iQuanti: You want a new job that offers fair compensation. But measuring compensation goes further than a job's salary.
The U.S. Bureau of Labor Statistics (BLS) reports salaries and wages encompassed approximately 70% of total employer compensation costs for private industry workers as of March 2021. In addition, the BLS indicates worker benefits covered the remaining portion of employer compensation costs.
If a company offers new job benefits and you don't take advantage of them, you leave compensation on the table. As such, you need to consider employment benefits closely before you accept a new role.
Now, let's look at five benefits to always look for in a new job.
1. Health Insurance
Most large or midsized businesses offer health insurance coverage. Some companies cover the full cost of employee health insurance premiums, while others require workers to pay a portion of these costs.
2. Vision Insurance
Companies can offer vision insurance that lets you get a preventive eye exam at least once a year. Certain vision plans can include perks like partial or full coverage for eyeglasses or contact lenses. They may even offer discounts on LASIK and other corrective surgeries.
3. Dental Insurance
Businesses can provide dental insurance that allows you to visit your dentist for regular check-ups and receive other oral health care. Dental insurance can help you maintain good oral health. Perhaps best of all, this type of insurance supports a proactive approach to oral health care, so you can identify and address tooth and gum issues before they escalate.
4. Retirement Plan
BLS's National Compensation Survey indicates approximately 56% of employers offer a 401(k) plan. Workers can enroll in a 401(k) plan to automatically deduct money from their paycheck to save for retirement over time. They can use the plans to receive tax savings as well. Furthermore, BLS notes most employers match their employees' 401(k) plan contributions. And a typical match is 50% up to 6% of an employee's salary. So, if your employer offers this match, it contributes $3,000 to your 401(k) for every $100,000 you earn annually.
5. Disability Insurance
Disability insurance offers coverage if you get injured in an accident or become seriously ill at work. In either of these scenarios, the insurance provides financial aid if you cannot work for an extended period. Companies can provide short- and long-term disability insurance.
Are a Company's New Job Benefits Right for You?
Benefits are important considerations as you weigh the pros and cons of accepting a new job. Here are tips to help you analyze a company's new job benefits:
- Review all of the benefits at your disposal. Request full details about a company's benefits, how they work, and any costs associated with them. From here, you can get the insights you need to conduct an in-depth evaluation of your benefits options.
- Look at your short- and long-term needs. Consider your benefits requirements for now and in the future. For instance, you may need a health insurance plan that covers you, your spouse, and your children. Or if you work in construction or another industry where you can be exposed to a wide range of hazards, you may want to prioritize disability insurance.
- Ask questions. Share your benefits, concerns, and questions. This allows you and a prospective employer to get on the same page regarding your benefits requirements. And it ensures if the employer can fulfill your requirements.
Take new job benefits seriously, and you can find a role that allows you to get the most value out of your compensation.
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Original Source: The Essential Benefits to Look for in a New Job
