What Benefits Make A Job Worthwhile?

BENEFITS – it is that time of the year again when workplace human resource departments start sending out details of the benefits package.

But the packages are becoming more and more complex, with some reports recording up to 350 different types of benefits, perks and extras now available to employees as firms look to sweeten the attraction of working for them.

The basic key benefits still remain vitally important as the bedrock of a good benefits package – health, dental, vision and a retirement scheme.

But employees need to take a careful look at the sweeteners on offer to see if they are really useful and helpful benefits that will make taking a job worthwhile, or are they just fluff that sounds good but won’t really make a difference?

And employers need to ask themselves similar questions – why pay for a benefit option that is not going to serve any practical purpose other than to sound good on a recruitment website?

Two decades ago, benefit options covered around 60 items, but the number has soared in recent years – paid adoption leave, telemedicine – particularly popular during the pandemic – and gym memberships are all increasingly found as tempting treats.

For the individual, you should ask yourself what is important for you and your life – and by extension your family. If you have completed your family, the best parental leave packages will not make much of a difference to you, but if you are looking to start a family paid leave and wellness checks may be highly attractive.

For the business too – know your staff. Are they of a similar demographic? Do they have similar interests, wants and desires? If so, it makes sense to tailor a package to play to those needs. If you have a much more diverse workforce, a highly specific set of benefit extras may simply fall flat as they only appeal to a narrow subset of staff, leaving others feeling excluded. Free bar Fridays may go down well with the young singles that live nearby but is a lot less appealing to the parent who has to drive 45 minutes home and take the children to a sports practice.

And with the pandemic changing working practices rapidly, benefits may be strongly reevaluated – will your employees now expect home and flexible working options as standard? Does your firm need a large physical office anymore? If home working is the future are you offering computers, webcams and contributions to broadband and home office costs?

Benefits can make or break the decision on whether to take a job or pass it over – of course pay is vital, but the value of the whole package is essential to consider. This is not just in pure monetary terms but applies to your quality of life and your goals, both immediate and longer term.