Benefits can top up your salary expectations
When considering a job offer, it's important to evaluate the entire compensation package, including the benefits, rather than focusing only on the dollars. This approach ensures a more comprehensive understanding of the job's value and how it aligns with personal and professional desires.
How often do you hear the phrase, “that’s a bit more than they were expecting to pay”? Well how about that ‘bit extra’ being made up in other ways. Benefits that you might normally gloss over could actually be worth a lot to your pocket.
Is there hybrid flexibility to the job for instance that will save on travel costs? Is there gym membership? Lunch allowance, perhaps? Mobile phone allowance? These things all add up to hard cash.
If you know people already working at the company, can you find out what allowances are worth asking for? It may be a stretch, but if a company has a decent free coffee machine, that can save you $10 to $15 per day – which can work out at as much as $3600 across the year.
The reasons for considering benefits alongside remuneration
Long-Term Financial Security
Benefits such as super contributions above the regulated rate, or stock options, can contribute to your long-term financial health. The beauty of compounding interest means employer contributions to super can significantly enhance your financial security over time and often outweigh immediate salary increases.
Health & Wellness
Health insurance, dental plans, wellness programs, and mental health support can greatly reduce personal healthcare costs. A comprehensive health benefits package can save you thousands of dollars annually in medical expenses.
Work-Life Balance
Benefits like flexible working hours, remote work options, paid time off and parental leave policies directly impact work-life balance and overall job satisfaction. These factors can contribute to a positive daily work experience and your long-term career fulfillment.
Professional Development
Opportunities for professional growth, such as tuition fees being paid, training programs and access to professional development funds, not only increase job satisfaction but also equip you with new skills so you can advance your career and potentially increase your earning potential over time.
Job Stability & Employee Retention
Companies that offer comprehensive benefits often prioritise employee retention and are likely to invest in their workforce's long-term success. This can translate to greater job stability and security for you.
Tax Advantages
Certain benefits offer tax advantages that can increase your overall compensation indirectly. For example, contributions to super are often pre-tax, reducing taxable income, and some health benefits are provided tax-free. Non-profit organisations can offer further tax benefits as well.
Cultural Alignment
The range and type of benefits offered can reflect a company's values and culture. For instance, companies prioritising work-life balance might offer more flexible scheduling or sabbatical options. Understanding these aspects can help job seekers align with organisations that share their values.
Some examples of unique company benefits
In times of economic uncertainly, high inflation and skills shortages, businesses can often look to offering appealing benefits to meet the gap between what an employee wants to be paid as compared to what an organisation can offer.
Amazon
Amazon offer access to Amazon Extras Portal – where employees can find deals and discounts, including mortgage rates.
Uber
Employees get a 17 per cent discount on orders through the app, plus credits to spend.
Linktree
Linktree employees have up to $6,000 to spend across wellness benefits every year, be that fitness, childcare or mental health.
Westpac
Westpac offer four weeks leave for gender transition.
While the salary is a significant part of a job offer, benefits can have a profound impact on your overall compensation, well-being and job satisfaction. Evaluating these components together provides a fuller picture of the offer's value, ensuring that job seekers make informed decisions that align with their long-term personal and professional goals.
Original article by Hays NZ https://www.hays.net.nz/blog/insights/the-extra-job-benefits-that-can-add-value-to-your-salary