what you are not aware of is that compensation and benefits should be part of your initial discussion with your employer. Your salary only amounts to 70% of the total compensation and benefits you are entitled to receive. By not asking for compensation and benefits, 30% of your total earnings ends up being audited as the company’s profit at the end of the financial year.
Benefits and compensation are in the form of direct and indirect rewards that employers should reward to employees in return for their contributions to the organization. Here are a few benefits you should consider consulting your employer about.
A Savings Plan
Saving for your retirement especially from an early age may seem like a long shot, but the burden could be made way lighter by involving the employer. Having he employer contribute towards your pension plan would greatly safeguard your future. Ask about a 401K and see if you can make contributions to another type of account if not.
A Health Plan
For workers, especially those in the private sector, a health plan is often overlooked. But a health plan is important to ensure that the company caters for your medical bill in case of ailment.
This comes in handy especially with workers working in mechanical industries. An insurance company will ensure compensation in case of an accident where you end up incapacitated. An insurance cover would ensure your life moves on smoothly without any hassle. According to disability lawyers, this is an important thing to ask about in retail work as well.
Some companies have their workers work around the clock with no vacations. This is one benefit that you should negotiate with your employer as you are fully entitled to enjoy time away from your company.
An average American spends an average of 2600$ annually in commuting to and from work according to 2015 Citi Thank You Premier Commuting Index. You may be surprised to find that your employer would be willing to contribute towards your commuter allowance.
Although it is right to approach your employer for allowances and benefits it is prudent, discern first what is negotiable and what is not. For example, you cannot ask for house allowance if the company has already provided for accommodation.
Do a research on benefits affordable to your company and those that can easily be accomplished. In addition, if you’ve been invited for a new job first ask for a breakdown of the whole salary and allowances package before negotiating.
- Louis Hyman
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Last update on 2020-03-20 / Affiliate links / Images from Amazon Product Advertising API
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