Nowadays, in order to recruit the best talent and stay competitive, companies and organizations have to present the most appealing employer brand to potential employees. There have been remarkable changes in what it means to “belong to a company”, and it is more than just employees receiving their paycheck on time. Criteria such as salary and location are always considered, along with additional factors like the range of benefits offered.
A good benefits package can be financially valuable in the long run and will offer you a better work-life balance, but if done poorly, it will be detrimental to your home life, future goals, or personal well-being. However, understanding the whole benefits package as an employee can be overwhelming as there so much information to take in.
This article is a breakdown of common employee benefits which will be useful for making future career decisions.
Health insurance is one of the most desirable benefits that employees can have, and is also the type of benefit that is offered the most by companies & organizations around the world.
There is more information here about different benefit options but depending on the country, state and its legal context, the rules about health insurance & protection may vary; but the most common plans will include medical, life, dental, and vision protection.
From there, employees will pick their medical care provider of choice, and the insurance company will either pay the provider directly or reimburse the employees the amount that is covered.
The expenses covered may also vary depending on the type of organization, job description, or responsibilities.
So often is this one of the more flexible offerings from an organization.
However, there are often specific guidelines that you need to keep in mind:
Vacation may be limited during the first month or first year in the organization, but whether you have to wait a specific amount of time before taking a vacation or earn your vacation by working progressively, these details should be well-understood as clear comprehension of related information will be advantageous to you in the long term.
Federal & national holidays are mostly covered, whilst additional holidays might be limited to some companies.
When applying for a job, find out whether the office is closed during those days or not, and if employees can get paid extra when working on these occasions.
Many organizations have moved away from sick days for salaried employees but it is still available in some places.
Planning for the future is always beneficial. It depends on which country you live in, but with careful preparation, you will get the flexibility that is much needed during complicated circumstances, such as childbirth or sick family members.
Make sure to understand whether you will get paid during this time or not, how much, and how long it will last.
Benefits regarding workplace flexibility have been a hot matter of debate in recent years.
As the boundary between private life and work is becoming increasingly blurred, companies and organizations offer more flexible office hours to help you balance your work and home responsibilities.
Working remotely or outside of regular business hours is also possible with certain jobs especially in small companies.
With online video meeting apps and telecommunication software on the rise, organizations have also caught up to this trend by encouraging the use of these tools at work.
This will save businesses money on bricks and mortar offices while saving you money on gas and eating out at work.
Professional Development Programs
Professional career development is an extremely valuable part of an employment compensation package in which a company provides a continuous range of learning opportunities and personal development programs.
Whether you are brand new or already familiar to the field, it is undeniable that having possibilities to improve your skillset and areas of expertise is incredibly beneficial.
In attending courses, workshops, or conferences, you will gain many advantages in terms of networking and development and can create good impressions that you are interested in growing with the company along the way.
Investment from the organization in development programs will also pay dividends in your productivity and the company’s overall revenues.
In conclusion, it is safe to say that employee benefits are not just an option for companies.
Whether the benefits are paid fully or partially by any parties involved, the results are always in the employees’ best interest, so take that into consideration for future career choice.
A proper understanding of your benefits as an employee will be beneficial in so many ways, so remember to look for good information and conduct careful research to ensure that everything is smooth-sailing.