How to compare hourly rates

[jena]

when one offers PTO and the other doesn't?

I need to compare 2 jobs. It's actually the same contracting job, I just have to decide which agency to go through. So there is no other factor besides $$.

Company A has a lower rate but offers PTO and 7 paid holidays and a 4% 401k match.

Company B offers a higher rate, no paid holidays, no paid vacation, no 401k match (but there is a 401k to participate in). I will still be taking time off for vacation days and holidays, they just won't be paid.

2080 hours in the year
less 160 hours PTO
less 56 hours holiday pay
Total of 1864 working hours available.

So for Company A, because I get paid for all those hours, I calculated 2080 x hourly rate, then took 4% of that total and added it on to account for the match.

For Company B, I calculated 1864 x hourly rate.

Is this a good way to compare the two?

[ijack]

I wouldn't include the match since it's not always guaranteed.

[gogreengowhite]

Yep, that's how I would calculate it.

How long do you plan to work in this contract position?

My husband did a 7 month contract at a higher rate with no pto/vaca and only took off 1 non-holiday day. The no work=no pay made him go in even if he needed a break.

If it's long term it might wear on you.

[gogreengowhite]

Does either company offer insurance?

My husband negotiated $4 more per hour by signing a form saying he would not elect their insurance while he was working through them.

[jena]

I've actually been working this job for 8 years. But I have an opportunity to move to a different agency. Both offer insurance, not sure how $$ but I'm on DH's insurance plan. I'm not sure what it means that the 4% match isn't guaranteed. It's in my employee handbook, they darn well better pay it! But Company A (my current company) isn't looking too hot in this comparison anyway. I have a chance to negotiate with them on Friday to see if they can come up to scratch. I like the idea of signing away my insurance for more pay, thanks for the idea.

[pamela]

I think that's a fair comparison (didn't check your math, just the concept). I would consider the match because, sure, they could stop it at anytime, but that's a good match and needs to be considered. If they do drop it, you can consider looking elsewhere then.