What are the common employment benefits a company might offer?
A job offer comes with an indicated salary package as well as the employment benefits associated with it. As an advice, don’t simply accept the job offer by looking only at the salary figure. Never underestimate the employment benefits that come together because chances are, those benefits, when combined together, can beat many other so-called high paying jobs out there.
So what are the common employment benefits? Here are seven of them:
This can be health, term and group insurance that cover illness compensation, outpatient treatment, dental, hospitalization, death and so on. Usually, top companies give a lot of emphasis to make sure their employees are well covered in every inch of life aspect. The health and medical insurance is becoming pretty expensive these days and with the ever rising cost of living, the need of a well defined insurance plan will be inevitable.
2. Stock options
Publicly traded companies have the extra edge to offer stock options to their employees as part of the employment benefits. Most of the top executives and CEOs at the best companies to work for get some piece of the action on the shares offering. This perk allows a staff to purchase the company’s stock at an employee-defined price (usually lower than the market price) and will be allowed to sell back the stock after going though a stipulated period of waiting time.
3. Pension or retirement contribution
Pension or retirement contribution can be from the employer contribution, employee (you) contribution or both. Depending on which country you’re working at the moment, you’ll have different system in place, but essentially you will have either one – pension or retirement plan. Pension is usually offered to those serving the government (state and federal level) while workers with the private companies normally get the retirement fund.
Some people are just particular with the types and amount of leaves they can get over a year. Probably, after working so hard, they want to get a pretty good rest and spend some time sipping cocktails by the Bermuda beach front. There are many types of leaves offered such as the gazette leaves (public holidays), emergency leave, sick/medical leave, compassionate leave and so on. Watch what your prospective employer offer, and see if some of the leaves can be carried forward to the next year if not fully utilized.
5. Education funding/scholarship
An employee can only be developed through continuous learning and education and this is where education funding and scholarship can play its role. Some companies are just generous enough to sponsor their employees who pursue their studies locally or overseas. This benefit may come with some catch though, where the incumbent may be bonded with the company for a period of time. Looking from a positive angle, at least you won’t be jobless for the next, say 5 years.
Some employees, after a long service with a company, are extended with an added benefit of applying loans from the company they work for. Depending on the economic situation, the loan facilities can come with an attractive package that dwarfs those offered by commercial banks out there. You can get your dream house, car or other assets with minimal hassle. Some companies even offer their staff to buy computers and pay over a period of time at an interest free rate. How wonderful.
7. Paid vacations
Not many companies offer paid vacations as an employment benefit but once you find it, you just hit the jackpot. Paid vacations are given to reward employees on their effort and valuable time spent to drive the company forward. As long as the vacation is not going to be somewhere close to your neighboring park, then it’s worth it. Top companies also regularly fly their employees when they organize year end dinner or get-together session somewhere far away from their workplace. Perhaps this year you will be sent to Bora Bora.