That includes paid time off,health insuranceand taxable benefits.
Trying to figure out what your compensation package is worth compared to another job offer?
Were here to help you add it all up.
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We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.
When money is tight,these resourceswill help nearly everyone.
But benefits account for29.7%of an employees total compensation, according to the Bureau of Labor Statistics.
Compensation encompasses so much more than just salary, said Alison Norris, a former advice strategist for SoFi.
But how do you compare the number on a paycheck to benefits like paid dental insurance?
Here are seven areas to consider when evaluating job offers.
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1.
Base Pay
When evaluating multiple compensation packages, be sure youre looking at comparable dollar amounts.
Bonuses both sign-on and annual can make comparisons a little more challenging.
Employers pay [6.2%] of your income in Social Security and Medicare taxes.
One way is to assign a dollar value to paid time off based on your hourly rate.
And in case youre thinking about expanding your family, its a good idea to compare parental leave policies.
If a company advertisesunlimited PTO, it can be more challenging to calculate the value.
Unlimited paid time off is never truly unlimited; you still have to workmost of the time.
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3.
Taxable Benefits
After determining your base pay, its time to start categorizing benefits according to whether theyre taxable.
Pre-tax benefits allow you to enjoy the perk counting it toward your compensation.
So we looked into it.
What we found aresimple, millionaire-approved tipsthat anyone can use to manage their money.
Successfully assessing health insurance plans means youll need a good grasp of how health insurance works.
Research terms like premiums, deductibles, copays and coinsurance before comparing plans at different companies.
Remember, those annual premiums come out of your paycheck.
In some cases, companies may cover the cost of premiums for you or may contribute to your HSA.
Consider these benefits when comparing options.
Here are 11health insurance questions to ask before accepting a job.
Other Benefits
In recent years, some companies have expanded their benefits.
This could include everything from on-site child care and gyms to discountedpet insuranceand group life insurance.
Its probably for the best, anyway.
They want a company culture that reflects their values and promotes a healthy work-life balance.
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7.
Non-Reimbursed Expenses
The excitement of a job offer may leave you seeing only the positives.
However, you should also calculate the expenses associated with a job and subtract those from the offer.
If youre weighing awork-from-home job, ask about expectations and stipends.
Some companies may offer new employees money to set up their home office.
Others may not have those perks for remote employees.
Dont skip this crucial step:negotiate.
Prospective employers should not be surprised or offended by it.
But what components of a compensation package are most negotiable?
You may be able to advocate for a hybrid work schedule if thats important to you.
Dont forget you might leverage an offer from another company to see if an employer will sweeten the pot.
But theres still more to happiness than a salary or even the total job compensation package.
Think about the company culture and mission.
Will you feel fulfilled doing the work each day?
Are you passionate about the role and what the company does?
Does the company support the same values that you hold?
Is the leadership empathetic, and how do they show they value employees?
But those things, if important to you, should absolutely be part of your decision-making process.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
Readher bio and other work here, then catch her on X (formerly Twitter) @TiffanyWendeln.
Timothy Moore contributed to this report.
