As you apply for PT jobs, many of the descriptions, responsibilities, and even mission statements can start to blur together, making it hard to remember which interview and which company you liked best.

At a time like this, salary can become a quick way to remember each job you’re applying for, or eventually, which offer you should take. But this number doesn’t reflect the job’s daily experience, nor does it capture the total benefit package that employers offer.

And benefits really do matter. Whether you’re planning to get married, start a family, move across the country, or pursue specialist certifications, some clinics will provide life-changing support while others won’t help with your goals at all.

Salary vs. total compensation

Your salary, which isn’t the same as your take-home pay, is a good indicator of the kind of lifestyle you’ll be able to afford with any job. But a large salary may be hiding trade-offs that employers make to attract professionals looking for the biggest number.

For example, student debt is a major factor that affects many new grads, and the business of physical therapy often struggles to keep up with the increasing cost of obtaining a DPT.

Although a one-time signing bonus may be tempting, loan repayment assistance from your employer may be worth more in the long run.

This is why asking about total compensation is important. Each employer distributes benefits differently, some of which are bare-minimum to boost a salary that looks enticing. Others look low while boasting thousands of dollars in annual benefits for certain situations.

Sample total compensation comparison

	Job A	Job B
Base Salary	$110,000	$90,000
Health insurance benefits	$4,000	$8,000
PTO Value	$1,000	$2,000
401(k) Match	$2,200	$3,600
Visit Incentive Plan	N/A	$6,000
Tuition Repayment Assistance	N/A	$5,000
Continuing Education Assistance	N/A	$1,000
TOTAL	$116,200	$115,600

In this extremely hypothetical scenario, Job A provides a much higher salary than Job B, making it attractive when comparing two offer letters that only include that information.

However, by digging into the benefits of Job B, you discover that the employer provides a larger 401(k) match, health benefits that are more impactful for your season of life, incentives (rather than quotas) for seeing a certain number of patients/week, tuition repayment assistance, and continuing education credits to help you complete certifications and specialization courses.

The amounts used here should be considered only as a demonstration of the value of total compensation. Healthcare benefits (or costs) compound when you provide them for dependents, for example. PTO value may crater if the hours you accrue have an expiration date. All these factors (and more) contribute to not only the financial side of your job, but also the enjoyability and work-life balance conversation.

You can ask to see a total compensation plan for positions you interview for as part of your due diligence. And if you have the option of looking at multiple total compensation plans from multiple employers, you can really start to make a well-informed decision about your career and long-term financial health.

How to determine total compensation

Total compensation depends on what benefits you would actually use in a given job. Someone who provides the health insurance for the family, takes advantage of a CEU budget, and achieves the criteria necessary for annual bonuses will tend to have a higher ceiling of total compensation than someone who just utilizes the basic health plan for themselves.

So it’s important to know what your priorities are both in the short and long term. If you’re recently out of college and are still able to use your parents’ insurance, you may make a different choice than a breadwinner with two kids and an eye toward owning their own clinic someday soon.

Pick your priorities

Everyone’s priorities are different, which is why online advice can only go so far to help you evaluate job offers and make the best decision for you and your family. Priorities to consider include:

• Living in a particular region, state, or even neighborhood
• Cost and type of healthcare coverage for you, your partner, and/or your family
• Schedule, PTO, and expected workload (work-life balance)
• Parental leave eligibility
• Career growth pathways (mentorship programs may matter to new graduates)

Keep in mind that, although your priorities may be clear right now, they may change in the next few years in ways you can’t always predict. Unless you’re happy to look for another job with different benefits at that time, jobs with benefits that you would find helpful in the future might still be worth considering.

Ask the right questions

The key to getting information that helps you make the right decision about your financial future as PT is asking questions that are specific to your priorities. Again, everyone’s list of “must-ask” questions will be different, but make sure you get the whole answer for the policy, not just vague promises or numbers that sound too good to be true.

• How are bonuses earned, and how much are they?
• How much PTO do I earn, and when can I use it? (inquire about limitations, advance notice, etc.)
• Is there a bonus or incentive if my spouse carries our health insurance?
• What kind of employer contributions can I take advantage of? (401(k), HSA, etc.)

If you don’t receive a total compensation plan for the role you’re applying for, you can use the answers to these questions (and others, as you focus on your priorities) to build your own estimate of how much support you can expect beyond the paycheck.

Benefits package glossary

Total compensation descriptions will likely include a lot of acronyms and terms you may not be familiar with. Below is a list of common terms and what they might mean as you review benefits documents or total compensation plans. Keep in mind that every employer’s specific version of these plans will be different.

• PTO – Paid Time Off
• 401(k) – a retirement investment account opened on your behalf and possibly contributed to by your employer. Employers commonly contribute 1%-4% of your annual salary as matching funds to your own contributions. These amounts may be matched 1:1 but sometimes are matched 1:2.
• HSA – A Health Savings Account is attached to some types of health insurance plans. Contributions can be made tax-free directly from your paycheck and used anytime for healthcare costs. Your employer may also deposit funds with each paycheck you earn.
• HRA/SIHRA – Self-paying insurance plans offer the option to cover all costs associated with co-pays and co-insurance when an employee waives health insurance coverage (spouse/parent carries the insurance).
• Student loan reimbursement – Employers may contribute a percentage of your income to your student loans
• EAP – Employee Assistance Program: Access to mental health counseling, legal consultations, childcare consultations and referrals, nutrition assistance, financial aid and budgeting assistance, and other services as provided.
• Annual bonus – Employers typically reserve annual or quarterly bonuses according to job performance metrics. Bonuses tend to be set or capped at a percentage of annual pay, and may or may not be considered part of the salary advertised in a job description.
• Life insurance – Standard life insurance coverage of a multiple of your salary paid to listed beneficiaries.
• Disability insurance – Short-term and long-term disability insurance provides a percentage of your weekly pay for the duration of the disability.
• CEU budget – Employers may contribute a yearly budgeted amount or percentage of costs associated with obtaining continuing education units (CEUs) for career advancement.

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Find a fulfilling career with benefits that expand as your career grows at Alliance. Whether you’re an experienced clinician or recently graduated with your license, our Partners have an opportunity for you.

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