Sometimes the benefits that ultimately have the biggest impact on your life are the ones you pay the least attention to at the offer stage.
When evaluating an offer, the focus tends to fall heavily on base compensation and remote or hybrid flexibility. Both are important, of course, but over the course of a career, other aspects of an employer’s total compensation package, culture, and investment in its employees can prove to be just as valuable, if not more so.
For me, it was the financial education I received from an employer in a position that had absolutely nothing to do with finance.
When I joined the firm, I was in my 20s and, like many people at that age, focused squarely on compensation as one of the biggest considerations in accepting the position. The firm already had an incredible reputation, so receiving an offer from them was exciting in itself. Beyond that, though, I was looking at the salary and traditional benefits. Those were the things that mattered to me at the time.
During orientation, the firm talked about its 401(k) plan and profit-sharing component. I listened, but I wasn’t really listening.
We had a new baby at home and were living paycheck to paycheck. The idea of putting money away for a period of my life that seemed impossibly far into the future didn’t make much sense to me. However, they strongly encouraged me to think about it, so I ultimately opened a 401(k) account and contributed the bare minimum: 1%.
Then I made myself a promise that when money was tight at home, I wasn’t going to think about that 1%. We’d figure it out. It really wasn’t that much. I’d say I could have cut out coffee, but I’ve never liked coffee, so I would have found something else!
Throughout my tenure with the firm, our Controller and outside financial professionals, including representatives from the firm’s 401(k) provider, regularly offered sessions on different aspects of financial health and planning. They weren’t individualized financial-advice sessions. They were general, hour-long educational programs designed to give employees information, explain options, and introduce us to things we might want to consider.
Knowing very little about financial planning or investing at the time, I found them incredibly helpful. More importantly, it wasn’t information I would have sought out on my own.
When my oldest was six, I opened 529 accounts for both of my children. I learned about them from the firm. Again, I contributed a relatively small amount, but the money came out consistently and went into those accounts month after month. Years later, those slow, steady contributions had grown enough to pay for approximately half of their four-year college tuition.
When high-deductible health plans became an option, our Controller walked employees through the pros and cons of choosing one versus remaining with the traditional plan. Both options remained available, and employees could make their own decisions, but those who attended the sessions had a much better understanding of the potential tax considerations and investment opportunities associated with their choices.
After a little more than 20 years with the firm, I decided it was time to venture out and try something new. Looking back, I appreciate just how much I had gained from those sessions and from the time the firm invested in helping its employees position themselves financially for the future.
As a new mom in my 20s, I had absolutely no idea that this would become one of the most valuable benefits of working there. Truthfully, it wasn’t even on my radar. I was starting a job at a great firm, earning a salary I was happy with and receiving good benefits. At the time, that was all I thought I needed to know.
Decades later, I see things very differently.
One of the greatest contributions that employer made to my life was imparting knowledge that helped me make better decisions for my future and investing the time to make that knowledge available to me.
It can be difficult to appreciate the value of those things while you’re building toward them. Early contributions and account balances can seem meager. Retirement feels far away. If you’re struggling or simply making ends meet today, imagining what a small contribution might become 10, 20, or 30 years from now can be nearly impossible.
I’m incredibly glad I took advantage of what was offered, even at a very modest level. Over time, it made an enormous difference, and I remain grateful that I worked for an employer that cared enough to provide that education to everyone at the firm, not just its highest earners.
It’s one reason I wish candidates would look more closely at the entire value of an offer, particularly when an opportunity may not offer the highest base salary but could provide greater work-life balance, stronger retirement benefits, better health coverage, or exceptional long-term advancement potential.
For attorneys, consider billable hours.
If you’re earning $150,000 with a 2,000-hour billable requirement, what would it be worth to move to a 1,800-hour requirement? That’s 200 fewer required billable hours per year, or nearly four fewer billable hours per week.
Could that mean more dinners with your family? Seeing more of your child’s soccer games? Taking a cooking class? Exercising more regularly? Or simply getting a few more hours of sleep?
A $150,000 salary against a 2,000-hour requirement equates to $75 in salary per required billable hour. A $135,000 salary against a 1,800-hour requirement also equates to $75 per required billable hour. Obviously, that is a simplified calculation and doesn’t account for bonuses, benefits, actual hours worked, or other compensation. But it illustrates an important point: salary alone doesn’t tell you the value of an opportunity.
Health benefits are another example. If your current employer pays 40% of your medical and dental premiums while another pays 60%, 70%, or more, a lower salary may be partially or even substantially offset by what you’re no longer paying out of pocket.
Employer 401(k) and profit-sharing contributions can also make an enormous difference over time, even when their value isn’t immediately apparent.
Then there are the benefits that are harder to put into a spreadsheet: hybrid or remote flexibility, commuter benefits, paid time off, parental leave, professional development, mentorship, reasonable billable expectations, and genuine opportunities for advancement.
For attorneys, I’m particularly interested when firms tell me that a position presents a succession-planning opportunity. An associate may have the opportunity to develop relationships with an established partner’s clients and eventually assume responsibility for a meaningful book of business as that partner transitions toward retirement. That can potentially transform an attorney’s career trajectory and future earning potential.
None of this means compensation isn’t important. It absolutely is. Candidates should understand their market value and be compensated fairly for their experience and contributions.
But when you’re comparing opportunities, don’t stop at the salary.
Ask about the retirement contribution. Ask what the employer actually pays toward health insurance. Understand the billable requirement. Look at PTO and parental leave. Consider the commute and flexibility. Ask how associates are developed and whether there is a realistic path for advancement. Pay attention when an employer demonstrates that it is willing to invest in its people beyond their next paycheck.
Sometimes the most valuable part of an offer isn’t the number that gets your attention today. It’s the benefit, opportunity, flexibility, education, or investment in you that you may not fully appreciate until years later.
Your compensation is what an employer pays you. Your total opportunity is what the position can add to your life and career over time. Both deserve a place in the decision.