Compare Benefits Line by Line Before Accepting a New Job Offer
All your compensation for work consists not only of your salary, but also of benefits and bonuses. Make sure you compare apples to apples when comparing job offers or thinking about leaving a company, carefully assessing the benefits.
A new company might offer the same retirement rate as your current company, for example, but it will have a crappy and expensive 401 (k) plan . You may be offered health insurance for the same or less premium, but your personal costs with this plan may be higher. The Motley Fool explains:
Let’s say your current employer pays 60% of your $ 500 monthly premium, leaving you to pay the rest of $ 200. Even if you are counting on the same $ 200 for your next job, your new plan may include an additional $ 35 in the office, whereas the old plan could have paid as little as $ 15. Likewise, the prescription drugs you take each month may cost $ 50 in your new plan, rather than $ 30 in your old plan. Over the course of the year, you can spend hundreds of additional dollars on medical expenses while you transition to new coverage.
Take a close look at the benefit package – perhaps ask the company to provide a personnel guide – before accepting a job to make sure you are actually moving towards a better position.
3 The Hidden Costs of a Job Change | Motley fool