Consider this scenario: two large computer software companies offering similar entry-level positions with plenty of room for growth have made you an offer of employment. And they've both offered you the exact same starting salaries.

So which offer do you accept? Most likely, the next step in your decision-making process is to compare the benefits packages that each company offers. Sometimes one extra benefit like a flexible workday can be what tips the balance in favor of one company over another.

Next, consider this: two similar companies have made you a practically identical offer of employment-only this time the salaries vary widely. But the company offering the smaller starting salary also provides an outstanding benefits package that brings their total offer up to the same value of the larger one. In this case, which offer would you accept?

Naturally, if you were really faced with these scenarios, you would want to gather more information on intangibles like the office cultures and other details before you made your final decision. But the main choice in each situation hinges on the widely varying "benefits package"-an unwieldy but important entity in the job search decision-making process.

As you embark on your own job search endeavor, you will undoubtedly hear more about employee benefits alongside the typical discussion of starting salary. Therefore, it is important that you have a good handle on what these potential benefits are, and how they can increase your overall earnings package.

What's in the Package?

Technically, your take-home pay is considered part of your overall benefits package. When you receive your job offer, the letter may read something like, "...a $50,000 annual salary and full benefits package." However, that does not mean you will take home $50,000. After taxes and other payroll deductions, your net income will be in the ballpark of 66% of that $50,000-about $33,000. The percentage of net income will vary based on the number of benefits the company offers (but requires you to pay for a portion), and how many of those benefits you choose to utilize. And, yes, many benefits actually take money out of your paycheck. But these are benefits like medical insurance, which are set up to protect you against financial hardships brought about by unforeseen circumstances, such as illness or injury. Consider the high cost of medical services without insurance-even a routine physical exam could set you back several hundred dollars if you aren't covered.

When it comes to health plans, some employers will provide complete coverage with no out-of-pocket expense to you, but most company plans require the employee to pay part of the cost in the form of payroll deductions, as discussed above. However, the cost is always much more reasonable than paying for care without any kind of coverage.

Aside from health care, the general term "benefits package" can include any number of the following: cash bonuses, commissions, stock options, equity, disability insurance, life insurance, consulting services, cafeteria plans, overtime, retirement plans, retail discounts, worker's compensation, events, flextime, tuition reimbursement, paid holidays, time off, childcare plans or facilities, and company-specific perks.

The cost of some of these benefits comes straight out of the employer's pocket, and the cost of other benefits comes out of your paycheck. The employer has to find a happy balance between offering a benefits package that entices the employee without bankrupting the company. Employers are constantly working to maintaining this equilibrium by adding and subtracting individual benefits or rearranging how to pay for those benefits. They might also toss in a few extra intangibles like casual Fridays because they're free. These freebies are often called "soft benefits."

Another popular soft benefit is flextime. This means that you can create your own flexible workday schedule. If it is more convenient for you to begin your workday at 10 a.m. and leave at 6 p.m. so you can see your kids off to school, for example, in an office that allows flextime, you would be able to do so. Working from home or "telecommuting" is another soft benefit that some employers tout.

About all you can expect from a prospective company, however, is a "fair wage." It's up to individual companies to decide what they choose to offer their employees, and they can change what they offer as their needs and their employees' needs change. Likewise, it is up to the employee to decide whether or not they choose to participate in some or all of the benefit plans offered.

However, once an employee decides to participate in a benefit plan, they have certain rights that are protected by the Department of Labor. You can read more about this at the Department of Labor's Web site at www.dol.gov.

Doing Your Homework

In Ric Edelman's book Inside Personal Finance, the financial advisor and founder of Edelman Financial Services LLC, states, "Most workers don't realize that their employers spend 20% to 40% of their [the employee's] income on benefits." Applied to the $50,000 salary illustrated above, this means the company is actually committing to pay $60,000 to $70,000 to employ you. We'll weep some other time over the disparity between the company's investment in you and your net income. Let's focus instead on how you can maximize that investment.

First you will want to have a clear picture of the benefits a company offers before you make the important decision to accept or refuse an offer of employment. Many companies (particularly the ones actively recruiting) will have their benefits listed on their Web site. So even before you decide to apply for work, you can glean some hints about the atmosphere and values of a company. For example, a business that has a childcare center on site is probably appreciative of the challenges facing working parents. Or, you could deduce that a corporation that lists "casual Fridays" is not going to look kindly on you showing up in your favorite pair of flip-flops every other day of the week.

There are some places of employment that prefer to play their cards a little closer to the vest and won't post information about their benefits programs on the Web or in other widespread employer literature. In these cases, you will not find out about benefits specifics until you receive an offer of employment. It is entirely appropriate to ask for a little time to think the proposal over, however. Simply say something like, "Thank you for this offer. I'd like to take some time to consider it and discuss it with my family. May I contact you in a few days to let you know my decision?"

Also keep in mind that benefits can be used as tools of negotiation once you've been offered a position and you're discussing the terms of your employment. Sometimes employers won't be able to increase a relatively low starting salary, but will have the ability to increase certain benefits in order to sweeten your overall package. This strategy of negotiation can add thousands of dollars to your compensation package.

Today's Trends

"Many Americans feel they're losing the retirement-planning game. Nearly half (45%) of survey respondents say they're behind schedule in their retirement savings, and three out of 10 full-time 21- to 30-year-old workers haven't even begun to stash something away," says Monster.com's senior contributing writer, John Rossheim, in a summary of the findings of a MetLife-commissioned survey. Check out the full article.

This is particularly disturbing news considering Stephanie Armour's reported findings in USA Today that, "They [generation Ys] have financial smarts. After witnessing the financial insecurity that beset earlier generations stung by layoffs and the dot-com bust, today's newest entrants into the work force are generally savvy when it comes to money and savings."

There is no comfort in knowing that although recent grads understand the importance of participating in their company's benefits programs, they aren't all making the choice to do so. Whether or not you believe Social Security will be around to support you when you reach retirement age is not the question. The question is how much control you want to have over your financial future. And the answer to that question should be, "I choose to have complete control over my financial future!" Anything less, and you are doing yourself a disservice, and you deserve better than that.