Looking for a job means compromising. You probably will not find the perfect position in the perfect location with the perfect salary but you should not compromise benefits.
Job benefits, also known as perks, are privileges granted to employees in addition to their salaries.
These perks could be retirement benefits, medical insurance, performance bonus, tuition reimbursement, flexible work schedule, paid sick leave, vacation and annual leave as well as office perks like free breakfast and lunch, childcare assistance, and parental leave.
Although most people hunting for jobs focus more on a starting salary, while neglecting other benefits and privileges.
Believe it or not, benefits are actually a better predictor for enjoying your job than salary alone.
Salary is basically referred to as fixed amount of money paid to a worker, usually measured on a monthly or annual basis. Salaries are paid by an employer to an employee, especially a professional or white-collar worker.
Therefore, it is much more important for new employee to pay attention to the benefits in their offer letter just as much as they pay undiluted attention to their basic salary.
There are some types of employee benefits that are mandated by law, including minimum wage, overtime, and leave under the Family Medical Leave Act.
Depending on the company, other benefits may include health insurance, dental insurance, vision care, life insurance, paid vacation leave, personal leave, sick leave, child care, fitness, a retirement plan, and other optional benefits offered to employees and their families.
Advantages Of Job Benefits Over Salary
It is obviously important for employers to offer their current and prospective employees a comprehensive package of benefits if they are to attract and keep them.
1. Job Benefits Can Boost Employee Loyalti
These are clear warning signs of problems suggesting that employers should focus on benefits to boost employee satisfaction and engagement. Benefits continue to attract and retain employees, and the importance of benefits to employees across all generations boost their level of loyalty.
According to a study, employees who are satisfied with their benefits are the most loyal and are willing to stay at their present employment. Having good job benefits will psychologically increase their loyalty to their companies.
2. Job Benefits Improves Employee Drive and Motivation
Work-life balance is a motivating factor that Improves employee Drive and Motivation. There are many ways you can help improve employees work environment which will greatly benefit their work-life balance, and thus their overall satisfaction, productivity and motivation.
Also, performance-based incentives motivate employees towards continuously meeting set targets.
3. Job Benefits Can Helps Employee Save
Retirement savings plans can help your staff save for the future. Offering retirement plan is one of the best ways to make sure your employees build savings, and the contributions employees put in will reduce their taxable income. You can match a certain percentage of your employees’ contributions and help their savings accumulate faster.
4. Job Benefits Fuels the Spirit of Innovation
When employees receive good benefits like flexible working hours, working from home, in some cases, having team bonding sessions, they will find themselves embracing the culture of innovation.
An example of a good benefit is an annual international training, cash course or transfer programme by companies that allow employees expand their horizon through international exposure which give them the opportunity to improve their skill. Remember, creativity is an essential ingredient for any company that is focused on growth and development as well as continued relevance.
Correspondently, Promoting collaboration and idea sharing across departments, breaking down internal silos and connecting employees through technology helps people to learn, grow and sparks additional ideation. Bridging the varying levels of knowledge, from employees in different work areas and with diverse expertise, will lead to more well-rounded discussions and conclusions.
5. Job Benefits Career Development
Providing constructive career development opportunities to employees is a cost-effective ways of achieving the following benefits for an organization’s workforce program: Retain Top Talent, Boost Engagement and Productivity, Strengthen the Succession Pipeline, Generate Knowledge Transfer and Retention among others.
By nurturing the best and brightest and giving them the skills they require to further their careers, companies can keep the smiles on employees’ faces, while preventing a talent drain that could hurt them immeasurably in years to come.
6. Job Benefits Boost Engagement and Productivity
Today’s employees expect to find meaning and direction in their day-to-day work not just jobs and tasks, but meaningful careers and career goals with benefits and incentives. Employees who have access to career development processes, resources, and tools feel much more engaged and supported by the organization. In addition, employees who drive their own development are far more likely to be motivated and optimally productive on a consistent basis.
7. Job Benefits Retain Employee
Naturally, there is much more to keeping staff than offering them free puff pastries with their morning coffee. However, building comprehensive employee benefits packages can go a long way to making key people comfortable enough to stay.
The other companies in your sector will want to do the same and may also want to entice your employees to join them instead. Therefore, making sure you are offering a good employment deal is fundamental. A lost employee can cost you up to twice that person’s annual salary in recruiting and training a replacement, so providing a good benefit package begins to look like a cheap option.
8. Job Benefits Employee Recognition
Employees must be acknowledged and compensated equally for all of their contributions and achievements. However you can do more than just the minimum of remunerating someone for their efforts, and issuing the occasional pat on the back.
Recognition comes in many forms, and it is largely up to the employer and those people in management to execute it well. Some employees would be greatly stirred by a formal recognition in front of other colleagues, such as a certificate, award or a team lunch, while others would prefer some extra praise and insight from themselves. What is certain is that we all get a kick out of being acknowledged for a job well done.
9. Job Benefits Attract Employee Learning And Development
By up-skilling your employees you are showing them both that they matter to the business, and also that there is room for progression within their role. There is nothing more motivating than being encouraged and supported to become a better version of you?
The employee will better appreciate, and be more motivated by, a sensible and well-considered plan of training for them. You need not worry if your business/department has no budget for learning and development, what you need to do is to look around and get free and relevant networking events and conferences your employees can attend to enable them improve career wise.
10. Job Benefits Increased Employee Morale and Job Satisfaction
job benefits increase employee morale and job satisfaction because they will be able to run their employers’ businesses more efficiently. They will have confidence while carrying out their duties thus boosting productivity. The reward is that your competitors can’t easily poach your best employees.
Conclusively, if you want to improve you work environment and make it more friendly for your employees, don’t hesitate to implement some of the advantages of benefits over salary mentioned above. It will definitely make your company grow.