Healthcare

Employee Benefit Packages: The Permanent Employee’s Guide

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Employee navigating their employee benefits package
Madison Schacht headshot.
Madison Schacht
Manager of Talent Acquisition
October 28, 2024
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Most of us know the exciting and nerve-wracking experience of landing a new job. From acing the interview to negotiating your salary, there are many things to consider during the job search process.

One area of the job search process that is often overlooked, but equally important, are your employee benefits. 

Today, we’re here to help you understand the world of benefits as a permanent employee so you can maximize them to your advantage.

The Benefits You Should Ask About 

Did you know that a study by SHRM found that 60% of employees feel their benefits are a large contributor to their overall job satisfaction?

Understanding the benefits offered by a potential employer is not only key to maximizing your total compensation package, but can also lead to increased job satisfaction. 

Let’s explore the essential benefits you should be asking about: 

Health Insurance

Disgruntled Male employee confused by their health insurance benefits

Having health insurance is like having a safety net for unexpected medical expenses. Don’t be shy about asking your potential employer (at the right time, of course) about their health insurance coverage. Dive into the details about premiums, coverage options, and any limitations that may affect your peace of mind. 

You know the saying, “Health is wealth?” Well, when you understand your health insurance benefits, you’re not only protecting your physical well-being – you’re also preserving your financial stability. 

By knowing the extent of your coverage and potential out-of-pocket expenses, you can feel confident and prepared for any health-related situations life throws at you. 

401K and Employer Matching

Planning for the future is important, and a 401K plays a role in that. 

What’s a 401K? Think of it as a savings account specifically for retirement that is provided by your employer. You put a portion of your paycheck into this account, and sometimes your employer will add extra money to help it grow – that’s what we call the “employer match.” 

A 401K and employer matching can help you build a solid financial foundation. Ask about the company’s 401K and contribution policy, and any other retirement benefits they offer so you don’t leave any money on the table.

Paid Time Off

Work-life balance is essential to your well-being, and paid time off (PTO) often helps people achieve work-life balance. 

To maximize your PTO so it works for your personal needs and preferences, it’s crucial to understand how it accrues, any potential restrictions, and whether it rolls over from year to year.

By familiarizing yourself with these details, you can plan to relax and recharge and get paid while doing it.

Flexible Scheduling

Frustrated employee exhausted by their in-office work

In the year 2024, the technology to allow for flexible scheduling is available – and it’s a perk that can make or break a new role for many people.

In a study by Shiftboard, 51% of Millennial workers and 55% of Gen Z individuals value having the option of flexible scheduling.

It’s a benefit known to transform job satisfaction, increase mental wellbeing, and even improve productivity. Whether it’s being able to start and end your workday at times that work best for you, having the option to work from the comfort of your own home, or having access to resources that promote a healthier lifestyle, understanding your flex scheduling benefits – and advocating for them – is important.

Things to Consider As You Evaluate Your Benefits

Female employee taking advantage of her flexible work benefits and working from home

By understanding your benefits, you can gain a clearer picture of what is being offered to you and how it aligns with your personal and professional needs. 

Diving deep into what matters to you will not only help you make informed decisions but also empower you to maximize the benefits available to you.

Let’s walk through some key points to consider:

What Matters to You

Take a moment to think about what matters most to you when it comes to your benefits. 

Maybe health coverage is your top priority, adding another layer of protection for you and your family when it comes to medical needs. Or perhaps you place a high value on financial perks, like retirement savings options or tuition reimbursement. 

Figure out what resonates most with you, and you’ll be better equipped to navigate your benefits and make choices that set you up for success and honor your preferences. 

The Hidden Costs Associated with Your Benefits

It’s important to peel back the layers and know the full picture when considering your benefits.

It may not feel glamorous to dive into the details of your deductibles, copays, and any other out-of-pocket expenses, but these hidden costs can affect your financial stability and wellbeing in the long run. 

Understanding how it all works helps ensure that the benefits you choose truly enhance your overall financial well-being. Don’t always take what seems shiny and attractive at face value – get down to the nitty-gritty details to make informed decisions that align with your goals.

Long-Term Goals

Look at your benefits package as a support system, a resource that can propel your career development and success forward. 

Whether it’s paving the way for further education, aiding in retirement planning, or providing resources for health and wellness, understanding how these benefits can contribute to your journey will help you make the best choices for you.

Questions to Ask to Better Understand Your Benefits

Female employee asking HR benefit package related questions

If you’re feeling overwhelmed by the wealth of information surrounding your benefits package, there are a few targeted questions you can begin to understand the complexities and gain clarity on what’s available to you.

Let’s dive into what those pointed questions could look like: 

Is there an insurance waiting period?

Be aware that some benefits may have a waiting period before you become eligible. Ask about any waiting periods and when you can expect to start receiving the benefits.

What are your sick time and PTO policies?

Understand how your sick time and PTO policies work, including when PTO begins to accrue, how much you can accrue over time, and any potential restrictions.

Are there any performance-based incentives?

Ask about any incentives or bonuses tied to performance to understand how your efforts can be rewarded beyond your base salary.

Best Practices When Asking About Employee Benefits

Employee uses discretion and best practices as it pertains to asking about benefits in an interview

It’s assumed you’re curious about the perks that come with a new job or promotion, but it’s important to approach the conversation thoughtfully, so you’re still operating with professionalism and tact.

Let’s dive into the do’s and don’ts when it comes to asking about your benefits and compensation package, so you understand what’s available to you and still build positive rapport with your employer (or potential employer)! 

Do Your Research

Take the time to research the company and its benefits before your interview. If the initial benefits information is available on their website or in the job description, use that as a starting point for more in-depth questions during your interview, or as your deciding factor in choosing when to ask your benefits-related questions. 

Taking the initiative to research and understand the company in advance can give you a competitive edge and ensure that you approach the topic strategically and confidently.

Wait Until the Final Interview Stage

As you progress through the interview process, it’s crucial to strike a balance when it comes to discussing benefits. While gathering general information about benefits early on is important for your decision-making process, saving the more detailed questions for the final stages of the interview shows your interest in the role – beyond the benefits.

Save your detailed benefit questions for the final interview stages, so you can convey professionalism, attentiveness, and sincere excitement in the job opportunity.

Use Broad Questions to Start the Conversation

Initiating the benefits discussion with a broad question like, “Can you tell me more about the total compensation package offered?” is a strategic approach to gaining more understanding of the benefits available.

This question sets the tone for a conversation that goes beyond just salary figures, and invites the interviewer to dig into each of the job’s perks and benefits. By keeping your initial question broad,  you lay the groundwork for a more detailed conversation that can help you make a well-informed decision about the role.

How That’s Good HR Can Help

At That’s Good HR, we understand that the world of employee benefits as a permanent employee can be overwhelming, but it doesn’t have to be. 

Our team is here to simplify that process for you! We not only match you with jobs that fit your skills and aspirations, but can also help you understand and negotiate the benefits that matter most to you.

Ready to take control of your job search? Let us help you find a permanent position that checks all the boxes — including the benefits that will keep you happy and healthy! Contact That’s Good HR  to get started on your journey to a rewarding career today. 

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