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How much do you value and use your company benefits plan?
Posted on 5/15/19 at 9:59 am
Posted on 5/15/19 at 9:59 am
Hey everyone, mostly a lurker here. I am about to finish my MBA and finally get into the real world. I have come across a company that does not offer a nice benefit package, however the salary is slightly higher than another job. How much do y'all value a good benefits package and how much do you use it? Thanks
8
Posted on 5/15/19 at 10:05 am to tigerforever7
Depends. If we're talking Healthcare, if you can find out how much the company pays, or the delta between what you'd pay and something like Cobra, then you can quantify it. 401k matching, fairly straightforward.
If you can put numbers to it, it makes it easier to compare
If you can put numbers to it, it makes it easier to compare
Posted on 5/15/19 at 10:09 am to tigerforever7
401k - very highly valued
Insurance - very highly valued
Vacation - negotiable
For your first job out of school, pay should not be the number 1 reason for accepting a job. Training, experience, and career progression should be the things you most consider.
Insurance - very highly valued
Vacation - negotiable
For your first job out of school, pay should not be the number 1 reason for accepting a job. Training, experience, and career progression should be the things you most consider.
Posted on 5/15/19 at 10:58 am to tigerforever7
Big scope here.
I currently sacrifice 10–15% salary to have 25 days PTO, every holiday you can imagine, 6% match, top notch healthcare, dental and vision, office breakfast and happy hours basically weekly and the ability to work from home on any given day (typically just not when clients are in).
I’m currently working from home in prep for a trip I’m leaving on tomorrow. I work from home every Friday, and 1-3 Monday’s and/or Thursday’s a month.
I know I will be bored of this position and eager for something new one day, but it is going to be tough to leave this.
I currently sacrifice 10–15% salary to have 25 days PTO, every holiday you can imagine, 6% match, top notch healthcare, dental and vision, office breakfast and happy hours basically weekly and the ability to work from home on any given day (typically just not when clients are in).
I’m currently working from home in prep for a trip I’m leaving on tomorrow. I work from home every Friday, and 1-3 Monday’s and/or Thursday’s a month.
I know I will be bored of this position and eager for something new one day, but it is going to be tough to leave this.
This post was edited on 5/15/19 at 11:00 am
Posted on 5/15/19 at 11:26 am to thegreatboudini
I'm in a similar boat. I am probably underpaid by $10k-$15k.
Our 401k is above average. Lots of Vanguard Admiral options and a 4% match up to $4,000.
I get 30 days of PTO/year but I've been here 11 years and on our executive team. We have a reasonable amount of holidays as well.
Healthchare is my biggest perk. I do not pay a dime for medical and something cheap for dental. I think it is $50'ish a month. Healthcare may not be your biggest priority as a young buck, but it will be one day. To put it in perspective, my son spent 8 days in the ICU when he was born and then at 5 months had open-heart surgery. The bills were right around $500,000. I spend $2,750 for our low deductible.
Our 401k is above average. Lots of Vanguard Admiral options and a 4% match up to $4,000.
I get 30 days of PTO/year but I've been here 11 years and on our executive team. We have a reasonable amount of holidays as well.
Healthchare is my biggest perk. I do not pay a dime for medical and something cheap for dental. I think it is $50'ish a month. Healthcare may not be your biggest priority as a young buck, but it will be one day. To put it in perspective, my son spent 8 days in the ICU when he was born and then at 5 months had open-heart surgery. The bills were right around $500,000. I spend $2,750 for our low deductible.
Posted on 5/15/19 at 12:05 pm to tigerforever7
Benefits are why I have a job. I leverage an 80% position w/full benefits to support my outside activities & self-employed spouse. As you age, the price of healthcare becomes increasingly important. The subsidized cost of my employer family plan is easily worth multiple thousands in my age bracket.
Posted on 5/15/19 at 1:22 pm to tigerforever7
401k - Excellent.
Healthcare - Above average and on the up and up from what I have seen.
Incentives - On par with industry average
PTO - 6 year employee, 26 days
Pay - Industry average
Can't complain.
Healthcare - Above average and on the up and up from what I have seen.
Incentives - On par with industry average
PTO - 6 year employee, 26 days
Pay - Industry average
Can't complain.
Posted on 5/15/19 at 1:49 pm to fjlee90
A good benefits plan can easily be worth $15-20K in value...I say that as a single individual without a family. With a family, the health benefits alone could push to $30K+ in value.
Your opportunity cost would be what it costs to go to the private market to get a similar plan (in the case of healthcare).
Your opportunity cost would be what it costs to go to the private market to get a similar plan (in the case of healthcare).
Posted on 5/15/19 at 2:23 pm to tigerforever7
I use my company's plan, it's a huge perk and definitely something to consider. As much as salary if it's going to be your first job. As a reference, our benefits are below --
401k: 9% match up to 6% of my salary
Individual plan: $120/mo, $1,500 deductible with an HSA. Max out of pocket is $6,550
PTO: 15 days, 7 federal holidays
Paid cell phone plan
$12k tuition reimbursement
401k: 9% match up to 6% of my salary
Individual plan: $120/mo, $1,500 deductible with an HSA. Max out of pocket is $6,550
PTO: 15 days, 7 federal holidays
Paid cell phone plan
$12k tuition reimbursement
Posted on 5/15/19 at 2:31 pm to lynxcat
my employer sends an annual cost to employ statement. my health insurance is about $22,000 for a family of four. add on 6% for 401k and another = +/- $8,000 per year. benefits add up quick.
Posted on 5/15/19 at 5:29 pm to tigerforever7
quote:
How much do y'all value a good benefits package and how much do you use it
Benefits can add up. That's is how great companies are fighting to attract and retain top talent. One plus I've seen from working at a company with some of the best benefits in the country.. many people are happier at work. But the pay must still be competitive, or its tough to justify a few extra perks.
Posted on 5/15/19 at 6:44 pm to tigerforever7
Huge value
Company pays $17551 for my health insurance.
Pension (about $7k/yr)
Matching 401k (caps about $5300/yr)
Dental $771
HSA $1k contribution
Mileage reimbursement about $1200/yr
And I get to work from home.
Huge factors in my job positioning.
Company pays $17551 for my health insurance.
Pension (about $7k/yr)
Matching 401k (caps about $5300/yr)
Dental $771
HSA $1k contribution
Mileage reimbursement about $1200/yr
And I get to work from home.
Huge factors in my job positioning.
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