Hiring, You'll Need More Perks – What Perks Should You Look for in a New Job?

There has been a lot of news lately about companies needing more perks to attract job candidates with job openings at a record high. According to the Bureau of Labor Statistics, up to 32% of your overall compensation is through benefit packages and, for the most part, not taxable, so it is essential in this market to compare packages to make a suitable job change. If you are looking for a job, prioritize the ones that offer the most compensation. There are two categories of perks that you should examine – ones that add to your bottom line and perks that improve your life. It would be best if you focused on ones that contribute to your bottom line first.

·        Healthcare, on average, can expect to spend 11% of their income on health care, not including employer contributions. Therefore, you'll want to seek out employers that wholly pay for insurance or a large part of your coverage and have before-tax healthcare savings plans. Also, identify if the insurance covers dental and eye care. The coverage needed may vary based on your individual needs. Check out Peterson-KFF Health System Tracker to understand how much you might expect to spend. 

·        Employee retirement plans can add significantly to your bottom line, but you need to be aware of loopholes. Many organizations in the U.S. offer the 401K plan, and you want to look for programs that you can start investing in immediately on hire and have no limits on what you can contribute. You then want to check to see how much the employer matches and how long of a vesting period before getting the full benefit. Finally, check to see if the employer pays for the plan's expenses and if you can get one-on-one advice. 

·        Tuition reimbursement & student loan benefits are growing in popularity and help to position you for career growth. The first $5,250 is excluded from your taxable income for tuition reimbursement. 

·        Life and disability insurance can be pretty expensive to purchase on your own. However, group policies through insurance are much less, so even if you are paying all the premiums yourself, you're getting a good deal but looking for companies that help out on these premiums contributes most to your bottom line. 

·        Employee stock purchase plans offer you a discount on the market value of the stock, which can add up over time. 

·        Finally, do they have financial wellness programs to help you gain a hold on building your wealth? Financial advisors can be expensive, and this is an excellent perk.

The perks that can improve your life can often be just as important. For example, many studies have reported that the correlation between happiness and wealth peaks at around 75,000 a year. So, if you are making a comfortable living now, you should look for perks to make you happy. 

·        Professional development is essential to growing in your career. It is increasingly competitive, and continued learning will increase your confidence and earning potential. It would help if you looked for onsite development opportunities that the employer fully covers.  The employer may also pay your professional association and conference fees.  

·        Paid time off (PTO) is a common perk but not all PTO is equal. It would help if you looked for the number of days and how common it is to take these days off. Check for restrictions in when and how you can take this time off. If you don't get a lot of meaning from your work, look for organizations that provide volunteer days so that you can give back and give yourself a sense of purpose.

·        Flexible working hours and remote work options provide a better work-life integration allowing you to adapt your work to your life. Check for four-day workweeks, scheduling flexibility, and hybrid work environments. 

·        Wellness perks can include gym memberships, healthy snacks, and life coaching, showing the employer is invested in you.

·        Finally, child or elder care assistance can help integrate your life and work. Look for onsite care, subsidies, and employee support groups. 

Employers offer many perks; you need to think about what adds to your bottom line and happiness. Can you think of perks that I'm missing that would make you wealthier or happier?