is more than just base pay. It is a total package that should address
your overall well-being - financial, physical, emotional, even spiritual.
As companies compete for talent in tight labor markets, many are
rolling out better benefits to attract and retain the best workers.
Companies often strive to make it easy for employees to balance
their work and family lives by offering family-friendly benefits,
cafeteria plans, and other flexible options.
can significantly increase the value of the compensation package.
The costs to employers for providing benefits such as health insurance,
retirement plans, training, vacation and personal days, and perks
such as concierge services could be a significant percentage of
each employee's salary. Because benefits boost the value of compensation,
always take benefits into consideration when evaluating a job offer
or a promotion.
benefits are required by law. There are also many government regulations
that set the minimum standards employers are required to make available
time off gives employees a break
Companies offer paid time off in the forms of vacation days, holidays,
personal leave, and sick leave. These breaks from work are meant
to give employees some down time to unwind and to deal with nonwork
issues. Companies grant sick days so that employees can recover
from illness at home.
insurance provides medical care, can promote wellness
Health benefits generally include medical coverage, dental and vision
insurance, prescription drug plans, some disability coverage, and
a counseling service called an employee (personal) assistance program
(EAP). Not all employers offer all types of coverage.
plans encourage saving for the future
Plans including 401(k), 403(b), pension, and other retirement plans
are vehicles of investment that allow employees to set aside a percentage
of their monthly salaries to save for the future and defer taxes.
A majority of the employers offering such plans match employees'
contributions between 25 and 100 percent - or 25 cents to a dollar
for every dollar the employee puts in the account. Companies do
this to encourage workers to save while receiving tax incentives
from the government.
intended to safeguard finances
Another form of financial protection offered by many employers is
insurance: short- and long-term disability, life insurance, and
long-term care insurance. These benefits provide financial protection
in the event of emergencies.
increases the value of employees
is beneficial to both employees and employers. For employees, training
can improve skills, thus increasing the employee's worth and earning
potential. For employers, employee training in career development,
technical development, and management development can boost corporate
performance and improve retention.
benefits and perks keeps employees focused
Today, employers are doing all they can to keep their employees
happy and to relieve stress as much as possible. They accomplish
this goal by offering benefits that are aimed at improving their
Jessica Yang, Salary.com contributor