Finding the answers to these questions will help you make smarter, more informed decisions:
1. Ask about the medical benefits. You probably negotiated your salary, but are you aware of the details about your medical benefits? Health plans can vary greatly, so it’s important to find out what your health benefits are and how much they will cost you.
• What types of plans are offered by the company? Can you add your family to your plan? How much of your paycheck will go to pay for your medical benefits?
• Compare the employer plan to other programs that may be available to you for the highest level of savings and benefits.
• Health plans may not start immediately after you begin working. The time may vary from a couple of weeks to several months. How will you and your company handle medical issues during this time?
2. Ask about the retirement plans. Your company may have a 401(k) plan or other types of retirement plans.
• You’ll want to find out how much your company contributes to the retirement plans and how much comes out of your paycheck. You may also consider other retirement options.
• It’s important to remember that you have options and rights. Your company can’t force you sign up for programs or plans you don’t want or need.
• If you had a retirement plan at a different company before the new job, then ask about what happens to your previous retirement plans. Can they be combined, transferred, or changed? What are the options for your previous savings with regards to your new plan?
3. Ask about development opportunities. It’s a great idea to find out what your new company offers to help you move higher up in the company. Not only does this information make it easier to plan a brighter future, but your question also shows initiative and a desire to do well at this new job.
• Does your company offer development and training programs? Can you use them to get more projects or new opportunities? If you can find programs that help you grow, then you’re more likely to get a raise.
• Training and development are directly linked to your salary. More training can lead to higher pay and more authority. 4. Ask about conferences. Does your company support employees who want to attend conferences related to their work?
• Your company may offer financial help to employees who travel to industry conferences. This can range from tickets to hotel stays. It’s important to find out if your business has these conference benefits.
5. Ask about bonus programs. Your company may have bonus programs for employees who achieve a certain sales level or other accomplishment.
6. Ask about company devices. Does your company provide employees with free phones or computers? Are you allowed to take these devices home and use them, or does the company have other rules?
• Your company may offer free or reduced-cost devices for you. In addition, they may cover your cell phone bill. You may still be responsible for a portion of the bill, so it’s important to get clear answers and find out exactly how much the business will cover.
• Your company may expect you to purchase your own technology devices. This may be an extra hassle, but they may include reimbursement for some items.
Before your first paycheck arrives, it’s crucial to get the answers to several finance questions related to your job. These answers can help you plan your budget and portfolio.