Be Sure to Evaluate the Entire Compensation Package
When the offer is made, be sure to evaluate the entire compensation package -- not just salary. Benefits can add up to
30 percent to your total compensation! Here are some commonly offered benefits:
Medical insurance. Employers get a group rate, so even if you have to contribute part or all
of the contribution, it still is cheaper than you could get on your own.
Dental insurance. Not included in most (if not all) medical plans, so you may want this coverage.
Gaining in popularity, and, again, often at a cheaper rate than you could get on your own.
Optical/eye care insurance. Eye exams, glasses or contact lenses, and other eye-related issues are not
covered by most medical plans, so you might want a separate plan.
What kind of salary progression would be expected in the first three to five years? What is the average
range of raises? Are there performance-based raises and bonuses?
Life insurance. Something we often don't like to think about it, but many organizations provide basic
term coverage, which you can add to, to provide more coverage for your family.
Accidental death insurance. Especially for dangerous jobs, but really for any employee.
Business travel insurance. If you travel a lot for the job, it's wise to have extra coverage, just in case.
Disability insurance. There are actually two kinds of disability insurance: short-term (up to six months) and
long-term (beyond six months). You should really take advantage of this insurance.
Vacation Days. Most organizations have a system based on level in the organization and years with the
organization. Entry-level workers often start with a week or two of paid vacation.
Paid Holidays. Most organizations also have certain holidays when they are closed for business and
pay their employees for the day off (such as Thanksgiving, New Year's, Labor Day, etc.).
Sick/personal days. Most organizations give employees a certain number of paid sick or personal days
per year.
401(k) plans. Pension plans are giving way to 401(k) plans, which are also a retirement vehicle. Money
is contributed on a pre-tax basis, offering you both a savings plan and a tax break. Employers often match
(or match up to some level) employee contributions.
Pension plans. Employer contributions that accumulate over time, but may also require you to be
employed a certain period of time to be fully "vested" in the plan.
Profit sharing. If you are working for a growing and profitable organization, profit-sharing
programs can offer you great year-end bonuses based on the success of the organization or your division.
Stock Options/ESOPs. Plans that allow employees to purchase company stock options at below-market prices.
Tuition reimbursement. Organizations that want to encourage their employees to gain further education
and training offer some form of partial or complete tuition reimbursement.
Health clubs. Some organizations get a group discount to health clubs and country clubs for their employees.
Dependent care. Some employers a plan for employees to deduct a pre-tax amount for care of dependents. Others
subsidize (or even offer) child care.
Employee Assistance Program. Free or low-cost counseling offered to employees for dealing with situations
such as substance abuse and marital or family problems.
Overtime/travel premiums/comp time. Many organizations offer some compensation for employees that work
past normal hours -- whether when at the company or traveling on business.
Parking, commuting, expense reimbursement. A perk that not many get, but some companies do offer various
benefits related to commuting to the company.
