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 above and beyond the hourly rate. Private employers may have Bonuses, but Public jobs have advantages too.
Here is the breakdown of our salary additions.
01/29/16 HIS
Health Insurance…….$ 15,675
Amount paid by employer
Sick/vacation days…..$ 8,901
Holiday pay…………..$ 3,988
HSA contribution……$ 1,979
Employer monies into HSA
Defined Contribution.$ 5,583
Retirement paid by employer
Bar Dues………………$ 345
Covered by employer
Total………………….$ 36,471
Total Compensation..$116,241
01/29/16 HERS
FERS Contribution….$ 16,350
Federal retirement system
FEGLI insurance…….$ 237
Life insurance paid by employer
TSP……………………$ 5,967
Other Federal retirement system
Holiday pay………….$ 4,590
Sick/vacation days…..$ 17,902
Total………………….$ 45,046
Total Compensation..$164,790
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, but I traded in for a way better work environment and the possibility of future advancement. Dollar amounts aren’t everything.
Othala Fehu 