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Asked by Tanya on May 1, 2018

How should I value a company’s benefits offering when looking a total compensation?

Answered by Natesa, Hiring Expert at Textron Inc., on May 2, 2018

Great question! Your compensation is made up of much more than just a base salary or wage, and it's important to look at the whole picture when assessing a potential company or role. Benefits play a large part in a total compensation package. One role may seemingly offer more with a higher base salary, but when you look at total compensation, another role may actually be the better option. Typically, at larger organizations, benefits programs can not be negotiated, so it's okay to inquire about them during the later stages of the interview process.

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Answered by Hector, Hiring Expert at Tenneco, on July 14, 2018

My friend at Textron hit the nail on the head. Every benefit that is part of the offer is important when considering if the opportunity is right for you. From health care, 401K, bonuses, relocation, life insurance, free cell phone, laptop, perks/discounts, wellness, and everything in-between. You cannot take the whole package lightly! A big one to look at is the cadence regarding health care. Consider, how many times a month will you pay, what is your premium, employer paid incentives (for a physical for example), deductible, and your out of pocket maximum. I have delivered offers where this one element can influence an offer to the tune of $20,000. Please figure out what is important to you now and what could be important to you in the future. For example, you may not have kids today, but if you plan to have them soon, healthcare will make a huge difference.
Do not hesitate to ask questions. Most HR and Talent Acquisition professionals will shoot you straight about what benefits they enjoy at their company and which ones they may feel are not as competitive.
Lastly, if I can go a bit away from the script, do not forget to consider cost of living and taxes in the area you are being offered. I have personally taken "promotions" that included a relocation and once moved realized I underestimated local costs of the new opportunity.
Good Luck!!
Thanks,
Hector Hernandez
Tenneco
 

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