Consider the Total Compensation Package

By on April 10, 2013

I am aware that my friends and I are getting older. I am not sure when it happened, but I came to the realization during a conversation with one of my best friends. She was talking about how close she is to becoming fully vested, and what this means for her financial future. Vesting and retirement funds aren’t exactly the main topics of conversation for soon to be college graduates, but, when you are evaluating an offer, you need to consider more than just salary.

Retirement Benefits

I joined Hyatt Corporation almost thirteen years ago. At the time, I was more focused on having fun and furnishing my first adult apartment; retirement was far from my mind. Luckily, the hotel’s Benefits Manager encouraged me to start saving for my retirement right away. Considering the fact that the company offered a match on my contribution, I would essentially be walking away from “free” money by choosing not to participate.

Some benefits may not seem important right now, but as your priorities change, they may have more value.   Does your potential employer offer incentives for you to start saving early for your retirement?  Is there a match or employer contribution on your behalf?  How long do you have to work with them before you’re fully vested?  These are all factors that you should consider when comparing offers. Today, I’m thankful that I started saving for my retirement right away.

Health Insurance & Paid Time Off

It is likely that you will remain on a parent’s insurance after graduation. However, health insurance is another important benefit to consider, as well as paid time off if you’re sick or want to take a vacation. It’s easy to get caught up in the excitement of receiving an offer, but the time you are allotted to make a decision should be used to evaluate the various benefits that come with your offer.

Lunches, Parking, Dry Cleaning

Consider the little expenses that can quickly add up. For example, the cost of lunch or parking each day, and the cost to dry clean or purchase a professional wardrobe. Make sure to keep in mind the location of your job. A work site that is close to your home will cut down on the cost of commuting each day. Ask your employer if he or she offers discounts or reduced fees for these types of things. If they do, factor the cost of the expense and the savings you will potentially receive (this is basically additional money in your paycheck).

At Hyatt, employees of our full-service hotels receive free or reduced meals. If you are assigned a cost of $5 per day for lunch and work 5 days each week you will save bout $25 per week or $100 per month!

Remember, evaluating an offer is about more than just salary. You have to broaden your focus and consider the total compensation package!

About Ronisha

One of Hyatt's Regional Talent Acquisition Managers, Ronisha recruits for Hyatt's College Programs and supports our full-service locations within the East Coast and Midwestern regions of the United States. A lover of all things "social", you can follow her on Twitter at @ronishagoodwin