Employment Benefit Considerations

            Besides the work environment there are other things to consider before accepting a job in the Nashville and Middle Tennessee area. How much the position pays is typically on top of everybody’s list. But, there are other issues that can impact your total compensation and overall quality of life. Not considering them can be a big mistake.

            The available benefit package should be a significant factor on whether the choice for employment is a good one or not. If married or if you have children benefits available to them should be considered when making a decision. The question should be asked, “How would the benefit programs combined impact two people or a family?”

            Health insurance is one benefit that should never be overlooked. Because of the increasing cost of health insurance, the expense is more frequently being shared between the employer and the employee. Family coverage is now almost always passed on to the employee – a big expense for you to pay.

            A single major sickness of the working individual or a family member could wipe out all the savings of an individual or a family and add a load of debt. And a number of smaller health altering events could have a significant financial impact on lifestyle.

            A young healthy single individual may be able to get away with not having health insurance. Employees with families and those over 40 should think twice about taking a position without it.

            For those that have the option offered by an employer and to reduce monthly health insurance premiums, a health savings account may be a better alternative than the higher cost regular insurance.

            Those that are young may think they may not need it, but eventually everyone will require a retirement program.

            The earlier a retirement program is started the better. Utilizing the benefit from the beginning of employment may allow for early retirement. A good program may even allow for a wonderful lifestyle in the golden years. Not having one may mean having to work in the time of life most would prefer to spend on the golf course.

            If a program is not available through an employer, the employee should, at the very least, put money aside in an individual retirement account.

            Another benefit, which is often overlooked, is disability insurance. Many employers offer this but do not pay any of the premiums. Under the insurance, in case of injury or sickness, an employee receives compensation while out of work. Those with a family should carefully consider taking out a policy.

            Most employers offer life insurance through a health insurance program. Unfortunately, the amount of a pay out is generally rather low. Those with a family should consider increasing the amount to a level that would leave their family comfortable in case of their premature death. Term insurance is usually the most reasonable.

            Higher initial salaries may be what attract employees to a company. However, in the long run the lack of opportunity for advancement or small increases in salary may mean less income than another employer would have provided at a smaller initial salary.

            Check out how employers promote and reimburse their employees. Those that offer the best opportunity to existing employees will probably provide the same to incoming employees.

            Some employers provide their employees with bonuses. In many cases these can prove to be quite substantial. Bonuses should always be considered as part of any compensation package. Salary alone is not necessarily the best indicator of total income.

            So, when considering taking a job, take the time to find out about all compensation and benefits. What may appear to be the best opportunity may prove not to be the best choice in the long run.