A great salary paired with benefits is important when deciding if the offer is fair.
For example, if you are paid $45,000 a year without benefits, this may not be such a good deal if you have a family and need medical, dental, hearing, and vision insurance. When considering an offer, salary is not just the monetary value. A better offer may include a lower salary which includes an excellent benefit package including stock options, free on-site daycare, insurance (with no out of pocket expense), etc. Considering all factors is important when evaluating a compensation package.
Benefit Options
401(k) and 403(b)plans
Section 401(k) of the Internal Revenue Code allows employees to contribute to retirement plans. The interest and often the contributions are tax-deferred.
Time Off
Companies offer paid time off in the form of vacations, holidays,personal leave, bereavement, jury duty, election time off, and sick days. Typically, employees receive two to four weeks of vacation plus 10 to 12 holidays yearly.
Pension
A pension plan is a retirement plan that pays a fixed monthly amount each year during retirement, like an annuity. The Employee Retirement Income Security Act of 1974 (ERISA) does not require employers to provide pension plans but does set the minimum standards for those employers who offer pension plans.
On-Site Daycare
Daycare is very costly, and if you find that your employer offers on-site daycare, you are in for a treat. This is a rarity, but in the next decade employers who want to remain competitive will adhere to the changing lifestyles of family.
Tuition Reimbursement
Some employers offer tuition reimbursement for courses taken that relate to your job. Others are willing to pay for you to obtain additional education that will make you better suited for a higher paying position.