Are Benefits More Important than Salary?

One of the main predicaments that people face when they are looking for a job is choosing between high salary and good benefits.

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There are jobs that offer the best of both worlds, but many job seekers find themselves having to compromise one or the other.

If you are experiencing the same predicament as those job seekers, the following information could be helpful to you.

 

Choosing the Most Important

Salary is usually the first thing that job seekers look at when they are considering whether or not to apply for or accept a job. However, most job seekers will take benefits into serious consideration when they are making a job decision.

There are a number of factors that determine whether or not benefits are more important than salary, and these may include age, health condition, income level, career level, work-related risks and others.

For instance, people who have an annual income of less than $90,000 are more likely to place more importance on benefits, because healthcare can amount to 35 percent of their salaries, according to Monster.

Older employees and job seekers who need medical care on a regular basis are another group of people who may regard benefits as more important than salary.

On the other hand, recent graduates have a greater tendency to make salary their first priority, since they are young and healthy, and they are more focused on making ends meet and building savings.

Top Benefits to Look for

Health Insurance

A survey conducted by the Commonwealth Fund revealed that the percentage of Americans without health insurance dropped from 20 percent to 16 percent between 2010 and mid-2014. Following the implementation of Obamacare, which imposes a fine on underinsured and uninsured Americans; job seekers are increasingly trying to land jobs that offer good health benefits. It is important to have adequate health insurance because of the rising costs of medical care. Catastrophic health problems can run up tens or hundreds of thousands of dollars in medical bills, and they can lead to bankruptcy. According to NerdWallet, failure to pay medical bills was the leading cause of bankruptcies in the US in 2013.

Dental Insurance

Visiting the dentist once or twice a year can cost you a substantial amount of money. This is especially true if you have a family. As the following article looks at, dental insurance provided by your employer, can eliminate or greatly reduce the cost of caring for your child’s teeth.

Vacation Time

It is necessary to take a break from work from time to time; because it can help you reduce stress and rejuvenate your body and mind. Look for a job that offers adequate vacation time, as well as maternity or paternity leave, flex-time or the option to work from home.

Pay Raise

Working for a company that offers competitive pay raises enables you to increase your income more quickly over the years. It will make it easier for you to meet your financial obligations and help you save more money as your career progresses.

If you find yourself having to choose between higher salary or better benefits during your job search, you should make your decision based on your personal needs and preferences.

About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to small business.