What kinds of job benefits do companies offer?
Employers may offer you more than money. They may offer health insurance, paid time off, childcare reimbursement, help with tuition, free training, and other benefits. These can make a lower-paying job more valuable to you than a higher-paying job that doesn’t offer the same benefits.
Job benefits may be listed in the job posting or in the careers section of their website. Or they may tell you about them during an interview. Make sure you find out when they begin: Some may start immediately while others start after you’ve been working in the job for a period of time.
Here are some of the more common benefits:
Vacation
Find out how vacation days accrue (grow) over time, how many vacation days you’ll have in your first year, and how many days you can expect in future years. If you already have scheduled time off in your first year, find out whether they’ll let you take the time off from work and whether you can use vacation days before you earn them. Also, ask whether you earn vacation days according to the calendar year or based on your date of hire.
Holidays
There are six holidays that most U.S. companies cover: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. If you have to work on those days, they may provide extra pay or let you take a different day off. Find out if the company offers any other paid holidays or floating holidays that you can use.
Sick/Personal Days
Make sure you know how many paid sick days the company offers in your first year and beyond. Find out if you can use them when you need to care for someone in your family who is sick or only for yourself. Also, what happens if you need more than offered – would you be moved to short-term disability?
Overtime Pay and Comp Time
Overtime is extra pay for working extra hours. Salaried employees usually aren’t paid overtime, but they may get comp (compensatory) paid time off.
Dependent Care
This benefit helps workers pay for child care for their kids and elder care for their parents. Some companies also have a relationship with local childcare providers.
Parental Leave
Companies often offer a mix of paid and unpaid time off for new parents, especially for moms who have given birth. It may also allow you to take time off if you adopt a child. Connecticut and Federal laws called Family and Medical Leave Act (FMLA) protect your job but don’t pay you if you’re on parental leave.
Medical Insurance
Healthcare insurance may be the most confusing part of any offer. There are many types of medical insurance. They cover different expenses and have different amounts you need to pay each time you use them (deductibles and co-pays) for appointments, prescriptions, surgery, etc. The insurance plan may have a maximum amount it pays each year or over all the years you have it.
Dental Insurance
This type of insurance usually helps pay for exams, cleaning, X-rays, fillings, crowns, braces, and root canals.
Vision/Eye Care Insurance
Find out what expenses are covered and how much for eye exams, glass frames, lenses, contact lenses, etc. Also, check the maximum amount it pays each year and the “lifetime maximum” it will pay for a type of treatment. Even if you don’t need eye care now, you probably will in the future!
Life Insurance
This insurance is for the family members you leave behind when you die. If you have a spouse/partner and children, it can help them pay for your funeral and the costs they’ll face in the weeks and years ahead for housing, clothes, food, school, etc.
Accidental Death and Dismemberment Insurance
This may pay an amount if you’re killed or lose a limb. It doesn’t matter whether the death or dismemberment happens at work.
Disability Insurance
This insurance pays a percentage of your salary if you can’t work due to an injury or illness. There are two basic types: short-term, (which starts when you’ve used all your sick time) and long-term (which starts if you use all your short-term disability). Find out what the percentage is based on and whether it changes over time.
401(k) Plan
This helps you save money for retirement. Companies often match how much you choose to place in a 401(k) up to a specific percentage of your pay – that can be tens of thousands of dollars over the course of your career. Find out when and how much of the company’s amount is “vested” (officially given to you).
Pension Plan
Many companies offer a 401(k) but some still offer a pension. That means the company saves money for your retirement and you’ll receive it when you retire from work.
Tuition or Training Reimbursement
Companies may help you pay for classes or training that improves your job skills and abilities. The amount paid may be based on your grade. You may be required to work for the company for a certain time before you can use the benefit and stay with the company for a certain time afterward or you will have to repay it.
Computer, Phone, or Home Office Reimbursement
If the company requires you to use a mobile phone, they may pay all or a portion of your phone bill. If they want you to work from home at least part of the time, they may also help pay for your computer and other home office equipment.