When considering a new job, it is important to assess the accompanying employee benefits package offered by your prospective employer. Employee benefits can grant you important resources and support to impact your daily life.
Below, we discuss what employee benefits are worth asking for and how to negotiate them in a way that benefits both you and your employer.
An employee benefit is a non-wage compensation provided to new and/or existing employees in addition to their regular salary or wages. Employee benefits are sometimes called fringe benefits or perks.
A typical benefits package may include health insurance coverage, life insurance, retirement plans, paid time off, disability insurance, and other benefits designed to increase job satisfaction and financial stability.
When reviewing a job offer, it is important to examine the benefits that the company is prepared to provide. Various employers offer so many employee benefits that it can be difficult to decide which ones are the most important to ask for.
Paid time off, parental leave, commuter benefits, professional development opportunities, and a retirement plan are just a few of the benefits available. Sometimes, a firm can even include a signing bonus in their new hire package.
These company benefits can significantly improve your job satisfaction and work-life balance, so it’s worth considering which ones are best for you.
With that in mind, we’ve compiled a list of the top employee benefits to look for.
As an employee, it is critical to search for health insurance coverage in a prospective employer’s compensation package since it can give you much-needed financial support in the event of an unforeseen illness or injury.
Health insurance coverage can also help you save money by covering a portion of your healthcare bills, which can be expensive if you don’t have insurance. Additional benefits related to health insurance plans include dental insurance, disability insurance, and vision coverage.
A strong health benefits package can also be an indication of a supportive employer who cares about their employees’ welfare and financial security. Overall, researching a prospective employer’s health insurance coverage will help you make an informed decision about your career, health, and financial future.
When a company purchases a group health insurance plan, employers and employees pay part of the premiums.
Dependent care assistance can support employees by helping to pay for the costs of caring for their dependents, such as a spouse, a child, or elderly parents, easing the strain on your salary.
Relocation assistance is another family-related benefit that your employer might provide. If dependent care support is not included in your benefits package, you may be able to negotiate a higher salary or other benefits to compensate. For example, you could ask for a raise or an employer match on your retirement benefits.
Dependent care assistance can make a major difference in your job search since it can lessen your financial burden. A hiring manager who provides this bonus is generally more appealing to potential employees as it demonstrates a devotion to the welfare of their staff.
Paid medical leave gives financial assistance to staff who require time off to care for personal health or a family member’s health. This benefit is particularly important as federal law does not require companies to pay their employees when on family or sick leave.
So when a company offers paid family leave, it becomes more appealing to potential employees in the competitive labor market. This benefit demonstrates that the company highly regards and is willing to invest in employees’ personal lives.
As an employee, you should look for flexible schedules as part of the benefits package during a job search because they help employees manage work and personal lives. Flexible schedules give you more control over your work and life by choosing the best timing to help you rotate work and personal responsibilities.
Furthermore, many employers combine a flexible work schedule with the opportunity to work remotely or take time off as needed. This type of fringe benefits package can help employees find a perfect work-life balance.
When it comes to job searching, health and wellness programs can be a decisive factor in choosing a firm because they often set a company apart from the competition and demonstrate a dedication to its employees’ well-being.
Many employers offer health and wellness benefits such as gym memberships, on-site workout sessions, counseling, and nutrition education to help employees and their families maintain a healthy lifestyle.
These programs are an investment in your entire well-being, as they can assist you in maintaining a healthy lifestyle, reducing stress, and improving your physical and mental health.
Paid parental leave is similar to dependent care assistance and paid medical/family leave. However, parental benefits are for employees who have a new child and need to handle childcare.
You should check if an employer offers paid time off for parental care because it can provide financial help while you are away caring for a new child(ren). Parental benefits can help offset the high child-care costs and alleviate the stress associated with combining work and family duties.
Furthermore, paid parental leave can help keep your job position and salary range secure, as taking extended time off might be detrimental to your professional advancement.
While looking for a new job, some other benefits that can provide added security and stability for your family are life insurance, sick leave, and any other form of paid time off an employer offers.
As an employee, you should find out how much vacation time you are entitled to and also seek paid vacation time. The number of paid vacation days available can vary depending on job title, years of service, and company insurance policy.
Paid holidays or vacation time can help employees recharge and revitalize, which can boost their performance at work. The more paid vacation days, the better, as it is a notable benefit that many employers offer to employees.
If you enjoy volunteering, keep in mind that your employer may provide you with time off for community service.
Many companies pay a percentage of their employees’ health insurance premiums, however, health insurance does not always include dental and vision insurance. As a result, employees might need to pay for these coverage choices out of pocket, which can be financially exhausting.
You should look closely at your individual health needs and determine whether dental and vision insurance are required. During the hiring process, you can inquire about dental and vision insurance and determine whether the firm will pay for them or if you will have to pay for them yourself.
Employers who offer student loan repayment demonstrate their commitment to their employees’ financial security. Student loan repayment, along with tuition reimbursement and professional development programs, can help cover the high cost of educational expenses and give much-needed relief to employees.
Be it dental insurance or retirement benefits, negotiating employee benefits with a potential employer can be a delicate process. Below are some tips for doing so safely and professionally, without the risk of losing your job:
Todd Taylor, oversees most of the marketing and client administration for the agency with help of an incredible team.
Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., He provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
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