Nowadays, every company is offering employee benefits of some type. However, with the ever-increasing shortage of high-quality staff, businesses are beginning to need to offer a lot more than just some fresh fruit in the office. With a lot of things that used to be incredible perks becoming much more standard across the board, employers are in a position where they need to entice new staff in with revolutionary employee perks.
However, before accepting a new job there are a lot of things you should consider regarding the company’s employee perks package. Read on to find out the main things that you should consider when you are evaluating a potential new employer’s benefits package, and what to look out for.
Take Into Account The Base Pay
The first thing you should consider is the base pay for your new job. Take some time to establish a monthly or an annual budget for yourself as well as your family to understand how much you will need to be bringing in regularly to make ends meet and not have to worry. Make sure to include important elements such as savings and emergency budgets to make sure you always have enough saved away for any unexpected financial bumps in the road.
In addition to this, consider how much you are able to put away into a retirement fund, or how much money you will be spending getting to work each day. Find out if your potential new employer will subsidize travel costs or provide any payment plans towards commuting or relocating, and how much they are willing to contribute. If your base pay doesn’t cut it in terms of your budget, it is unlikely that any employee benefits programs will bridge this gap fully.
Are There Any Health Insurance Benefits?
Find out what health insurance benefits the company offers. Include key information such as the premium and deductibles you’ll need to pay compared to the pay you will be receiving, and how this will fit into your budget. In the case that you are presented with multiple options for healthcare or insurance plans, make sure to consider and research them all thoroughly, being particularly vigilant if you are comparing plans that offer high-deductible coverage to a more traditional style of plan.
A great benefit to inquire more about is the company’s time-off policies. How many days of paid time off do you get annually, and will this change with the length of service? Some companies nowadays are starting to implement unlimited paid time off policies, allowing their workers to take as much time off as they need and avoid burnout. Work out how the company approaches sick days and longer absences such as maternity or paternity leave.
Does Your Employer Offer A Retirement Scheme Perk?
Some employers will offer great perks when it comes to your 401k plan. Often, employers will offer to contribute to your plan, or even match your contributions one-for-one. Work out how much your employer values a good retirement plan by the 401k benefits they offer, and try to push for employers with the best retirement plans. This is your future, after all.
You should similarly consider what flexibility benefits the company is offering to you. Will you be able to have flexible hours, or the opportunity to work from home or try out a hybrid working plan if you wish to? Work out what is important to you in terms of flexibility. Do you have children you will need to drop off and pick up from school? Are there days you can work later to take the strain off the rest of the week? Do you have an older family member you need to be on-call to assist? Decide what factors are important for you and take those into account when evaluating a company’s flexibility benefit plan.
Look At What Other Benefits They Are Offering
Find out if your employer offers any benefits that are unique to the company. Do they offer retail discounts or loyalty benefits for local businesses? They may offer industry-specific benefits, such as tickets to events or opportunities to travel for work and experience new places. The opportunity to travel regularly is a huge benefit for some people, as it means you get to meet and network with professionals worldwide while representing your company on important projects across the globe. However, do take time to evaluate how traveling would fit into your current lifestyle. Do you have children, and is there anyone who could look after them while you are away for work? Or do you have other commitments near to home that would make regular travel, particularly international travel an inconvenience?
Find out how the company will approach work trips, whether they will cover the whole cost of traveling, accommodation and spending over there, or if you will need to supplement any of these costs yourself. How much free time will regular travel leave you with, and will it disrupt your work-life balance? Think carefully about these questions before jumping into any travel-based employee benefits package.
Be Wary And Vigilant
A great employee benefit is professional development opportunities. Will the job offer paid training, extra courses, or any opportunities to learn new skills? Companies should be investing in the development of their employees, and every job you enter should be working to increase your skillset and leave you more qualified than when you first arrived.
However, be aware of companies that advertise job progression as an employee benefit. Any company with its staff at the heart of its goals will be working hard to create and encourage job progression, making opportunities for employees to step into higher roles and progress upwards through the company.
All in all, employee perks are just that. Perks. However, the growing demand for qualified staff means that companies are having to work twice as hard to convince people to work for them as opposed to their competitors. Keep a keen eye out for the best employee perks, and make sure to think carefully about exactly what is being offered. Try to avoid employers who are including basic job features as “perks” and look instead for employee benefits that will enhance your life and make working for a company enjoyable and rewarding.