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Consider the benefits
Wise job-seekers weigh extras in offers
Salaries often reflect the going market rate for expertise and services rendered. Benefits reflect how well a company values its most important resource: its people.
A candidate should weigh both when considering a job offer.
"Before interviewing, candidates can learn about the benefit packages for many companies on their Web sites," said Gary Wheeler, president of the Society for Human Resource Management Atlanta and president of Human Resource Business Partner Consultant LLC.
Depending on what is offered, a benefits package can add 20 percent to 30 percent to a compensation package.
"Unless they are very small, most companies will offer core health care benefits to cover major medical, hospitalization, doctor's visits, prescription drugs, dental and vision," Wheeler said. With health care costs rising about 12 percent to 13 percent a year, the trend is for employees to have to pay a greater share of premiums and higher deductibles.
"Having a choice of health care plans allows employees to select the level of coverage and cost that is right for them," he said.
Some common options for health care plans include HMOs, PPOs or point-of-service plans.
Knowing what premiums cost and whether the company subsidizes coverage for dependents is key. Consider anything more than core coverage - such as orthodontia, mental health services, wellness programs or a pretax savings plan for elderly care - a plus, he added.
"Another extremely important part of the benefits package is the retirement plan," said Sheri Foster, director of human resources at Consumer Credit Counseling Service of Greater Atlanta. Most companies have moved away from company pensions toward 401(k) plans. "To evaluate one from another, ask when employees are allowed to participate, who manages the fund, is it portable, and how much the company matches contributions to it."
In addition to matching up to 5 percent of an employee's salary in 401(k) contributions, CCCS contributes to employee 401(a) plans, with the board deciding on percentages.
"At present it's 4 percent of an employee's annual salary, vested after five years. That's a rich benefit over and above the 401(k) contribution," Foster said.
Katherine Simons, president of DDS Staffing Resources Inc., a company that places dental and medical staff, encourages her clients to take advantage of company 401(k) plans and not to overlook hidden benefits, such as profit-sharing plans offered by some employers.
"Profit-sharing is a contribution that the employer makes annually to employee 401(k) plans. The employee pays nothing for this benefit, and it can add up over the years," she said. "Not taking advantage of a company 401(k) plan and matching contributions is like leaving money on the table."
Most employers will discuss health care and retirement with future employees, but human resources managers say that candidates should take a broader view of benefits.
BENEFITS DO'S AND DON'TS |
"The total rewards package consists of compensation, benefits, learning and development, and work environment," said Greg Johnson, manager of compensation and benefits for Northside Hospital. "When salaries are equal, the candidate should look at what a company will do to help them professionally and personally. Tuition reimbursement is a very attractive option to a young nurse wanting to move up in her career, as is our child-development center on site."
He said the peace of mind of knowing that their children are nearby and in good hands is a valuable benefit for parents.
"A nurse just starting out isn't thinking about retirement, but we tell them about our pension plan, which could give them a $1,000-per-month benefit after 40 years. It's totally funded by the hospital and a tremendous future benefit," he added.
On the other hand, all employees enjoy the convenience of a concierge service that offers bookings and discounts for travel, restaurants, plays, movies and events. There's also an on-site car-wash service.
With so many generations in the work force, the benefits package can't be one-size-fits-all. There should be enough variety to appeal to everyone, said Linda Matzigkeit, senior vice president of human resources at Children's Healthcare of Atlanta.
"You'd like to think that the organization could meet your needs for your entire work-cycle if you chose to stay," she said.
She suggests that candidates list the benefits that are important to them based on where they are in their work-cycles. Young workers might appreciate flex time, telecommuting opportunities or business casual dress, which is more comfortable and less expensive than business suits. A child-care credit or on-site day care can offer tremendous savings to young families. Those in mid-career may value leadership training classes, tuition reimbursement and higher contributions to retirement plans.
Pay attention to what benefits are presented and how they are presented, Matzigkeit advised.
She is enthusiastic when she talks about her organization's Great Expectations program, which supports pregnant employees with shower gifts and useful information, or its Club Motivate, Explore and Discover, which offers employees exercise, photography, gardening and scrapbooking classes.
"Even if a particular benefit holds no interest, the candidate should see and appreciate a comprehensive package that shows an organization values all its employees and that it focuses on the whole person," she said.
