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Career Development Denise Alexander
Congratulations, graduates! You've worked hard, and now it's time to dive into the next exciting chapter of your life—your first job as a graduate! While the salary is often a primary deciding factor for first-time job seekers, it’s important to look beyond the paycheck. The employee benefits, compensation, and total rewards that come with your job offer can be as impactful to your overall happiness, health, and financial future as the salary you earn.
As you begin this process, you’ll need to know how to negotiate with potential employers to ensure you’re thinking ahead about essential extras like a solid retirement plan, insurance coverage, and PTO. Here are some things you need to consider when accepting your first job offer!
We get it. Talking about insurance can often feel like watching paint dry, but insurance remains one of the most critical aspects of any job benefits package. Without understanding the different types of coverage available, you could find yourself unprepared when the unexpected happens.
Health insurance is the cornerstone of employee benefits. Typically, companies will cover a significant portion of the monthly costs while the individual employees cover the remainder. However, some companies may cover the total cost for you. Health insurance plans usually cover routine checkups, emergency room visits, hospital stays, prescription medications, and preventative services. When reviewing a company’s health insurance offering, pay close attention to the covered services, premiums, deductibles and out-of-pocket maximums to gauge the overall cost and coverage.
With the growing awareness of the importance of mental health, many federal and state laws now exist to ease access to critical mental health resources. Look for plans that cover therapy, counseling, prescription medication for mental health conditions, other psychiatric services and Employee Assistance Programs (EAPs).
Depending on the company's benefits package, dental and vision insurance may be included in the overall health insurance, but often they are separate benefits. Dental insurance can save you significant money on routine cleanings, fillings, X-rays, and more. If you wear glasses or contacts, vision insurance is another piece to consider. It typically covers annual eye exams and prescription lenses, while some plans offer discounts on LASIK and other more expansive eye surgeries or procedures.
Thinking about life insurance might feel strange to consider as you are starting your career, but it’s important to ensure your loved ones are taken care of in the event of a tragedy. Many employers provide baseline life insurance as part of their employee benefits package, at little cost to you, for as long as you continue working there. Be sure to check if their plan meets your needs and if there are options to buy additional coverage.
Disability insurance can be another financial lifesaver if an illness or injury keeps you from working. Both short- and long-term disability benefits vary and can be sponsored by either the company or organization hiring you or their insurance provider. Be sure to review the company’s plan to ensure you can have peace of mind and financial stability during challenging times.
When you’re in your 20s or 30s, retirement can feel lightyears away, but the sooner you start saving, the less you’ll have to worry about later. Most employers offer retirement savings plans with tax advantages and employer contributions as part of their employee benefits package. Two of the most common retirement options are 401(k) plans and Roth IRAs.
When reviewing a company’s retirement options, start by considering these questions:
Before accepting any offer, be sure to carefully review these aspects to ensure you are ready to enjoy your hard-earned retirement from day one.
Paid Time Off (PTO) is quickly becoming a must-have for any job offer package. Essential for maintaining a healthy work-life balance, PTO gives you time to take vacations, recharge, or handle life’s unexpected events.
Some companies offer general PTO, which can be used for any reason. Other companies separate PTO into buckets, such as vacation, sick and personal days. “Unlimited PTO” is also a growing option, offering employees added flexibility to take time off. Another aspect of PTO to consider is the carryover policy. Find out if some unused PTO hours can be carried over to the next year or if they employ a “use it or lose it” policy.
In addition to regular PTO, you’ll want to assess the company’s paid leave policy. Do they offer extended leave for medical procedures and emergencies? Does the benefits package include family leave for new parents? PTO and leave options can be additional examples of the company culture, showing you what they value and what you can expect once you begin working there.
Beyond the basics, some employers will attempt to sweeten the deal with additional perks. For example, some offer student loan repayment assistance to help reduce your debt or tuition reimbursement if you decide to go back to school to earn another degree. They may also offer other professional development opportunities such as training programs, workshops, and certifications to ensure you are continuously learning and growing in your career.
Additionally, some companies offer gym memberships, fitness classes, health coaching, and other wellness perks to incentivize you to stay healthy and happy. These can all vary from company to company, but it’s something you should ask about during the interview process and as you begin to receive official offers.
Remember that your overall benefits package is just as important as the salary. Take your time to carefully review every detail of the offer. Don’t hesitate to ask questions to get clarification on everything from the insurance and retirement plans to paid time off and other perks unique to the company or organization. By being confident in yourself and negotiating a deal that works for you, you’ll have the peace of mind to know you are ready to take on a job where you are recognized for the skills you have and the value you provide.
For more career advice and post-graduation opportunities, be sure to connect with Herzing’s Career Development Team. Your opportunity to lay the foundation for long-term success and happiness in your new career begins now–here’s to a bright future!
Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Employment and Wage Statistics 2023 / Occupational Outlook Handbook 2022. BLS estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geography market in which you want to work and degree field, will affect career outcomes and earnings. Herzing neither represents that its graduates will earn the average salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, salary increase or other career growth.
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