Obtaining accurate compensation information is a critical step when you are deciding whether to accept a job offer. This goes far beyond simply ascertaining company salary information for the position you are seeking. If you are offered a job, ask to see a sample “compensation & benefits statement” or a brochure that places an actual dollar value on each benefit.

Medical

Make sure you fully understand how much of your health care you will be required to pay for out of pocket. Many companies are moving away from traditional HMO/PPO coverage toward consumer driven health plans (CDHPs). These programs tend to shift costs from employers to employees but also offer more autonomy in making medical decisions. Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) are common features of CDHPs.

Time Off

The number of paid vacation days, holidays, and sick days varies from one company to the next. Employers who have switched to Paid Time Off (PTO) tend to offer fewer total days but these can be used at your discretion. This can be a good deal if you rarely get sick.

Retirement

Pension plans are becoming a thing of the past, so you will probably have to settle for a 401(k). Find out what employers pay in matching funds and if a company also offers profit sharing or stock options. Also determine what percentage of your salary you will be allowed to divert into your 401(k).

Tax Breaks

Flexible Spending Accounts (FSAs) provide a way to pay for a wide variety of medical, dental, and vision expenses with pre-tax dollars. Some FSAs can also be used for child and elder care. HRAs and HSAs also offer tax breaks and are frequently used in conjunction with high deductible health insurance plans.

Wellness

Health and wellness programs may include perks such as access to an onsite gym, free yearly physicals, smoking cessation programs, and stress relief workshops. An employee assistance program (EAP) is another valuable benefit that falls into this category. The confidential services provided by an EAP can help you deal with personal issues at no charge.

Additional Insurance

All large companies provide FMLA and Workers’ Compensation as required by law. You may also be able to access low-cost Short Term Disability, Long Term Disability and Life Insurance through payroll deductions. Long Term Care and Accidental Death & Dismemberment coverage may be available as well. These benefits usually cost just a few dollars a month and provide a financial buffer against catastrophic events.

Special Perks

Top paying companies sometimes offer fringe benefits. These might include a company car, childcare subsidies, free dry cleaning, a personal trainer, educational reimbursement, or generous parental leave. Such perks don’t have value to every employee. However, knowing about these options will allow you to avoid leaving cash on the table in your salary negotiation.