When looking for a new job, it’s normal to factor the listed salary into the equation. After all, ensuring you’re fairly compensated is critical. However, salary isn’t the only point you should weigh when deciding if an opportunity is worthwhile. The benefits you’ll receive also matter. Here’s a look at three benefits you should think about when applying.
Benefits to Think About When Seeking a New Position
1. Health-Related Benefits
Most companies provide full-time employees with a variety of health benefits. Generally, medical, dental, prescription, and vision insurance are considered the most critical, as they increase access to essential care.
If you can find out how much of your salary will go toward premiums, that’s also helpful. In some cases, a slightly lower salary might get offset by the company paying the entirety of your premiums, particularly if the coverage itself is high-quality.
Additionally, you should look at other health-related benefits the company makes available. For example, free fitness center memberships and access to supplemental mental health benefits could give you more value, so factor them into the equation.
Finally, don’t overlook options like life insurance or other types of supplemental insurance. While they may be included or optional, they could increase the value of your compensation package.
2. Paid Time Off
Paid time off is an incredibly valuable benefit, as it allows you to spend time away from work without sacrificing your paycheck. Ideally, you want an employer that offers both vacation and sick leave and a suitable number of hours to make maintaining a work-life balance reasonably easy.
In some cases, you want to look beyond the amount of paid time off that’s provided to new hires. Many companies reward longevity with more paid time off. If that’s the case, knowing how quickly you’ll gain access to additional hours is worth exploring, especially if a role or employer has long-term potential.
3. Retirement Plans
Securing your financial future through a company-provided retirement plan is a critical benefit, making it worth considering when exploring job opportunities. Usually, this benefit allows you to contribute to your retirement account directly from your paycheck, simplifying your financial planning.
Employers may offer different types of retirement plans depending on how they operate. For example, 401(k)s are common, but nonprofits usually have 403(b)s – which work similarly – instead. Some organizations may have IRAs, while others might solely use SEPs. Generally, what matters most is that an option is available, as it makes saving for your future simpler.
Along with access to a retirement plan, see if you can find out if the employer contributes to employees’ retirements. For example, an employer match can significantly boost your retirement savings without costing you extra, providing substantial value.
Looking for a Position That Fits You Well? Reach Out to Alpha Today!
Ultimately, while salary is critical, you don’t want to overlook what the benefits above bring into the equation when choosing potential job opportunities. If you’d like to learn more about assessing your total compensation or are looking for a new position, Alpha Consulting wants to hear from you. Contact us today.