When you are trying to figure out what your real salary is, you don’t just look at the dollar amount on the paycheck right? Different jobs come with different packages.
To truly evaluate the job, you need to factor in the benefits beyond the hourly rate. Private employers may have Bonuses, but Public jobs have advantages too.
Here is the breakdown of our salary additions.
03/09/2018 HIS
Health Insurance…….$ 17,892
Dental/Vision………….$ 894
Amount paid by employer
Sick/vacation days…..$ 9,224
Holiday pay…………..$ 3,778
HSA contribution……$ 2,066
Employer monies into HSA
Defined Contribution.$ 5,500
Retirement paid by employer
Bar Dues………………$ 345
Covered by employer
Cell Phone Stipend…$ 780
Total………………….$ 39,699
Total Compensation..$118,274
03/09/18 HERS
FERS Contribution….$ 17,832
Federal retirement system
FEGLI insurance…….$ 259
Life insurance paid by employer
TSP……………………$ 6,500
Other Federal retirement system
Holiday pay………….$ 5,507
Sick/vacation days…..$ 19,524
Total………………….$ 49,622
Total Compensation..$180,223
Next, you have to consider the less tangible pros & cons of any job. Things like;
- Distance of the commute. This one may not seem that important in the beginning, but year after year of driving back and forth, or dealing with traffic, really takes it toll. Not to mention the added stress of winter driving. (where applicable).
- Workplace Culture. Every workplace has its own flavor. A place you want to be at everyday with people you would choose to be around is considerably more valuable than a poisonous work environment. Full of spiders and sharks.
- Career Mobility. Does this job have any realistic room for you to advance? Looking at the long term is a more nuanced calculation, but it is still important to consider.
I personally have recently left a job to take a $5,000 pay cut. Here are our Current Paychecks. I traded in for a way better work environment and the possibility of future advancement. Dollar amounts aren’t everything.
Selecting a job can be complicated. That bottom line salary can be disguised by insurance, retirement, sick days, and vacation days. The job seeker probably needs to ask more questions than the employer to make an informed decision.
My kids are both working part time jobs at a locally owned Asian restaurant. The restaurant feeds all employees every shift. My kids don’t appreciate it much, but it has reduced our family grocery bill noticeably. Who knew we’d get this benefit.
As a young person I almost exclusively worked at pizza places, there were always ‘mistakes’ to eat and take home.