Benefits are a great motivating factor when you are applying for jobs.
Sometimes, you’ll learn about what benefits a company offers during the screening interview process. Otherwise, it’ll come up when they send you an offer.
It’s a well-known fact that humans are naturally driven by self-interest, and so when they are rewarded for work, they feel more motivated to perform better.
With every generation, the kind of benefits or perks provided at a workplace differs, as more and more organizations are realizing the need for investing in employee welfare.
You are not likely to find all of these benefits provided at every company that you apply to. But keep them in mind to ensure that you are getting a fair job offer.
The Employee Happiness Index 2019 states that the top 3 benefits most important to Millennials and Generation Z are working hours & leaves, health & wellness, and skills development.
Do these align with your priorities too?
Flexible working hours is a common practice (especially amongst startups), wherein employees are free to work at any time of the day, barring a couple of hours set aside for meetings and such.
Another trend that has been observed in recent times is the ability to work from home or work remotely on a temporary/ permanent basis.
Leaves are one of the most essential components in an employee benefits package. These can be paid as well as unpaid leaves.
Paid leave can be in the form of personal, sick, or vacation time off. In this case, the company still pays you the salary for the day(s) that you have chosen not to work. Unpaid leaves are a specific number of days allotted to each employee when they are allowed to take leaves without pay.
A company’s leave policy reveals just how much it values its employees’ physical and mental well-being.
Leaves enable people to take the necessary time to rest and recuperate, which in turn helps them work to their best abilities.
Depending on the company, some leaves are eligible for being utilized the next year. You should make a note of it and use the leave allowance if it cannot be transferred.
A lot of companies provide medical insurance coverage to their employees. Some even go a step further to cover the employee’s dependents in the insurance.
The types of insurance to keep in mind are health, disability, and life insurance. There are other less common ones like dental and vision insurance as well.
With regards to the insurance benefits, do remember that the company may choose to only cover a portion of the premium and that you’ll be required to pay the balance. So you should take into consideration what that will cost you and how it affects your income.
A 401(k) or another form of savings plan enables you to set aside a chunk of your compensation for your retirement. These not only offer tax benefits but accrue money regularly over a period of time so that you can retire comfortably.
In the case of a 401(k) plan, you can choose to deposit a specific percentage of your compensation.
Some companies may also offer to match your contributions to the 401(k) account, which means that the employer also contributes the same amount. However, the employer contributions are not tax-free.
You should evaluate what would be the right savings approach for you and invest accordingly.
According to research conducted by SHRM in 2015, less than one-tenth of HR professionals believe that their employees are “very knowledgeable” about the benefits available to them.
You do not want to be one of them, oblivious to the various components of your compensation package.
So, be aware of what kind of benefits are typically provided to employees, and negotiate successfully to get a good offer.
If you are still in the process of applying for jobs, we have a lot of informative blogs available for you to present your best self.
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