What About Benefits?
When you get a job, an employer often offers you more than just money. Employee benefits can include health care insurance, retirement savings, travel reimbursements, vacation time, tuition assistance and more, depending on the company and your position.
In fact, benefits can make up 30 percent of a private industry worker's total compensation. (Source: Bureau of Labor Statistics, Employer Costs For Employee Compensation March 2007)
Understanding the benefits included in a job offer helps determine the dollar value of that job. The Minnesota Department of Employment and Economic Development conducted a statewide survey of employers to determine typical benefits packages. This information will help you understand what to expect in future jobs.
Types of Benefits That May be Offered
Companies are legally required to pay Social Security and Medicare taxes, unemployment insurance and funds toward worker's compensation.
Beyond that, each company decides what benefits to offer. Often benefit packages include:
- Single and family medical insurance
- Single and family dental insurance
- Vision insurance
- Life insurance
- Short- and long-term disability insurance
- Paid time off
- Retirement plans
In addition, some companies offer other fringe benefits, including:
- Bonuses
- Tuition reimbursements
- Flexible spending accounts
- Childcare
- Parking reimbursement
Things to Think About
When considering a job offer, remember that if few or no benefits are offered, you might have to pay for them yourself. Decide which benefits are important to you and which you can live without.
Here are some questions to consider:
- What benefit programs does the employer offer?
- Are the programs offered helpful to you?
- What percent of the benefits package is employer-paid and what percent is paid by you?
- How long do you have to wait before you are eligible for benefits?
- Will you have flexibility in your work hours?
- How do you sign up for benefit programs?
More information on the Minnesota Benefits Survey can be found at: www.deed.state.mn.us/lmi/publications/benefits.
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