When you assess a job offer, it is essential to review the new hire package in its entirety. It often comes with many other perks than the salary. A good understanding of all the possibilities can help you pick a compensation plan that suits you and your family. In this article, we will review which benefits to ask for in a new job.
Why is it important to know what benefits I should ask for?
Benefits are important because they answer personal needs and therefore increase your job satisfaction. They can improve your mood and motivation. You might find your position more gratifying when, for instance, your schedule is in harmony with your lifestyle or when you receive incentives that motivate you. Salary is not the only thing you should secure when you negotiate your benefits package. There are many possibilities, so it is essential to review your employer’s offer and ask specific questions to ensure it suits your needs. If you already have some experience, you should ask for benefits that match your experience level. Note that the discussion about your benefits should only happen when you receive a job offer, not earlier. Once you assessed the fringe benefits, offered or negotiated perks and salary, you can decide whether you accept the job.
10 benefits that you can ask for
Here are 10 benefits to ask for in a job:
Paid time off
Paid time off, or PTO, is a benefit that grants you compensation for personal time off. Many employers offer two weeks of paid vacation, and some propose unlimited time off. Others might expect you to work on a holiday. In that case, you can ask them if they offer extra pay or not. They might also allow you to take that day off. There are many possible scenarios, so don’t hesitate to inquire about the paid time off policy. Also, ask about the sick time policy. You could be eligible for sick leave for yourself or a family member. It would allow you paid time off to visit the doctor. If you have older relatives or small children you need to take care of, this benefit can be very useful. If you like volunteering, be aware that your employer could offer you time off for community service. Finally, note that you can negotiate and ask for more PTO off than what your previous employer offered.
Commuter benefits
If you have a long commute, you can ask your employer to assist with your commuting costs. For example, you can ask for toll, parking, gas or mileage reimbursement if you drive. If your position involves a lot of travel, a company car might be something you can request. Your employer can also share the cost of a leased car or add your vehicle to the company insurance policy. In case you use public transport to come to work, your company might be willing to offset the cost of your public transit pass.
Insurance plans
Employers often subsidize health or life insurance plans and it is essential to ask about the specifics. For example, you should know when your plan takes effect so that you can subscribe to an interim plan during the waiting period that can last up to 90 days. You can also ask if the plan covers your partner if you are not married. Other good questions include:
- How much is the family coverage/individual coverage?
- Does the employer deduct the premium from your paycheck?
- How much is the deductible amount?
- What happens if you have pre-existing conditions?
Subsidized insurance plans are not the only perk you can ask for. Some employers offer to contribute to a health reimbursement account or health savings account. That money is useful if you have a high-deductible plan. It can help offset deductibles and laboratory fees or prescriptions costs. There are also disability insurances that cover you when you get sick or injured in a work accident. You could then receive 50% to 60% of your income while you are not able to work.
Flexible hours and work from home
A flexible schedule is an alternative to the traditional 9 a.m.-5 p.m. schedule. It allows you to arrive or depart at different times of the day and can significantly improve your work-life balance. When you ask for it, show your employer that you are committed to the job. It is best to start by working full-time hours in the office to learn the business during the first months to learn the business, create connections and accustom yourself with the space. Then, explain that you can add more value to the company if you have a flexible schedule.Working from home is another popular benefit you can ask for. Note that there are more chances for your employer to agree if you negotiate after a great accomplishment. You can also explain that you can accomplish more away from the office’s distractions.
Professional development opportunities
Professional development consists of acquiring knowledge and improving skills to stay successful or reach your next career step. You can ask your employer to help you cover some of the costs your professional development involves. They can pay for training classes, seminars, certifications or conferences related to the job you are doing now. Some even offer tuition reimbursement for undergraduate and graduate classes. In this case, the employer may ask that you stay a specific time in their company or pay the tuition back if you leave earlier. It represents a commitment on your end, but it can lead to future promotions and opportunities.
Student loan repayment
If your employer doesn’t have a formal student debt repayment plan in place, you can always ask for it yourself. You can propose they tie your performance to this extra cash they put towards your debt. If it also benefits the company, they are more likely to say yes.
Health and wellness benefits
Health and wellness benefits include gym pass reimbursement and the possibility of using a standing desk or work showers. Some companies offer these benefits to encourage you to get better health habits. Another example of a health benefit is a monetary bonus to take a flu shot.
Parental benefits
Parental leave allows employees to take time off to look after their children. Coverage for child care costs is also a benefit more and more parents ask for. With this benefit, your employer pays part of your day care bill. They can deduct from taxes the amount they subsidize while offering you a valuable benefit. Depending on what your employer offers, you may negotiate for the policy that best works for you.
Retirement and pension perks
Retirement and pension benefits allow you to subsist when you don’t work anymore. The difference between a retirement plan and a pension plan is that the employee pays for the retirement plan. In contrast, it is the employer who subsidizes the pension plan. You can ask your employer what type of plan they provide and how much they will contribute. The most common retirement plan is the 401(k). It allows you to build savings by putting a percentage of your salary into a reserved account. You can ask your employer to contribute to your retirement with a 401(k) match. With this benefit, the employer may match your contribution dollar-for-dollar up to a certain percentage of your salary. Thanks to this match, you could find yourself with a higher retirement amount.
Signing bonuses and incentives
Signing bonuses are a form of monetary compensation. You can get a sign-on bonus when you accept your job offer. Later on, you can also negotiate bonuses you will receive as a reward for your excellent job. You can also ask for a relocation bonus to help cover relocation expenses. If they don’t offer relocation bonuses, you may ask if they propose corporate housing or if they can contribute to your monthly rent. This may be an option if you work in an in-demand field like data analytics, software engineering or if you must relocate to a tech hub where rents are expensive. Consider long-term incentives as well. If you are at the management level, you may be eligible for stock options. Many public companies propose stocks as part of their package. They might reserve it for a specific category of their employees, so ask them about the details.