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Employee Benefits - Time & Money

Get the 411 on your 401K.

Do Your Due Diligence

Review your employee benefits package thoroughly. It can account for up to 30% of your total compensation! Identify the areas that affect you and prioritize them in your evaluation of the job offer.

Keep Reading to Learn:

  • Types of benefits accumulated and provided related to time off and retirement

Retirement Benefits

Most employers will offer some sort of retirement savings plan, whether it be a 401K, 403B, pension, or something else! Three important numbers to look for are:

  • The "Employer Contribution" which is usually the percentage of your salary or wages that the employer will contribute to that account for you
  • "Employer Matching" which is the percentage of your contributions that the employers will match, up to a certain amount
  • The "Vested" date: this is the date when the money is officially yours, or partially yours - if you leave the company before this date, you risk losing those funds

Stock Options/ESOP

If you work for a company that is publicly traded, they may offer you the opportunity to invest a portion of your salary to buy their stock at a reduced price.

Profit Sharing/Bonuses

Some organizations may elect to share portions of their yearly profit with their employees. This will depend on how profitable they are from year to year, and is usually at the discretion of executive management.

Vacation

How you receive or accrue time may also vary on whether or not you're a salaried or hourly employee. Pay attention to how many days you get, how they accrue, and long you need to wait until you use your vacation days.

Paid Holidays

Generally salaried workers will get most federal holidays off (there are a few exceptions, it will vary by employer). If you are a frontline worker, watch for holiday policies so you can best understand when you will be asked to work.

Sick/Personal Days

Similar to vacation days, you may accrue sick/personal days in a variety of ways. Check the employer’s policy on accrual and what you can use those days for.

Next Steps

  • Consult with those who may be more familiar with employee benefits;
    • Family, mentors, HR representatives
  • Don';t be afraid to ask the HR representative for further clarification

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