There has been a debate that has raged on for decades among job-hunters: are employee benefits more important than salary?
It’s quite common that our long-term goals in terms of careers include getting a higher-paying job. While there’s no problem in having a job that will help pay for our bills and monthly essentials, it shouldn’t be the be-all and end-all basis for many aspiring career-oriented individuals. But there’s more to finding work than just going for the highest-bidding job.
Contrary to what most people think, having a job is more than just trying to have a better pay: it’s also about having adequate job security. Sometimes, people are too enamored when they see their monthly salary and forget some essential parts of their contract.
Why Are Benefits Important?
But first, what makes benefits such an important factor when you’re looking for work? While higher pay means that you’ll have better cash flow and more options regarding what you can invest in, benefits are a bit more “difficult” to calculate in terms of monetary worth. In the long-term, services can help provide much-needed security in case of a health emergency or when an employee decides to retire.
Of course, employer benefits will often vary in terms of what it comes and how much it does cover, but it is still considered necessary, nonetheless.
Benefits are a great way of cutting down on costs in monthly expenses while making things more secure or you. It’s essential to bear in mind that your compensation should not just be limited to your pay as benefits can definitely “save” you from a rainy day.
What Are Some Go-to Benefits?
Before committing to a company, you can try asking for any description of the summary plan. These are provided to current (and former) employees and their beneficiaries who are willing to participate in individual government-mandated retirement plants, such as the Employee Retirement Income Security Act.
Despite being fully-functional and healthy working adults, there’s going to be a time in our lives where we will have health complications, especially when we get sick. At this day and age, getting sick can significantly impact business operations, leading to a slump in productivity. Medical benefits are a great way of cutting down on high costs that will often be charged in procedures, hospitalizations, and other matters.
Usually, people will try to access their medical benefits and communicate through their desktops and laptops, especially when they’re at work. But in an age where almost any form of communication is done through smartphones, most telemedical companies have also followed suit by developing a responsive mobile-integrated system that anybody can access with their phones. With the use of MIH software, it’s easier for most individuals to consult about current health complications without going to a clinic.
Being able to save up with a cafeteria plan means that there will be more funds directed to more pressing aspects of your life while also having better insurance for your beneficiaries. Some parts of the country will usually refer to this as a “flexible benefit plan.”
Some of the benefits that this can gives includes;
- Flexible spending accounts can help pay for medical expenses.
- Dental packages and medical benefits
- Assistance for adoption and care for dependents
- Establishing a health savings account makes it easier for employees to pay for certain medical expenses.
There are cases that employers will give discounts and coupons for specific restaurants and services.
Finally, retirement plans are one of the most popular types of benefits available in almost every compensation package. This is a determining factor for much of your lifestyle when your device to retire. Most of the time, employers will offer a 401(k) plan that allows you to contribute around $19,000 of your salary each year.
But in terms of getting a defined contribution or a defined-benefit plan, the latter is a much better choice in terms of benefits that you’ll receive.
Overall, salary will always be the meat and bones that will motivate employees to work hard and be productive. But in the long run, benefits will keep most employees happy and show them that the company is willing to do everything to keep their workforce happy.
As an employee, you need to consider the following benefits: medical benefits, dental packages, retirement plans, and the coverage of certain types of insurance. Right before the onboarding process, you must thoroughly go through all parts of your contract so that you’re sure that you are secure in terms of future “prospects” by having benefits.