Whether you're new to the job market, between jobs, or re-entering the workforce, you already have a lot on your mind. But while you're figuring out which job, industry, company, and salary are right for you, take a few minutes to consider a piece of the puzzle many people overlook: employee benefits.
Benefits are one of the most important things to consider when you're looking for the a job or evaluating an offer. Your benefit package is intended to help you stay healthy and financially secure, and it's a major part of your employer's commitment to you. In fact, your benefits package could be worth 30% of your salary or more!
What are Employee Benefits?
Employee benefits are the compensation you receive from your employer in addition to your pay. There are dozens of types of benefits, but these are some of the most common:
Paid time off such as vacation time, holidays, and sick time
Medical insurance
Dental insurance
Vision insurance
Life insurance
Disability insurance
Flexible spending accounts
Long-term care insurance
Retirement benefits such as a 401(k) plan and/or pension plan
Legal assistance plans
Employee assistance programs
Discount programs
Company cars
Who Gets Employee Benefits?
It's up to each employer to decide which benefits they offer and, to some extent, who they offer benefits to. Most full-time American workers have access to basic benefits such as paid time off, medical insurance, and a retirement plan. Part-time workers occasionally have access to benefits, but that's much less common.
Are Benefits Negotiable?
Benefits are definitely negotiable, and you should always include them in your evaluation of a job offer. If you ask the right questions, you may be able to get additional benefits that weren't part of the original offer. If you can't do that, you may be able to negotiate for more pay by comparing one company's benefit package to that of another potential employer.
Here are some of the questions you should ask yourself (or a potential employer) when you're looking at a job offer. Don't settle for incomplete answers-- as in any negotiation, the more information you have, the more successful you'll be.
How big is the company? You should expect a larger benefit package from a larger employer, because large companies have more buying power and their employees have a wider variety of needs. On-site day care, for example, is relatively common among large employers, but it's very rare among companies with fewer than 1000 employees.
On the other hand, very small employers (say, those with twenty employees or fewer) are often willing to add benefits for the sake of an individual employee. You might convince a very small employer to buy medical insurance for you, even if they don't have a plan in place.
If you're accepting a smaller benefits package by taking a job with a smaller company, ask for a higher salary or wage to compensate for what you're giving up.
What plans do you qualify for? You may not be able to convince many employers to add a benefit plan just for you, but you can certainly ask for access to benefits that weren't part of your original job offer.
Many companies list their benefit plans on their websites, even if the plans aren't available to every employee. Use the Internet to find out what benefits your potential employers offer, and find out which of those benefits they're offering to you.
Federal laws require employers to be consistent in how they offer benefits, so you won't have much luck asking for an exception to the eligibility rules. Your best bet is to find out if there are minor changes to your employment status which would give you access to additional benefits. A few extra hours worked per week or a slightly different title could make a big difference in your benefits.
How much will you pay for benefits? Depending on the employer and which plans you elect, your payroll deductions for benefits can be anywhere from a few dollars to a few hundred dollars per paycheck. Unless you want to risk a nasty surprise when you get your first check, be sure to find out in advance what you'll be paying.
This is another area where understanding your benefits can help you negotiate a higher salary. Try to get specific information about other employers in your area. If your potential employer expects you to pay more than average for your benefits, use that fact to your advantage.
If you're comparing offers from two potential employers in the same industry and same area, you'll probably find that their benefits are very similar. That's because
companies who compete for employees don't want their benefit packages to put them at a disadvantage. That doesn't mean that your cost for benefits will be the same at either company. Get information about employee contributions for benefits, not just a list of plans.
Will you be part of a union? Unions have much more power to negotiate benefits than individual employees, but the trade-off for union members is that they have to take the union-negotiated benefit package "as is."
If you are in (or will be joining) a union, make sure you understand the benefits package you'll be getting. If you want to make changes to it, you'll need to speak to your union leadership and wait for the next round of contract negotiations.
No matter what sort of job you're looking for or where you're planning to work, understanding employee benefits will put you in position to get the best deal possible.
If you'd like to learn more about the benefits offered by today's employers, you can find additional resources including a guide to medical plans and a comprehensive benefits glossary at [http://www.thebenefitsdesk.com]
Ted Conway is a Chicago-area benefits consultant and author, and the editor of The Benefits Desk, an online benefits resource for employers and employees.
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