Negotiating Benefits

Financial rewards of careers do not only come in the form of salaries, but also in the form of benefits. A salary may sound great, but the employee benefit package may not be what you need-after all, they may make up around 40 percent of the total compensation package. Therefore, if you are making a career move, you need to gather as much information as you can about the benefits. A wonderful salary may not mean financial security if the benefit package does not work for you.

Some issues that you need to cover concerning the benefits and your career include:

• Does the employer or employee pay for health insurance coverage?
• How much is the deductible?
• When does the coverage start?
• Will the health insurance plan insure a spouse? A domestic partner? A same-sex partner?
• Will the health insurance cover pre-existing conditions?
• How generous is the sick leave policy?
• Does the employer provide paid vacation time and holidays?
• What is the pension plan?
• Does the employer offer life insurance and disability coverage?

You may have many questions when it comes to negotiating benefits, but refrain from asking them during the interview. The right time to bring them up is when you get a job offer. You can discuss the matter with the person offering the job or with Human Resources. Once you get the information, review the benefits, as they are an important factor in your career and financial decisions. Determine if the offered benefits are what you need. Examine what costs you need to pay and how much it will cost you annually. If you have a family, see if the plan considers them, as well.

Once you review the pertinent information, make a career decision based on the entire compensation plan, including the salary, benefits, and perks.