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Seniors encouraged to inspect work benefits |
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Thursday, 10 April 2008 |
by LAUREN LAWSON
News Reporter
Many college graduates would agree the prospect of job-hunting right after graduation can be daunting.
For some, finding a job to pay the mounting bills is a top priority.
However, job offers include much more than a yearly pay.
Benefits gained momentum in the United States during World War II when there was a limited work
force, too much work and a freeze on wages in the 1940s after workers demanded greater wages, said
Dr. Jeremy B. Fox, a management professor.
“Companies wanted to attract good employees and because they couldn’t increase wages, they offered
things such as retirement plans and sick pay,” Fox said.
After the wage freeze was lifted, workers did not want to give up these benefits so the trend continued
as the government recognized these benefits worked in society’s best interest, Fox said.
“Companies continued to tailor benefit packages for employees and the government continued to
support benefits as they are tax deductible for companies,” Fox said.
Companies spend about 40 percent of their costs on benefits and 60 percent on actual pay to
employees, which should show students how important benefits are, he said.
“Your first month of job searching, you look for your dream job. The second month you’re just trying to
find something locally and in your third month you really just would like a pay check,” said John
Overbey, an Appalachian State University alumnus.
Overbey said first jobs aren’t necessarily about benefits, but really about the work experience one can
gain.
College graduates with real work experience are much more appealing to employers and “that’s why
internships are the best idea to open up opportunities,” Overbey said.
Fox said students are not aware of the impact benefits can have on their lives.
While health care may not be as important right now at a young age, benefits students should consider
now include retirement plans and investments for the future, Fox said.
“I know there is a rush to get a job, as well as factors like parental pressure, but students need to
examine plans and consider negotiations,” Fox said.
Appalachian Director of Human Resources Patrick J. McCoy said in his experience with staff benefits
at Appalachian, people who come to the university are in it for the long haul.
“It’s a pay off for working in a public university environment; for some of the benefits, the longer you’re
here, the more benefits you receive,” McCoy said.
He said many today find it hard to obtain affordable health care but employees at the university receive
the state health plan.
“Students should recognize good benefit plans go with good employee relations. They should take into
consideration as a warning about companies who care about their employees,” he said.
He said it’s important to take the time to look online for benefits because students shouldn’t take for
granted that benefits will be the same across different companies.
“If you get a job offer, please negotiate, because when it comes to salary they initially shoot you a low
ball figure,” Overbey said.
Fox recommends students ask the company to put down in writing the pay and benefits when
examining various offers.
Students should then compare how much companies will match in putting money away for retirement
plans, how unused time off is taken care of and the flexibility of benefits offered.
Overbey said students should look at long term benefits like 401K plans, health care, and maternity
leave, as well as immediate benefits like work out facilities, concierge services, flexible work hours,
cell phone discounts, and other seemingly small benefits that have the potential to save a new
graduate a fair amount of money at the end of the month.
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