The Hidden Paycheck
Does your check looks a little weak, and you’re seeking new employment opportunities this year? When comparing job offers, go beyond salary in determining the financial benefits or disadvantages. The following are factors to consider that may make your paycheck bigger or smaller.
This may be obvious, especially concerning fuel prices and commute time. Be careful not to dismiss an opportunity solely on distance, however. Explore other factors such as the location’s access to public transportation, employer’s transportation benefits, opportunities to carpool, or telecommuting, which may significantly decrease the costs.
Accepting an offer without knowing the cost of the benefit plans, particularly for healthcare, especially if you have a family can be detrimental. I’ve made that mistake when I accepted a position which appeared to be a pay raise from my previous position. Unfortunately, the money I thought I was getting by switching to another company was negated by the high insurance premiums.
Find out if there are benefits that could potentially lower the cost of things you already spend money on, such as child care or pet insurance, which could stretch your paycheck.
Did anybody say “free lunch?” Did you know that Google provides free breakfast and lunch for its employees? I know, old news for some, but only to make the point that discounts are nothing to sneeze at. It’s estimated that Google pays about $20/day per employee; as the saying goes, “A penny saved is a penny earned!”
I once worked for a telecommunications company and only had to pay $10 a month for my cell phone bill, which saved me $80/month for comparable service at full price. That equates to $960 a year!
Now for those of you who are current students, or are thinking about returning to school, definitely inquire about tuition discounts or reimbursements. This could save you thousands, and give you a competitive edge that’s priceless.
These are factors to consider with your current employer as well, which may prove to be worthwhile in determining if jumping on another opportunity will be a leap forward, or a dive off a fiscal cliff. Either way, look before your leap; there might be a hidden paycheck.
Moving Your Career Forward,
Cathy Francois, MBA, GCDF
Career Coach and Founder of Rezume Forward