Attractive Benefit Packages
Many employees today not only refer to their salary when discussing their remuneration package but their benefits package as well. Benefits play an important role in many workplaces and are a company's way of attracting and retaining the right people for the job. Benefits range from the more commonly associated perks of permanent employment such as paid vacation, to encouraging employees to achieve more of a work/life balance.
In most countries, companies are required by law to provide statutory annual leave. However, awarding annual leave above the minimum requirement is a common benefit many employers offer. Some firms will increase an individual's annual leave entitlement depending on the length of service and may allow annual leave entitlements to be carried into the next financial year. Others may offer paid time off for religious holidays and special occasions.
Retirement packages are also a common form of benefit offered worldwide. Company retirement plans are highly sought after and encourage employees to remain in a workplace long term. Similarly, health plans offering cover for medical and dental expenses are a drawcard many companies use to attract employees. Some insurance policies allow employees to cover not only their own health but also the wellbeing of their families. This also encourages longer terms of service and increased job satisfaction.
In addition to regular benefits packages, an increasing number of employees admit to being attracted to companies that recognize the importance of a work/life balance. Employers that promote a family or team environment and award time off to employees to attend personal commitments earn high praise in American workplace surveys. Flexible schedules and childcare facilities along with an increasing array of “soft benefits” such as time off for study and personal counselling play a strong role in the personal well-being of employees. This has a profound effect on how employees view the company they work for and the perks themselves are often relatively low in cost to the employer.
When searching for a new job, make sure you ask your prospective employer about the types of benefits they offer, including the type of culture these benefits aim to promote. While your salary may ultimately be the most important feature, remember that the benefits your firm offers will directly impact upon your working life.
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