Company Benefits

When deciding to take an offer of employment the company ethos, values and mission are highly important as these must meet your own values and beliefs; for most the salary is also a high priority.

A Life Coach can help you match a career to your values and beliefs

If you feel the salary does not meet your expectations and this can no longer be negotiated, check the company benefits before turning down an offer of employment.

With many companies the additional benefits they offer can save hundreds of pounds on your personal outgoings giving you an overall higher amount of free money.

Example:

If your earned; a £30,000 Salary and your personal overheads were £12,000 £30,000 – £12,000 = £18,000 (Free Money)

Compared to a Salary of £27,000 minus your Personal Overheads of £6,000; £27,000 – £6,000 = 21,000 A rise of £3000

Example two initially pays less, but if the company benefits bring down your overheads you can be left with a higher overall amount of free money

Write a list of all your personal overheads; Mortgage, Food, Car Insurance, GYM Membership, Life Insurance, Etc and how much each overhead cost you each month.

 

Overhead Cost per Month
  • Mortgage
  • Gym membership
  • Etc
  • £600
  • £250
  • Etc
  •  

Now look at the company benefits, what benefits they offer that you already spend money on? Check the company benefits and highlight any savings on your list.

Add up the list of potential savings and see if this makes a significant difference? Then ask yourself has this difference made a big enough difference for you to take the offer of employment?

Below is a list of common company benefits that will often save you hundreds of pounds. Remember each company is different, some companies offer many benefits while offers offer none at all.  

Health insurance – The Company will often pay for your health or life insurance; you need to check the extent of the coverage? Do they cover Dental or glasses, etc?

Pension Plan – How much does the company add to your pension plan?

Insurance – What insurance is offered; Car (this could be a massive yearly saving), Travel, Laptop etc

Car – Do you have yearly access to a company car; check if you can use the car during weekends and holidays

Travel – Does the company pay for Petrol and Travel Fair; check how much per mile. Will this new role save you money on your daily travel?

Child Care/Crèche – Does the company have an onsite crèche or offer subsidized child care  

Gym and Leisure Pass – Does the company GYM offer the same facilities as your GYM?

You may also gain additional income from:

Bonuses – What is the company bonus system, how achievable is their bonus system. Some companies also give away prizes such as holidays.

Stocks – You may be given free company stocks or offered stocks instead of a bonus

Relocation Cost – If required to relocate will the company pay the relocation cost?

Additional:

Training – if you are looking at gaining new qualifications, will the company fund these? If so how much is their training budget per person.

Working Hours – How many hours per month do you work; compare these to your current role.

Overtime – what is the company overtime rate, are you offered guaranteed overtime?

Leave – How much leave can you take, do the company have any rules towards leave. Do you gain additional leave over Christmas?

 Public Holidays – do you have to work public holidays, if so do you gain overtime for these days?

Sick Leave – what are the company policies on sick leave?

You need to be happy with the company benefits and salary before you accept the job offer, when offered a position, be confident enough to ask questions around the company benefits.  

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