Do you consider benefits as part of your total salary?

[asujbl]

Discussion here at work today - just curious what others thing

Do you factor in your benefits when you think "this is how much I make"

Whether that's company 401K match, HSA contributions, Insurance Premiums etc...

Or do you just say salary + bonus if applicable is how much you "make" and then the benefits are part of total compensation?

Splitting hairs?

[Brobocop]

Yes. I can provide an example. I switch jobs recently and the salary was the same from both with the new place only having a 15% bonus compared to the old place having a 20% bonus. The new place though pays 100% of my health care premiums, which for a family of five, is an amazing benefit. The new place also doesn't have a 401k match but they do provide cash each check for home internet expenses and also has an HSA contribution of $2k a year.

When I built out the spreadsheet to compare the two, I was coming out way ahead at the new place. I think to compare offers or take a look at what you're bringing in, you should take a look at everything a company offers that you are taking advantage of.

The new place also gave me RSUs that vest over two years but I'm counting that more as a one-time bonus thing so I didn't really factor that into my decision making given how up and down the market is.

[asujbl]

Originally Posted by Brobocop

Yes. I can provide an example. I switch jobs recently and the salary was the same from both with the new place only having a 15% bonus compared to the old place having a 20% bonus. The new place though pays 100% of my health care premiums, which for a family of five, is an amazing benefit. The new place also doesn't have a 401k match but they do provide cash each check for home internet expenses and also has an HSA contribution of $2k a year.

When I built out the spreadsheet to compare the two, I was coming out way ahead at the new place. I think to compare offers or take a look at what you're bringing in, you should take a look at everything a company offers that you are taking advantage of.

The new place also gave me RSUs that vest over two years but I'm counting that more as a one-time bonus thing so I didn't really factor that into my decision making given how up and down the market is.

Health Insurance is a big one at my office - that I don't think people appreciate - as we pay all the premiums 100% as well

For a family? That's $25K a year round numbers on our plan

Since we are a high deductible plan we also kick in 50% of your HSA maximum so you only have to pay half (if you want to use the HSA) - so that's another $3,500 if you're a family

Our 401K match is also out of this world

There are definitely people here that "make" $50,000 more than their salary if you count benefits

That's why I was curious as I prep for end of the year benefit meetings

[bigdog2003]

No because every year the portion that we have to cover out of pocket for the insurance plan gets higher and higher while the portion they cover gets lower and lower. Also, the retirement plan is state retirement, which is a joke in South Carolina.

[Peties Army]

When I’ve switch jobs I look at it but when I’m talking about yearly comp I don’t.

[letsgocapitals]

Depends on the question asked...

[JeremyNick]

I consider it when switching jobs. But if someone asks how much I make, I say my salary.

Don’t all people?

[hxcmilkshake]

Yeah I work at home and it saves me hundreds each month, not to mention time. If they require me to return to the office I'll look elsewhere

Sent from my SM-G996U using Tapatalk

[hairysasquatch]

Originally Posted by JeremyNick

I consider it when switching jobs. But if someone asks how much I make, I say my salary.

Don’t all people?

This is where I am.

[tcdyess]

As you get older it becomes more and more important... benefits can drive a change in employment...

[Blazed]

When I had jobs I looked at the benefits but salary is separate. I never bought into the "total compensation" hype speech. I get my salary where I want it and everything else to me is a "bonus".

Companies that try to sell you on the "total compensation" hype speech are a hard pass.

401k match? Covering healthcare premiums? Those are for the people who don't know any better and think they're coming out ahead, when it's actually costing you in the long run. It's not worth the trade off in salary.

[JeremyNick]

Originally Posted by hairysasquatch

This is where I am.

I think a lot of times companies push “total compensation” to justify lower raise or merit increases.

For me that’s non-starter. I’m already an employee here and the compensation packages don’t change drastically year to year. I’ve worked for places where my raise was enough to cover the increase in my health insurance. That’s bush league.

[Boo]

Salary is not the same as compensation, I thought this guy was an accountant?

At a prior job they gave out statements each year showing the "true" cost to the company for each person. Included on the statement was the company FICA/Med match, I laughed every time I saw that.

[asujbl]

Originally Posted by Blazed

When I had jobs I looked at the benefits but salary is separate. I never bought into the "total compensation" hype speech. I get my salary where I want it and everything else to me is a "bonus".

Companies that try to sell you on the "total compensation" hype speech are a hard pass.

401k match? Covering healthcare premiums? Those are for the people who don't know any better and think they're coming out ahead, when it's actually costing you in the long run. It's not worth the trade off in salary.

Interesting

This is a lot of what the discussion was today

[raiderguy10]

Originally Posted by JeremyNick

I think a lot of times companies push “total compensation” to justify lower raise or merit increases.

For me that’s non-starter. I’m already an employee here and the compensation packages don’t change drastically year to year. I’ve worked for places where my raise was enough to cover the increase in my health insurance. That’s bush league.

As a certified employee benefit specialist I absolutely do conisder the total rewards package!!

Certified Employee Benefit Specialist

This point of view isn't uncommon, especially with a younger generation. The "problem" with benefits is you don't realize how important they are until you need them.

I'm responsible for the administration of benefits that impact 60,000 lives every single day. Benefits are just as (in some cases are even more) important as your salary is.

[no10pin]

Originally Posted by JeremyNick

I consider it when switching jobs. But if someone asks how much I make, I say my salary.

Don’t all people?

Exactly the same for me. I give the salary if asked, but I'll be looking at everything very closely when I change jobs in the hopefully near future.

[glen87]

Originally Posted by Boo

Salary is not the same as compensation, I thought this guy was an accountant?

At a prior job they gave out statements each year showing the "true" cost to the company for each person. Included on the statement was the company FICA/Med match, I laughed every time I saw that.

[jlzinck]

Originally Posted by asujbl

Do you factor in your benefits when you think "this is how much I make"

?

Without a doubt.

When I was interviewing for my current position, I was unemployed for the 1st time in my 40 year working life.
I told them what I was making and told them I would like to be a close as possible.
They came back at 6K MORE than I was making and then upped it to 11K more.

So baseline I am making 11K more.
401k is better. I end up getting 3% more in company match. Considering I put in 20% into my 401K I am getting 27% in with company match as compared to 24% at my last place.

Employee stock purchase. I pay 85% of the lowest 6 month price.

Profit sharing bonus, even though I was an employee for only 7 months I still got the equal of 2 weeks pay as a bonus.

Also appreciation gifts I have received 300 in AMazon gift cards for being part of the Employee activities committee. I set up lunch for 3 lunch and learns and received the gift cards.

So yes that is all paer of my total compensation

[JeremyNick]

Originally Posted by raiderguy10

As a certified employee benefit specialist I absolutely do conisder the total rewards package!!

Certified Employee Benefit Specialist

This point of view isn't uncommon, especially with a younger generation. The "problem" with benefits is you don't realize how important they are until you need them.

I'm responsible for the administration of benefits that impact 60,000 lives every single day. Benefits are just as (in some cases are even more) important as your salary is.

Benefits are not more important than salary. It’s just another consideration. I don’t care ahwhat anyone else says, I work for money. The rest, I take into account.

I appreciate what you do, but through the pandemic, I have less tolerance now when “total compensation package” gets pushed to employees with decades plus tenure, getting a 1.8% raise.

[raiderguy10]

Originally Posted by JeremyNick

Benefits are not more important than salary. It’s just another consideration. I don’t care ahwhat anyone else says, I work for money. The rest, I take into account.

I appreciate what you do, but through the pandemic, I have less tolerance now when “total compensation package” gets pushed to employees with decades plus tenure, getting a 1.8% raise.

To you benefits are not more important. It is more important to the father that has a kid with diabetes, or a wife with cancer, etc.

As I stated before your mindset is not uncommon and I will also not say that it’s wrong. But benefits will one day become as (or more) important than salary to you also (whether it’s insurance or retirement ) and if you weren’t proactive in your decision and wait for that day to arrive it will be too late.

[JeremyNick]

Originally Posted by raiderguy10

To you benefits are not more important. It is more important to the father that has a kid with diabetes, or a wife with cancer, etc.

As I stated before your mindset is not uncommon and I will also not say that it’s wrong. But benefits will one day become as (or more) important than salary to you also (whether it’s insurance or retirement ) and if you weren’t proactive in your decision and wait for that day to arrive it will be too late.

You don’t know me, or my mindset.

And are generally dead wrong.

[jcardstore]

I only consider my base salary which I consider income. The rest of the value add from benefits is abstract and not worth considering.

Basically every job in my field will have the same or similar benefits anyways.

How could I even possibly value health care or life insurance coverage or profit sharing

Money deposited in my checking account is the only useful metric to me

[jcardstore]

Originally Posted by raiderguy10

As a certified employee benefit specialist I absolutely do conisder the total rewards package!!

Certified Employee Benefit Specialist

This point of view isn't uncommon, especially with a younger generation. The "problem" with benefits is you don't realize how important they are until you need them.

I'm responsible for the administration of benefits that impact 60,000 lives every single day. Benefits are just as (in some cases are even more) important as your salary is.

This feels like a cheesy sales pitch to sell people on taking less in base salary

[BostonNut]

Jujubeez poles > Squatch poles

Color that in.

[hairysasquatch]

Originally Posted by BostonNut

Jujubeez poles > Squatch poles

Color that in.

Dog dooky in sole of shoe > sum of Bnut's contributions to humanity