While salary is usually the biggest consideration for people in a job offer, benefits are the most often overlooked.
Benefits include items such as retirement contributions, healthcare, annual leave, and sick time. For many students, this
is the first time you will have to consider these elements on your own. We suggest you consider the whole package
before you enter a contract with an employer, such as:
• Healthcare – Many jobs come with health benefits for employees (though not all), which include a variety of
options to choose from, and premiums paid partially by the employer and the employee. Things to consider
when reviewing your health benefits include: premium costs, coinsurance and coinsurance maximum amounts,
deductible, specialty coverage, and co-pays. Additionally, some employers offer an opportunity to pay into a
flexible spending or health savings account to allocate part of your paycheck to healthcare costs, which are often
pre-tax. Each person’s needs are different, and it is important to consider your regular healthcare costs and
anticipated needs. If a job is offered without healthcare benefits, you will want to research options available to
you as an individual, which may cost you more out of pocket.
• Retirement Plans & Contributions – Retirement packages can be complex, but are very important to consider
for your lifelong career impacts. Even if this is not the job you plan on retiring from, you can start saving for
retirement now through employer provided retirement plans, where you will often receive a matching
contribution. This helps your account to accrue faster. There are a variety of different retirement accounts, such
as, 401(k), 403(b), Roth IRA, etc. It may be a good idea to consult a financial professional before making these
decisions.
• Time Off – Paid time off from work is often a benefit provided by employers for vacation, sick time, or even
community service. This is a valued perk that you will want to consider upon entering a new role, and also
consider how that time off will change in future years. Things to consider include: how much
vacation/sick/personal time you receive yearly, the leave policy, and how the time is accrued (monthly, bi-
monthly, lump sum). Some employers also have community service time, which may be important if you like to
volunteer! You will want to keep in mind future plans, such as upcoming travel and how that will impact your
leave balances. It may also be a good idea to consider the maternity and paternity packages offered, as well as
family leave for a sick loved one, as that can impact your future plans.
Negotiation
Many people think about negotiating their job offer in an effort to receive a higher salary, more benefits, time off, etc. It
is important to think through your negotiation strategy before you accept an offer. Once you have accepted, you have
no leverage to go back and negotiate, so take your time and weigh your offer carefully in the first place. Once you accept
an offer, we strongly advise you to honor that commitment. If you are interested in negotiating your offer, you may
want to keep these tips in mind:
• Have a solid reason – Why do you need a higher offer? Do you have a competing offer that is higher? Are there
comparable positions at competitors that are listed for more? Do your research!
• What is your value? - What do you bring to the table that shows benefit to the organization and can showcase
why a higher offer would be valid?
• What is your number? – Do your research and know what number you would be happy with and how that
would affect your life. Having a good idea of what you are looking for will help you to better negotiate. When
the employer asks for a number or a range, you will have better footing to stand on.
• What things can be negotiated? – If salary negotiation is off the table, perhaps you can ask for more vacation
time up front or the ability to work from home once a week? Other benefits can be negotiated as well.