When you’re looking for a new job, more often than not, the salary on offer will play a very big part in the decision-making process. However, you don’t just stop at the salary, you will obviously look at all the other benefits and perks that are on offer too. A job with a good salary is obviously great financially but that on its own won’t always give you the job satisfaction you crave.
According to the salary surveyor, Glassdoor, job benefits and perks play a major factor in the decision-making process when people are seeking a new job, and over 80% of employers found that not only did they prefer to use additional benefits over higher salaries but it was also an effective recruitment tool when you are trying to attract and retain top talent.
Benefits or Perks – What’s the difference?
Job benefits are essentially expenses that employees would need to cover with their monthly income. Here the employer will use them to subsidise a salary. They tend to be fixed and will usually be found alongside the salary in a job advert. Typical benefits include childcare vouchers, paid parental leave, health insurance and pension schemes, but they can also come in less usual forms such as access to a company gym or stock options. Even in this new world of remote working, you need to remember that this is currently a job benefit rather than the norm.
Perks, on the other hand, are the “nice to haves”. These are enhancements that may help you to perform your job better or keep you motivated and engaged at work whilst improving your job satisfaction. A usual example of a perk would be access to shopping discount schemes, company merchandise or free drinks or snacks at work. A company car, believe it or not, is also considered a perk as it can help to improve your lifestyle whilst also working for the benefit of your employer by making you eligible to travel for business purposes! A company mobile phone is a similar perk.
Essentially, however, they are both designed to make a job offer more attractive and to ensure that employees are equipped for, and satisfied in, the role that they undertake.
Salary is still very important…
For many, a competitive salary is still hugely important. Your salary often represents your value within the job market when moving from one role to the next, but it also determines how you live your life outside work. A lot of people are now looking for greater job satisfaction that isn’t necessarily linked to salary, but if you are going to work in a major city then you’ll obviously need to factor in much higher rent and living costs. In this instance, a good salary is going to be a priority over a company car!
Salaries are of course also linked to pensionable earnings, so whilst you may not be planning your retirement any time soon, it is always worth remembering that a good salary will contribute to a much healthier pension.
The right overall package
Ultimately it is the overall package that you need to consider. Concerns such as poor work-life balance, poor mental health or a long commute all play on the mind when you are looking for a new job, so it’s definitely worth considering more than just the salary and to find out what other benefits and perks are also on offer.
Of course, there will always be trade-offs, but if one of them is your mental health and wellbeing then which would you prefer?