Quote:
Originally Posted by Benny003
You get a 15% match? Do you get bonuses as well? Is your salary comparable to a salary you could get at a similar job? I don't understand how a business could possibly afford that kind of match unless they skimp on benefits elsewhere.
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Technically the company refers to the 15% lump sum deposited into our 401k as profit-sharing, rather than a match. That is actually paid out by our parent company (we are a subsidiary). Then my employer has a small deposit which they refer to as a match, but it's only around $2k (seems to adjust up for inflation every few years). We also get cash bonuses that are in a range of 15-25% of salary depending on how the company performed overall in a given year.
I would say the company probably pays a bit under market in terms of salary, depending on your place in the company. Entry level, definitely under market, then it gets better as you go up the ladder. But, I think they feel like they can because a) we don't have many like competitors in this area so it is difficult to job hop and b) the benefits are better than average. Decent healthcare, very good work/life balance.
It's definitely kept me around for a while as it's allowed me to ratchet up my 401k balance very quickly over the years, especially since I've been able to max on my portion in recent years as well. I consider myself very fortunate because of it. But, on the flip side of the coin, maybe it's held me back from pursuing an alternate line of work at a higher salary. But, I'm pretty happy here most of the time so I tend not to dwell on that aspect too deeply.