When an employer makes you an offer while you are hunting for a job, would you place more value on benefits over salary or would it be the other way around? According to a 2015 employment confidence survey, nearly four in five (79%) of employees would prefer new or additional benefits to a pay increase.
Job benefits, also known as perks, are privileges granted to employees in addition to their salaries and benefits. 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, child care assistance, parental leave and other employee development perks.
Your salary basically refers to a fixed regular payment, typically paid on a monthly basis but is often expressed as an annual sum. Salaries are paid by an employer to an employee, especially a professional or white-collar worker. In Nigeria, salaries are predominantly paid on a monthly basis and are usually fixed as specified and agreed upon by your contract.
If you are building a career and not taking your next job for just ‘getting the job sake,’ it’s important you pay attention to the benefits in your offer letter just as much as the basic salary if not more. Here are some of the benefits that come with placing more value on job benefits over salary.
1. Great Benefits Over Salary Helps You Save
Life is usually filled with uncertainties and your job benefits can help curtail unnecessary or unforeseen expenses. Your job benefits can help you save money on medical bills mid-month if you get ill, especially when your salary has not been paid.
It also reduces the financial burden of expenses for your vacation as well as your certifications and trainings, especially in a situation where your employer offers you tuition reimbursements. Good job benefits reduce the financial strain on both your foreseen and unforeseen expenses.
2. Career Development
When you have good job benefits as opposed to your salary, it provides a reliable support system for your career and personal development, especially when your salary cannot provide sufficient support.
If your employer provides adequate support for professional certifications and trainings, this would go a long way in helping attain your career goals, especially where it concerns career training and personal development.
3. Boosts Your Loyalty
Did you know that job mobility in Nigeria is high and continues to soar? According to the report on the Best 100 Companies To Work For in Nigeria 2018, only 24% of respondents are willing to stay at their present employment. Having good job benefits and perks will psychologically increase your loyalty to the company.
4. Improves Your Drive and Motivation
Performance-based incentives are direct triggers to motivate you towards continuously achieving positive results and meeting set targets. Such incentives would improve your drive for results and ensure that you do not rest on your oars. These incentives can come in the form of cash and non-cash rewards or awards.
5. Fuels the Spirit of Innovation
For any organisation, creativity is an essential ingredient especially for a company that is focused on growth, moving forward and continued relevance. These are the qualities you should look out for before you agree to an offer from a company. Great brands are known to be innovative and this innovation stretches into every facet of the company including benefits that you receive as an employee.
When you receive good benefits like flexible working hours, working from home in some cases, having team bonding sessions with your colleagues as well as your peers in other establishments, you will find yourself embracing the culture of innovation and working smart.
An example of a good benefit is an annual international training or transfer programme by companies that allow employees expand their horizon through international exposure and an opportunity to improve your skill set.
Final Thoughts on Placing Job Benefits Over Salary
In conclusion, whatever your reasons might be, there several advantages of work benefits over salary. The next time, a job offer comes your way, pay attention to the benefits that your potential employer has rolled out. Feel free to ask if it isn’t mentioned during the interview. At the end of the day, these benefits and work perks eventually go a long way in determining how you apportion your salary to your professional advancement and other things that matter to you.