Seven Benefits to Expect When Working in Tech

With all the remote work and flexibility available in tech, you may think it’d be difficult to find a company that offers standard benefits. However, most tech companies do offer benefits to their employees like in any other industry, if not more. Of course, a lot depends on the company itself, but as a general rule, tech workers can enjoy a lot of support and extras.

Practicum’s Career Coach Christina Guida confirms, “It’s not accurate to say that tech companies as a whole do not provide benefits to their staff. From what I've seen, many of the small tech companies and startups still offer benefits. Employees can expect benefits like healthcare, 401(k) retirement plans, parental leave, paid time off, and other basics. It may vary slightly depending on the company. It's always a good idea to read through the benefits and policies when you are applying and preparing for an interview.”

So which benefits do these companies typically offer? Let's take a closer look at seven key benefits you should look out for when searching for your perfect tech role.

Health insurance 

This is an important benefit that many tech companies offer to their employees. With various health insurance options available, employees can choose a plan that meets their needs and preferences. These may include traditional health insurance plans, such as Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs), as well as High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). Some tech companies offer additional health benefits like dental and vision insurance.

Retirement plans 

Retirement plans in tech companies can vary depending on the company and the specific plan offered. One common retirement plan offered by tech companies is the 401(k) plan, which allows employees to contribute a portion of their pre-tax income to a retirement account. Some companies may also offer a matching contribution, which means that the company will add a certain percentage of the employee's contributions.

Some tech companies may offer other retirement plans, such as a pension or profit-sharing plan. Pension plans provide a guaranteed income stream in retirement, while profit-sharing programs allow employees to receive a share of the company's profits.

Paid time off

One common type of paid time off policy in tech companies is a combined vacation and sick leave policy, which allows employees to use their paid time off for any reason, including vacation, illness, or personal time. These policies typically offer a set amount of time off per year, with additional time added for every year of service. Some tech companies also offer unlimited paid time off policies, allowing employees to take as much time off as needed, as long as they meet their job responsibilities and finish their work. In addition to standard vacation and sick leave policies, some tech companies also offer additional paid time off benefits, such as parental leave, bereavement leave, and volunteer time off. 

Parental leave

Paid parental leave policies in tech companies typically offer a set amount of time off for new parents to take care of their children. This time off can vary depending on the company and the specific policy but often ranges from several weeks to months. For example, Salesforce offers six months of fully-paid parental leave, as well as adoption and surrogacy assistance, and fertility benefits! Some tech companies also offer additional benefits to support new parents, such as flexible work schedules, telecommuting options, and on-site childcare facilities. These benefits can make it easier for new parents to balance work and family responsibilities during this time.

“Currently, the 1993 federal Family and Medical Leave Act (FMLA) offers 12 weeks of unpaid, job-protected leave to care for newborns or seriously ill family members for employees who have worked at least a year for a larger employer (50 or more employees),” says Christina.

Flexible work arrangements

One typical flexible work arrangement in tech companies is telecommuting, which allows employees to work from home or other remote locations. This can be especially beneficial for employees who live far from the office, have family responsibilities, or prefer to work in a quieter environment. Many tech companies also offer flexible schedules, which allow employees to set their hours or adjust their schedules as needed.

In addition to telecommuting and flexible schedules, some tech companies also offer job sharing, where two employees share the responsibilities of one job, or compressed work weeks, where employees work longer hours on fewer days per week.

Professional development opportunities

These opportunities provide employees with the training and resources they need to grow their skills and advance their careers, which can lead to increased job satisfaction and productivity. One common professional development opportunity in tech companies is tuition reimbursement, which allows employees to pursue higher education or advanced training in a relevant field. Many tech companies also offer internal training programs or workshops, which provide employees with hands-on experience and training in specific areas of the company's operations. 

Stock options

Stock options allow employees to purchase company stock at a set price, known as the strike price, within a specified time. Many tech companies also offer restricted stock units (RSUs), which are similar to stock options, but provide employees with a set number of shares of company stock instead of the opportunity to purchase stock at a set price. The employee must remain with the company for a certain period before fully realizing the shares' value.

What does it all mean?

As you may see, a job in tech is not always just about a high salary. Benefits play a great role, too. In fact, it may happen that the offered salary is average for the market, but the benefits are amazing. Try to see the bigger picture and consider the whole package before accepting or declining a job offer. It is worth spending some time researching companies' benefits and work culture. Ask recruiters or use LinkedIn connections to find more information about all the perks offered. Having all that information will help you be more strategic in your career decisions. 

If you still have any questions about your potential career in IT, the Practicum Career Team is here to assist you. Book a call with an advisor to resolve any question that holds you back from enrolling in a Practicum bootcamp!