Searching for your first job? 3 benefits to look out for

You don’t want to pass on any of these.

the main points

• These days, companies are having a hard time hiring employees.
• Some offer better advantages for attracting talent.
• Find good health insurance, an employer-compliant retirement plan, and paid time off for the jobs you’re considering.

If you are a recent college graduate looking for your first job, you are in luck. Now is actually a great time to get into the job market, as job opportunities are abundant and many companies are having a hard time finding workers.

Some companies not only raise wages to attract talent, but they also increase benefits in the workplace. And just to be clear, the right combination of employer benefits can translate into significant savings for you in different areas. As such, if you are looking for a full-time role, it pays to aim for the following benefits.

1. Subsidized health insurance

Health insurance can be a big expense, so the less you pay for coverage, the better. It is common practice for employers to subsidize health insurance to some degree, but while looking for a job, you may want to focus on companies that generously subsidize insurance.

You may also find a job where your health insurance premiums are fully covered by your employer. In this case, you will still have to cover your contributions and deductions, but the money will not be deducted from your paycheck to cover the cost of the coverage itself.

2. Retirement plan with the corresponding employer

It is common for companies to offer not only a 401(k) plan for retirement savings purposes, but also a type of matching program along with the 401(k). Different companies have different matching policies. But in short, you may be entitled to a sum of free money to your retirement plan if you contribute from your paycheck as well.

If you end up working for a smaller company, you may not end up hitting a 401(k). That’s because these plans can be expensive to manage. In that case, you can still open an IRA on your own and save for retirement that way. But you may want to inquire about a SEP IRA. This is a special IRA account for small businesses where employers contribute savings on behalf of employees.

3. Paid leave

Everyone needs a break from the office from time to time. It’s important to make sure that any job you do offers some degree of paid leave – especially for sick days, but also for days off.

Some companies now offer unlimited leave. These policies generally operate on a “do not abuse” basis, so if you keep your days off to a reasonable number, you shouldn’t have a problem.

Of course, it’s a good idea to ask about your company’s COVID-related vacation policies, too. If your company offers the option to work remotely and tests positive for COVID-19, you may not have to miss much or any work if your symptoms are mild. But since there are isolation requirements associated with a positive test, it’s a good idea to ask any potential employer how they handle COVID-related issues.

While looking for a job for the first time can be daunting, the benefit is that you’re doing it at a time when employees have a clear advantage. But as you evaluate the different salary offers, be sure to research each company’s benefits as well to make sure you’re actually signing up for the right package.