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Benefits Package: How to Navigate and Understand It

During the job search process, so much emphasis is placed on standing out while applying to jobs and having a successful interview. While those are key factors to securing a job offer, there’s another important step you need to take before accepting a job offer: understanding the benefits package. 

The benefits package has become a larger focal point for employers as they try to stay competitive in the industry and attract top talent. When you come to the step of the hiring process where you’re able to review the benefits package before signing the offer letter, take your time to understand everything it includes.

Here’s How You Can Understand a Benefits Package

Key Components of a Benefits Package

Your benefits package is much more than just health insurance. It will include information on the following:

  • Health insurance
  • Dental and vision insurance
  • Life insurance
  • Disability insurance
  • Retirement savings plans
  • Paid time off

If upon reviewing the information, you have questions, feel free to reach out to your contact at human resources. They’re perfectly ready and happy to answer these questions. 

Review With Your Needs in Mind

As you look through the benefits package, it’s important to consider your personal needs. Some people require a more robust healthcare plan, while others might feel comfortable with a thinner offering. Job seekers who are looking to start a family will also want to pay attention to parental leave. If you’re the main provider for your family you will have to consider whether these benefits are available to your dependents as well. These are just a few of several considerations you might have as you evaluate what’s most important to you in your benefits package.

Be Sure to Look at Costs

While companies offer a benefits package, the costs to the employee can vary significantly. Be sure to look at cost items like premiums, deductibles, and co-pays when it comes to health, vision, or dental insurance. With insurance plan information, you can also check to see if your current providers are within or outside of the insurance network. If your current doctors or specialists fall outside of the insurance network, then your care costs will increase. The alternative would be to find different doctors and specialists that fall within the insurance network to keep your costs lower. 

While this might take some time to understand, these healthcare costs can make a big impact on how much money stays in your bank account, which clearly affects a lot!

Consider Your Long-Term Financial Goals

Companies often include a retirement savings plan and/or a life insurance plan option in their benefits package. If looking at your financial health in the long-term is important to you, it’s important to understand the details of these options. Again, if you have any questions, or feel the urge to negotiate with human resources, doing so before signing the official job offer is perfectly acceptable. 

A Benefits Package is Not an Afterthought

When you finally get to the stage of the hiring process when you have a benefits package to review, it can be tempting to just go ahead and accept the job offer! Hold off on that urge and take time to review the benefits package. It’s likely that the company took a significant amount of time designing the offering, and it’s certain that what it entails will affect your quality of life – in and outside of the workplace. Remember that your contact in human resources will be more than happy to answer any questions you have, so don’t be timid if you need clarification. 

Find a Job with Competitive Benefits

If a competitive benefits package is high on your list of new job requirements, contact Axiom Staffing Group. They can help you find a company that provides more than just a paycheck.

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