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Job-hoppers: Count money and benefits

by on
in Employee Benefits Program,Human Resources

Job-hopping for an extra $15,000 a year in salary can backfire. Why? Benefits such as health insurance, 401(k) matching and time off also have monetary value that’s easy to overlook.

Before making a move, calculate your “benefit pay.” Examples: How much more or less will your contribution to group health insurance cost, and what is the quality of the new health plan? How long must you wait before you can resume making 401(k) contributions? How much more or less paid vacation will you get?

If you’re seriously weighing a job offer, ask if you can meet with a benefits administrator to hash out the details. Take notes and request written confirmation of any promises regarding stock options and other benefits. Ask about vesting periods before you could participate in a retirement plan or qualify for insurance. Negotiate more generous benefits so that you don’t have to take a step down from the perks you already enjoy.

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