How to Decide if the Benefits Work for You

When you receive multiple job offers at once, you find yourself in a very enviable position. After months of struggling to get interviews, not hearing back, and a healthy dose of rejection, you finally find yourself with not one, but two or more offers. You might be inclined to leap to a decision based solely on the base salary, but slow down. There are plenty of other things to consider. One of those things is the benefits offered by each job, and it's important to weigh which set of benefits you'd rather have. Salary should, of course, be a key factor in your decision, but also keep other benefits, such as time off, insurance programs, and discount programs in mind as you decide which company you think will be a better fit. Make sure they actually offer any benefits. When evaluating job offers, make sure to take a look at whether the company offers any benefits at all, as some companies do not, especially for part-time roles. If one company offers a more comprehensive insurance plan and the other doesn't, that could be a huge factor in your final decision. A variety of valuable programs aimed at improving the lives of its employees can also be an important indicator of a company's financial status. A business that offers fewer benefits compared to its competitors, or none at all, may not be doing well financially, and therefore might be a riskier place to work. Be aware of what employers are and are not required to provide. For example, all employers are required by law to provide worker's compensation and comply with the Federal Family and Medical Leave Act. They are not,however, required to provide things like healthcare plans, paid vacation, sick leave, or retirement plans. Note that state laws vary—for example, employers in Hawaii are required to provide health insurance, not only for full-time employees, but for workers who clock more than 20 hours each week. Are they sufficient for your needs? This is the most important question when weighing the compensation and benefits offered by two different jobs. You should know your own requirements for job benefits, and if you don't, you should figure out exactly what you need vs. what you want in a benefits package. For example, if you have specific health needs that are covered by the healthcare package at one job but not at the other, that can play a huge role in your final decision. Not all companies offer dental plans, either. You might have to turn down a job that provides fun side benefits like discounted Disneyland tickets, but doesn't offer the healthcare coverage you need, because that need is more important than discounts or other fun perks. Will you use them? Some businesses offer special benefits for their employees that go beyond the normal vacation days and 401k accounts. While it's unlikely you'll be working at a business where you have no interest in what they do, will you actually use the fun perks of working at one company over another? For example, if you are looking to pursue a medical degree and your company subsidizes tuition or the cost of an MCAT tutor you would be thrilled. On the other hand, if you’ve already completed your higher education or have no interest in pursuing a degree it might hold no appeal for you. Even if it’s a great deal and a large investment for the company, it’s of no value to you personally. Which trade-offs are worth it to you? You're likely never going to land a job that gives you absolutely every single perk on your wishlist. That means you're going to have to decide which trade-offs are worth it when it comes to benefits you'll have to give up in order to gain others. For example, one company might offer more vacation time but have a less generous 401k program. If you're worried about saving enough for retirement, you’ll need to look into other investing options or go with a company that offers a more generous 401k plan. It's important to weigh all the pros and cons of two different job offers before making a final decision, rather than just taking the job that offers the better salary. Great benefits can make up for lower pay, if they’re the right benefits, and companies that offer lower salaries but make up for them with great benefits can be more fun places to work anyway.