Importance of Employee Benefits
When you receive a job offer, make sure you ask about employee benefits. Employee benefits are just what they sound like: extra perks on top of your salary for simply being an employee. Employee benefits can help lower your living expenses and prepare you for retirement. The money you can save with the employee benefits from one employer may equal (and sometimes outdo) what you would just get in a salary from another employer. This makes employee benefits a powerful negotiation tool for you as you interview with potential employers. Do the proper research to know which employee benefits would be best for your situation and how to discuss this in job interviews.
What are the employee benefits that could be available to me?
- Medical and dental insurance: Covers the cost of medical and dental services.
- Flexible Spending Account (FSA)/ Health Savings Account (HSA): Allows you to save money tax-free for medical expenses.
- Life insurance: Pays a sum of money after the death of the insured person.
- Disability insurance: Provides payments to an individual if they are unable to work due to disability.
- Retirement insurance benefits (RIB): Payments from the U.S. Social Security Administration that are obtained after the age of 62.
- Long-term care: Help with basic, daily activities such as bathing, dressing, and eating. This is in place when disease or disability is present.
- Vacation/sick leave/ holiday pay: Payment still received for time taken off of work.
- Tuition reimbursement: Further schooling is paid for by employer. Usually to enhance knowledge in field of work.
Click here for more information on the above list from Minnesota State University.
How do I negotiate my employee benefits with a future employer?
Just knowing about employee benefits isn't enough; you have to know how to negotiate your benefits, along with your salary, in a job interview. Visit this article by Career Services to learn how to successfully negotiate your salary and benefits package. Click here to walk through further negotiation tips.