Benefits Maketh Job

For as long as I can remember, my mom told me that the benefits a company offers are one of the most important factors to pay attention to when job searching. Decades ago, my father started his own hypnosis practice in my small town and with that came a lack of benefits. Luckily, my mom had taken a job at the elementary school in my hometown and the role came with great benefits. The role didn't come with a high pay, and my mom knew she would never make a lot of money there, but she had a great set of benefits and that's what mattered.

When applying for a new role, make sure you factor benefits into the overall compensation package. Don't just look at the x variable of what the job pays. And by benefits, I'm not talking about a beer fridge or a personal chef. I'm talking about things like (note these are in any specific order and some overlap):

1. Medical, Dental, Vision – It is key to make sure your medical insurance is appropriate for your family’s needs. You need to calculate your benefit usage, out of pocket costs and compare it the annualized costs of the plans offered by the employer. This will allow you to evaluate the true cost of medical care for your family.

2. 401k - Companies that match up to 50% of your contributions, even with a cap, are great to find.

3. Shares and/or stocks

4. Various Catastrophic Voluntary Plans – Voluntary benefits such as accident, critical illness, or hospitalization insurance are becoming more popular. You can think of these like a cash benefit like Aflac. If you are in an accident you are paid cash according to a schedule of incidents. Example - if you require an x-ray as a result of your accident in the emergency room, the plan might pay $200 because you had an x-ray and $500 because of the emergency room visit. These plan premiums are usually extremely affordable and come in handy should something unexpected happen.

5. Life insurance – Life insurance is designed to replace your or your spouse’s income if one of you should pass away earlier than planned. Just like writing a will, it is tough to think of and do, but very important.

6. Short term/Long term disability leave – If you are planning an upcoming surgery, or adding a baby to your family, you need to pay attention to these benefits. Short term disability is what usually covers you during a post-partum recovery period of 6-8 weeks. Some employers will refer to their maternity leave plan and short term disability is usually a key component of that plan.

7. Health Savings Accounts - These accounts have grown in popularity along with High-Deductible Health Plans. If eligible, you can contribute pre-tax dollars (this depends on your state as well) to this account to lower your taxable income. Employers will also fund these accounts with “seed money”, which is money given to you by your company to contribute to things from your prescribed medication to hospital bills. You can add to these, usually, and even use your contributions as a tax write off.

8. Tuition reimbursement – Employers benefit when their workforce is highly educated. Many programs cover certificate study and testing. Industry-specific certifications are a great way to target your knowledge expansion on a specific field of study or process.

9. Student Loan Payoff Assistance – This is one of the newest benefits available. The IRS recently allowed employers to provide this assistance as a tax-free benefit to their employees.

10. PTO - Unlimited PTO is a great one to have these days.

11. Sick time – This is an extremely important benefit if split out from your vacation time or PTO. This is what pays you if you are suddenly unable to work or need to care for an ill family member.

12. Holidays – Think of each holiday as your hourly rate (annual salary/2080) * 8 Hours = monetary value of each holiday. Your employer in most cases is not legally obligated to give you holidays so think of these as extra free PTO or Vacation days!

13. Personal days

14. Parental Leave

15. Family caregiver leave

16. Pawternity leave - This is a really cool benefit that some companies have started. If you adopt a pet, you can have some time off to help get your fury family member settled.

17. Bereavement – Millions of us are part of the demographic of families with young children and aging parents – and we are trying to take care of it all. Bereavement leave can give you the time you need to make arrangements and settle estates.

18. Pet bereavement - Another great benefit that some companies have added. Losing a pet can be just as hard as losing a family member. Having paid time off to be with your family to cope with this loss is very important. Taking an extra day or two to mourn without worrying about your job can greatly benefit your mental and emotional health.

19. Paid time off to volunteer – You want to work somewhere that aligns with your core values. If volunteering is important to you, check out companies that allow employees to volunteer during work time. Some companies even donate to charities that you volunteer with.

20. Mobile phone discounts or a credit - Some employers thank you for using a personal asset by offering a partial bill credit.

21. Sabbatical - A lengthy time off after you have worked at a company for so long

22. Money towards trainings, certifications, conferences. Advancing your own career falls squarely on one’s own shoulders, until its not. Companies benefit when their employees are highlight skilled and hold the latest industry certifications. Look for a company that values continued education. A company that will invest $2,000 - $3,000 + hotels, meals, and flights for conferences and other events is a great perk.

23. Money towards gyms, tennis clubs, other healthy alternatives. These benefits can be included in the company wellness initiatives.

24. Money towards your children's tuition – Some states have funds that employers can provide contribution matches. With student loan nightmares in many headlines, it is smart to account for college savings.

It will be hard to find a company that offers all of these things. Find a company that offers as many as possible. And use a little math to try to factor EVERYTHING into your overall salary.

If you have are making $40,000 at a job that just offers medical, dental and vision, don't obsess over the exact salary number going into interviews at the next job. Say a company wants to offer your $42,000 at your next job. You might say, "That's not much more." But maybe the company has an HSA program and your last company didn't. And maybe this future employer is putting $1,000 into your account each year. Well, your salary is really like $43,000 now. Maybe you are planning to go back to school. The Master's degree is going to cost you $15,000. This potential employer is going to cover half of that. Well, that salary is now up to $50,500. You have wanted to start doing yoga at that great zen place in town, but $100 a month is a little too pricey for you. This potential employer is giving you $50 a month to put towards your health goals. Well, $1,200 a year for that yoga membership, and now you're only paying $600. Now, your future salary could be $51,100.

Additional tip: Also, remember to never tell someone how much money you are making! It is illegal for a recruiter to ask you "how much are you making in your current role?" They should be asking something like, "How much are you looking to make in your next role."

A big thanks to my good friend, Shannon, for helping with this article! Get to know your benefits people at your company!