For most job seekers, salary is the most important part of a job listing. Next to the position’s title, it’s probably the first thing you look at before scrolling to primary responsibilities and qualifications.
And there’s no wonder — although inflation isn’t as high as it was two years ago, it may still be deflating your savings today.
Earning more is one way to balance the budget, but it isn’t the only factor at play. The elements of your compensation package are also important. Remember to consider the following three stats before you accept a job offer this year.
1. Savings Programs
Does the job you have an eye on offer an employer-sponsored emergency savings account (ESA)?
ESAs are savings programs that deduct a portion of your paycheck right off the top, transferring it to a special account. Your employer usually makes matching contributions to this account, instantly doubling your savings abilities without any extra work on your part.
An ESA is a powerful benefit to boast in this day and age. A whopping 63% of workers cannot cover a $500 emergency expense on their own. They would have to take out a line of credit or personal loan.
You can level up your emergency preparedness by landing a job that offers an ESA. Until then, you can try to apply today to start the process with your own line of credit in an emergency.
Online lending platforms create a simple and convenient way to search for help in emergencies. It’s easy to scroll through websites and compare different lending options. And if you face any barriers, you can take advantage of accessibility widgets to ensure the utmost transparency when reading rates, terms, and conditions.
2. Health Insurance
Roughly half of all workers in the US get their health insurance through employer-sponsored plans, so you have a 50/50 chance of seeing this listed in a job posting.
If health insurance isn’t mentioned, you might want to reconsider your application. Employer-provided health insurance is a financial safety net that makes it easier to cover expensive medical appointments, treatments, and medications.
Without insurance, you may have to use that line of credit earlier than you think. However, even some fully insured individuals take out a line of credit to help them with out-of-pocket expenses, like deductibles and copays.
3. Paid Sick Days
Between an ESA, a line of credit, and health insurance, you may have your medical expenses covered. But what happens when an appointment or lingering cough keeps you out of the office? If you don’t have paid sick days, you’ll lose money every day you stay home to recover.
A 2020 study shows about one-quarter of Americans don’t have paid sick days. People who earn $13.80 an hour or less are more likely to go without these benefits than the country’s highest earners.
The absence of sick days puts pressure on your immune system, pressuring you to work when you’re not feeling your best. This can prolong your illness and even make things worse, necessitating medical intervention and more unpaid time off.
If you haven’t been sick in a while, you might ignore sick days completely. But everyone catches a cold eventually, no matter how healthy they are today. Losing hours unexpectedly may push you to rely on your line of credit until you can return to work and earn a paycheck.
Key Takeaways:
Your salary pays the bills, but your compensation package helps, too. Try to apply for jobs that provide paid sick days, health insurance, and emergency savings accounts. These bonuses will help lighten the financial load!