Employee benefits are designed to cover the indirect pay of employees. This indirect pay can be their health insurance, stock options, life insurance, or even disability insurance. Depending on the company, the amounts of these benefits can vary greatly. On average, the larger the company, the better the benefits.
Many employee benefits are specific to the country in which the employee lives. In the United States, for example, health insurance is typically a huge benefit consideration. Many employees refuse to take a job unless it includes some form of health benefits. For this reason, job offers may vary greatly and one job, even if it pays less per hour, may be a far better financial proposition over another.
Other typical options may include such things as flex-time where employees can choose which 8 hours of the day that they work, or perhaps which days of the week they will be working. There are typically a wide variety of ways that flex-time can be offered and each company will work slightly differently.
Other options for benefits may also include working remotely via the Internet or telephone. Many companies are allowing employees to work remotely during pandemics or as a perk to employment at the company. Some companies also offer remote work options as a regular part of employment and the employee may work a few days per week in the office, and the rest of the time remotely.
Other perks may include special discounts from various companies such as utility companies, cell phone services, restaurants, and more. These discounts can add up quickly and help employees to make ends meet even easier. It’s important to learn to focus on all of the benefits and perks in addition to the wage per hour when considering a job offer.
Many employee benefits can really add up to where the employee is making a lot more per hour if they average it out over the month. Health insurance, for example, can be quite expensive and if the company pays a large portion of the cost of health insurance services it can go far in working as an incentive for an employee.
Other examples of benefits may include free meals, discounted meals, pension plans, vacation time, work-life balances, and other such options. Employee benefits may make one job far more lucrative over another. Employees who are seeking a raise often ask for new benefits as well.Continue reading “What are Typical Employee Benefits?”