Don't Leave Your Money On the Table

When nurses graduate nursing school they are often at the end of their proverbial ropes. After several long years of barely making ends meet and surviving the NCLEX most people just want to get that first job and have it over with. The first job a new graduate lands is not the job they will have forever, but many transfer within the same system multiple times throughout their careers. This is where it can really pay off to know some key pieces of information from the beginning.

PTO accrual

In many healthcare systems, PTO is accrued based on years worked. When job hunting it may not seem important what your benefits will look like in 5 years, but it is.

Job 1

Starting pay is $25.20 an hour. The new nurse will receive 7 hours of PTO accrued every 2 weeks for the first 2 years, then in years 2 - 5 the accrual increases to 9 hours every two weeks. That is a full 52 hours more of paid time off each year! In years 5 - 10the PTO accrued jumps to 10 hours every 2 weeks.

Job 2

Starting pay is 25.80 an hour with 7.5 hours of PTO accrual every 2 weeks. This will be the same every year regardless of longevity. There are a few things to consider when looking at these 2 jobs. The first is that while Job 2 pays more per hour at the outset, it does not reward staff for longevity. In Job 1, a staff member can reasonably expect to receive pay increases, since the PTO reward system shows the company places value on keeping employees for the long term. Once you work your butt off for a few years, that extra week or two of vacation accrued each year will mean a lot more than that initial 60 cents an hour.

Retirement

Another consideration is the retirement package. It is important to compare the options offered by any jobs that you are considering as this can factor considerably into your overall"compensation package". Employers who offer matching contributions are basically giving you free money!! Pick a job with a good solid retirement package and even though you are just out of school, begin contributions as soon as you are allowed. Every time you put money in that account your employer will too. Do not leave your money on the table.

It may seem hard to give up $100 every two weeks when you are fresh out of nursing school. If your employer is matching your contributions, the average match in some health systems is up to3 - 6%, then every time you put $100 in, they will too. In time, that adds up to a lot of money. Over the course of a year you will pay in $2600, but your employer will to and your total will double to $5200! Since the money you contribute is pre-tax you will not feel it as much as you think you will when your paycheck comes in, I promise.

Insurance

This is an area that can affect your overall paycheck in a very big way. It is vital to ask for a summary of the insurance benefits that are offered by your employer and what they will cost. Some employers, particularly hospitals, pay a good portion of the costs. Smaller healthcare systems, doctor's practices, and long-term care facilities typically have the employee pay greater portions of the insurance costs. The differences in costs can be minimal or well over $100 to $200 every two weeks. And let's be honest, anyone who discovers that their portion of medical insurance is much higher at their current facility then elsewhere will soon be job hunting.