The Most Important Employee Benefits

1. The Most Important EmployeeBenefits Mr. Endicott Personal Career Planning Class

2. Which employee benefits matter most to workers? • According to a new survey from Glassdoor, 76% of surveyed employees say medical coverage is the most important benefit • Followed by time-off from work • Retirement benefits, dental insurance, training and tuition benefits are all attractive employee benefits too • Perks are also important-on-site child care, bringing your dog to work, a casual dress code, a flexible schedule, free food and drinks, or something else, perks can make a big difference in the quality of your work life even if they don't directly impact your paycheck

3. Here is the list of most important benefits • Medical Coverage - 76% • Holidays/Vacation/Sick Time - 72% • 401(k)/Retirement/Pension - 62% • Dental Coverage - 60% • Employee Development/Training - 27% • Wellness Programs - 26% • Employee Discounts - 26% • Tuition Reimbursement - 23% • Office Perks - 21%

4. Benefits/perks • According to the Bureau of Labor Statistics: • The average number of annual paid holidays is 10 • The average amount of vacation days are 9.4 after a year • Almost half the (medium and large) employers surveyed offered either a defined benefit or a defined contribution pension plan. • About 75% offered health insurance but, almost as many, required some employee contribution towards the cost. • What complicates matters is the increasing use of bonuses, perks, incentives by employers to recruit/retain employees. • The companies rated the best places to work many offer health club memberships, flexible schedules, day care, tuition reimbursement, and even on-site dry cleaning.

5. Evaluating benefits/perks • Evaluate each offer on it's merits - the salary, the benefits and the perks, and determine how those perks will benefit you. • If you don't plan on having children for a while or if your children are grown, it's not that important whether on-site child care is offered. • If you absolutely have to work-out every day, look for employers who offer a gym membership. • Not a morning person? Ask about flexible hours. • Can't stand wearing a suit? Ask about dress code. • It is important to ask, not all perks will be offered to all employees nor will they be mentioned during an interview.

6. Understanding your benefits • Does the employee pay for health insurance coverage? If so, how much for individual coverage and/or family coverage? Is the premium deducted from my paycheck? How much is the deductible? • Can I review a summary of the health insurance plan options? What restrictions and limitations are there? What about pre-existing conditions? When does coverage begin? • How much sick time, vacation time, and holidays are provided. When do benefits start to accrue? • What type of pension plan is there? How much does the company contribute? Is life insurance provided? • Does the company offer short-term and long-term disability coverage? • Are there educational and training benefits?

7. Never ask these questions during the interview • Wait until you have a job offer to discuss employee benefits, either with Human Resources or the person who is offering you the job. • Take some time to review the benefit plans so you can make an educated decision based on the benefits information provided by your prospective employer.

8. How to make the decision? • Review the benefits offered. Are the programs what you need? • What benefit costs are you responsible for paying? How much will this cost on an annual basis? • If you have a family - is the workplace family-friendly? • Finally, make a decision on whether to accept the position based upon the entire compensation plan including salary, fringe benefits and additional perks that may be offered. • This way you're accepting, or rejecting, the job based on overall compensation rather than just once facet of it. • Most importantly, you won't have any unexpected costs or benefit issues when it might be too late to do anything about it.

9. In the end, it is your decision!