Perking Things Up: Dan Greenhalgh Discusses How You Can Guarantee Getting Topnotch Employment BenefitsNovember 27, 2018
You have just landed your dream job after an arduous application process. Your potential employer is finally briefing you on the benefits you will be enjoying as an employee of the company. Upon hearing the benefits, your excitement was replaced by an intense feeling of being underwhelmed. The compensation was not as you expected. When you tried to clarify it with your employer, they said that what they offer is competitive and standard in the industry. How could you believe them or argue otherwise? I, Dan Greenhalgh, the co-founder of ENM Construction, addressed this issue in the article below.
Ensuring Topnotch Benefits
As an employee, you should be aware of your benefits. You should know what is standard and what stands out. Here’s a quick list of what you should expect:
There are many types of retirement plans employers offer. From individual retirement plans to employer-sponsored ones, this type of benefit should be top on your list. The future is very unpredictable, and it would do well to know that whatever happens, your loved ones are secured.
Retirement plans can either be defined contribution plans, wherein the company sets a definite amount, which is then contributed to your account through payroll deductions.
Paid Time Off (PTO)
The most common employee benefit, paid time off is commonly broken up by employers into several categories: paid vacation days, personal days, and paid sick days.
The employee can spend these paid days off as he or she sees fit, given that he or she meets certain parameters. There is no set number of PTOs per year and is left upon the employer’s discretion. Each company has a different scheme involving paid vacation time. Some companies have a definite number of paid time off for a year that they either have to consume or forfeit. Others allow unused PTOs to carry-over the following year, while others still allow unused PTOs to be converted to cash.
If your prospective company does not offer a competitive vacation time scheme especially to senior employees, then it might not be the best choice. Although most companies have established PTO policies, qualified candidates can sometimes negotiate.
One of the most important (if not the most important) employee benefit—employment insurance is something not to be taken lightly. There’s nothing worse than getting sick and missing your workdays, except perhaps getting sick, missing your workdays and getting slapped with a huge medical bill for lack of health insurance.
Medical plans vary from company to company. Each policy has different coverage options and prices. Evaluate your potential employer’s health benefits by finding out what type of plan they are offering, of which, there are two types: Preferred Provider Option (PPO) or Health Maintenance Organization (HMO).
Preferred Provider Option (PPO)
If you have a long-time doctor, you might want to go with this option. Although you will likely have more out-of-pocket expenses and incur higher premiums, you can still visit your choice of a doctor while still being partially covered by the services. Receiving care from doctors with the health insurance plan’s network (so-called “preferred providers”) will be better though as your expenses will be lessened.
Health Maintenance Organization (HMO)
If you want to spend less, HMO is for you. With this plan, you’ll have no deductible, low co-payments and you only pay a monthly premium to receive coverage for doctor appointments, hospital care, tests, and others. The only downside is you can neither visit a doctor or hospital outside the network of your employer’s chosen HMO if you want the plan to cover your expenses. And, if you need to be examined by a specialist, you’ll need a referral from your physician.
These are just three of the most basic employee benefits that you need to be on the lookout when being offered a job. Employers who care for their employees will be offering these and a whole lot more. Those are the companies you would want to work for!