This is not just another article on "how to negotiate your benefits package." It's about making the right decision for you and your family. When you're offered a job, one of the first things you'll consider is the company benefits.
Your salary is not the only way an employer may choose to provide financial benefits, as supplemental benefits packages offer substantial value. What employee benefits is the company offering? Do these benefits match your current benefits? All of these factors are important when making a decision about whether or not to accept a job offer. In this blog post, we will discuss the above-market company benefits to consider when making your decision.
What are employee benefits?
Employee benefits are any perks or advantages that an employer offers to their employees. Having a great benefits package is important for more than the obvious reasons. If a company offers its employees benefits like private medical, dental, retirement, and employee stock, it can mean they’re competitive and doing well financially. In the event a company doesn’t offer a benefits package, it might just be because they’re small, but it could also imply that they’re currently not in a place to be able to offer employees supplemental benefits.
Many employers do offer a variety of employee benefits. However, there are three main types of employee benefits:
Employee benefits that are required by law
Employee benefits that aren’t required by law but considered an industry standard
Employee benefits that are offered as an added perk or fringe benefit. These are considered to be above market benefits offerings
The above-market benefits offering are what we will focus on in this blog post.
Why you must consider not only consider the compensation but also the benefits package?
Before accepting the highest salary, don't forget to check the total benefits package. The total compensation and benefits offerings are arguably one of the most important factors to consider when accepting a job offer. When you're evaluating job offers, be sure to look at not only the salary but also the benefits package so that you can make an informed decision about which offer is best for you. Your compensation is more than just your salary, non-monetary benefits can offer great value. Depending on your work/ life conditions you should also look at the company benefits and see if they are a good fit for you and your family's needs.
What are the best company benefits to consider?
There are a variety of different company benefits that you can consider when making your decision about which job to accept. Some of the best company benefits to consider include:
One of the most important factors to consider when looking at company benefits is private medical insurance and dental coverage. Does the company offer medical and dental? If so, how much does it cost and who pays the premiums? What does the coverage include and can you include your dependents? These are all important questions to ask when considering a job offer.
Another important factor to consider is whether or not the company offers any risk benefits. Risk benefits are designed to protect employees in the event that something goes wrong. These risk benefits can be life insurance, critical illness or group income protection. These benefits are there to protect you and your family financially in the event of death, sickness or injury.
A retirement plan is an important benefit regardless of age as it helps you save for the long-term future for you and your dependents. Retirement plans are mandatory however you can enquire what type of retirement plan the company offers? How much do they contribute to your pension plan? Do they match employee contributions?
Employee stock purchase plan:
If the company you’re considering offers an employee stock purchase plan (ESPP), that could be a key factor in your decision. An ESPP allows employees to purchase company stock at a discounted rate. The benefit of participating in an ESPP is the earnings potential should the company stocks perform well.
Some companies also offer profit-sharing plans, which can be a great benefit for employees. Profit-sharing is when a company allocates a portion of its profits to employees. This can be a great way to boost your earnings.
Another factor to consider is whether or not the company offers a signing bonus. A signing bonus is a one-time payment that is given to an employee when they start working at a new company.
Employee assistance programme:
Some companies also offer an employee assistance programme (EAP). This is a confidential counselling and support service that can help employees with work-related stress, personal problems, and more. Most EAPs are available to dependents as well.
Education assistance programme:
Some companies offer an education assistance programme to help employees pay for courses related to a degree or professional development courses. This is a great benefit to consider if you are looking to further your career.
Time-off is an important benefit for maintaining a healthy work/ life balance. Does the company offer above-market annual leave days? Does the company offer family-friendly leave types? Some companies offer employees time off for their birthday, for volunteering, for exams. Some companies will offer employees more time off depending on the length of service with the company.
Flexible working arrangement:
Does the company offer flexible working arrangements? What is their policy on working from home? This is an important question to ask if maintaining a good work/life balance is important to you.
Some companies also offer additional perks like gym memberships, free food, employee discounts on retail stores, and transportation allowance. While these perks are not necessarily required, they can be a nice added bonus.
Related: 7 Job Search Hacks to Get You Hired
These are just a few of the many different company benefits that you can consider when making your decision. Be sure to evaluate all of the different options before making your final decision. The most important thing is to find a job that's right for you and offers the best possible benefits package.
What employee benefits are most important to you? Share them in the comments below!
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