It is an incredible time of year! In Texas, the weather has just finally begun to stop resembling winter, and we are now in the three-week sweet spot before Mother Nature decides to go all scorched earth. It is also a great time of year because it is job season on college campuses. Seniors are now hearing back from companies and their dreams are alive with the possibility of working at top-notch firms. Often times, when that job offer comes through there are only two reactions.
1. Yay, I got a job offer!
2. What is my salary going to be?
These are of course two very important things, but there are three key areas to any offer that are often overlooked, and are extremely important when evaluating prospective jobs offers.
Non-salary benefits
Non-salary benefits are some of the most overlooked, yet most valuable, aspects of a job. These benefits can be broken down into sub-categories. The big subcategories are:
- Retirement: Does your company offer a competitive 401(K) or pension plan? It is especially important to look out for if your company offers a match to your retirement contributions. An example of this would be a company that contributes $1 for every $2 that you contribute to your plan up to a certain percentage. This is just an example and each firm has its own standards. A company match is essentially free money and should always be taken advantage of.
- Health plans: Health plans are probably the most complex part of your job offer. There are dozens of acronyms and different types ranging from full medical, dental and vision coverage, to a bare-bones plan that makes just seeing a doctor a taxing experience. There are also the potential for HAS and FSA accounts that can accelerate your retirement savings, protect against medical costs, and lower your monthly premiums.
Perks
Perks encompass all the cool things that your company provides for its employees outside of the basics of compensation, insurance and retirement. Perks can include:
- Wellness opportunities: Companies are now more than ever before realizing that healthy and happy employees means lower medical costs for the company. As such, corporate wellness programs are skyrocketing. See if your employer offers any sort of fitness subsidy or the opportunity for discounts at gyms. Some companies even offer a set amount of money that you can use for any health cost such as meal plans, ski passes, gym equipment and more.
- Flexible work arrangements: It is important to at least be aware of your company’s vacation policy and if it has any flexible work opportunities. This could look like every other Friday being a half-day, or the opportunity to take a sabbatical.
- Continuing education: Does your company offer the opportunity to return to graduate school for free? What about student loan help or tuition payment plans? While these are more rare, companies still offer them hoping to lure top candidates. They view continuing education as an investment in not just the employee, but also the company as well. This could be a huge impact as graduate school costs are skyrocketing.
Experience/exit opportunities
It is very rare for your first job to be your all-time dream job. Climbing the corporate ladder requires starting at the bottom and slowly working your way up. The importance of finding a job that sets you up for success down the road cannot be understated. Some companies require a two-year grind, but offer an almost guarantee of success down the road (investment banking). Other jobs offer corporate leadership rotations where you get to experience what it is like across functionalities. The first few years out of school are all about equipping yourself with the tools that will ensure success down the road. It would be great to graduate and step right into the corner office, but life doesn’t work that way. Thankfully too, otherwise the view would probably be a little less grand without the years of toil to get there. Make sure that your company is offering you the opportunity to broaden and deepen your skill set, and sets you up for success.
There are a lot of reasons to take a job. Make sure that you are making your decision for the right reasons, and be careful. While most always any job is better than no job, it pays to be aware of what is out there. So good luck this upcoming job season, and make sure to read the fine print!
