company and develop relationships with your co-workers and managers it will be harder for you to ask for things. Find out what you’re worth and what the company is offering other employees so that you don’t accidentally ask for too much and scare the employer away.
Figure out which benefits matter to you most and which will ensure you are well covered in the event of a disaster, ask for those first and foremost and be willing to give up less important benefits. You can use the benefits the company offers as a way of assessing what is important to the company, if they offer good benefits it’s likely they have a serious interest in their employee’s overall health and happiness. Let it be known what you can do for the company and what contingencies there are to your benefits. Additionally you’ll want. Treat any promotions as a way of negotiating bonuses as well, perhaps your promotion can include an added benefit.
It is important to carefully consider your benefits package when deciding upon a job as your benefits package is crucial to your well being, and affects your income heavily.
Robert Boroff is the Managing Director of Reaction Search International Marketing Recruiters Sales Management Headhunters a leading sales and marketing Executive Search Firm that assists both U.S. and International firms recruit all levels of sales and marketing experts Globally. The Executive Search Consultants at Reaction Search International Executive Recruiters Sales successfully placing top performing candidates since 1995.
Robert Boroff Executive Profile Managing Director Reaction Search International
- Uses over 15 years of industry experience to provide clients with proven recruiting strategies that garner results
- Leads a team of Executive Recruiters in fulfilling clients important hiring needs in a time and cost-effective manner
- Keeps abreast of business and market trends in order to effectively consult clients on their hiring requirements
- Skilled at using traditional and contemporary recruiting practices
- Experienced in recruiting for a dynamic mix of industries, including Banking, Biotechnology, Construction, Consumer Products, Finance, Food & Beverage, Healthcare, Human Resources, Information Technology,Insurance,Marketing, and Medical Device, Pharmaceutical, Retail, Sales, Telecommunications executive search & recruitment
- Seasoned in running full-size searches on a national scale that require multiple hirings under time-sensitive schedules
management skills, effective management, employee relations, employee wellness, workplace environment, managing, employee retention
The Executive Search Consultants at Reaction Search International Executive Recruiters Sales successfully placing top performing candidates since 1995