You're job hunting,
You screen for prospective rolls, so you set the filter to weed out specific salary brackets.
You know your worth, and it's time to collect.
I'm with you. Getting paid for the value you bring to your employer is essential. It's important for so many reasons. Not least because you want to jump out of bed knowing that it's worth your time and effort to do the job well and bring your A-game, but it's also worth it to your employer to pay you appropriately.
The reason?
They get to keep your expertise and not have the hassle and expense of training someone new. Or worse, have you go to other competitors and have them reap the rewards of your A-game. You at your best is a lucrative thing, and good employers know this.
The proverbial salary win-win.
Good employers know this, but smart employers know how to harness it, and smart employees know to lean into it.
That is why looking past the top salary and seeing what's on offer below the surface is important. To understand the whole package on the table when it comes to getting the most from your job, financially and otherwise.
That's where the wheat is separated from the chaff, and the wheat is where it is at.
When it comes to being truly clever about your finances, it's time to get clever about job offers. Know that it is not all about that shiny salary. You must look beyond the euro signs, understand the whole benefits package, and see what that means to you.
Today, I'll help you with just that. We're diving deep into the world of perks and benefits.
Because here's the thing: a company's benefits package can be a total game-changer. It can make a job go from "meh" to "hell yeah!" Sometimes, the benefits behind the numbers are so valuable that spending a little time comparing them could add 4,5 or even 6 figures to your bottom line.
If that is not worth your precious time and attention, I'm not sure what is.
Here are some of the key things to look out for when it comes to decoding benefits. It's time to choose a job that pays the bills and sets up your financial future too.
What are benefits
Benefits can come in all shapes and sizes. We're talking health insurance, tuition reimbursement, and many other things that could help you financially. Employers use these things to attract top talent and keep them for the long term. So from here on in, I want you to think like top talent and, better still, act like it too.
Now, here's the fun part: benefits can sometimes be negotiable. It's all about figuring out what matters most to you and going for it.
Figure out what matters to you.
Not all benefits are created equal. If you're chasing that master's degree, prioritise tuition reimbursement. If you're a family provider, choose an employer with great health insurance. Figure out what is valuable to you and prioritise that.
Know how Good (or not )the Pension Scheme is
Don't overlook retirement plans! They can be a huge benefit. They are the slow burn that pays off big in the end. Look for employers offering occupational pension schemes (OPS) or contribution plans like PRSAs, ideally ones that the employer adds to. If they match your contributions, even better! It can make a significant impact on your savings for retirement.
Health Insurance
Learn about the health insurance plan. Then, when you're in the hiring process, don't be afraid to ask for the deets on what a company offers. Here's what to check:
How's the coverage? Does it cover just you, or can partners and children be covered also?
Ask what the excess is like if you need to make a claim.
Know what the plan covers, day-to-day medical expenses or hospital stays only.
Your health matters, so make sure the employer's got you covered.
Death in service benefit
Death in Service Benefit: Support Beyond the Grave. Don't overlook the Death in Service Benefit. If tragedy strikes and you pass away while employed, your loved ones will receive a lump sum payment from your employer.
It's a financial safety net that offers peace of mind during tough times. Consider this important benefit when weighing job offers. Each company will be different. Knowing how much is on the table will also help determine if you need term life insurance to protect your family while they are still dependent on you.
Sick pay is your financial lifeline when illness strikes.
When you're sick and can't work, sick pay from your employer could save the day. First, check to see if a potential employer has a sick pay benefit. If they do, it means they'll continue to pay you a portion of your salary, giving you peace of mind and financial stability while you recover.
It's a crucial benefit that shows your employer has your back when illness strikes.
Other benefits
It is also worth asking about maternity and paternity benefits too. These can play a big role when it comes to forward financial planning for that full-on time of life.
There are so many benefits that potential employers can offer. Things such as Dental and vision insurance, Overtime, Disability insurance, Bonuses and raises, and Flexible work schedules to name a few.
Love the company culture.
Loving the environment where you work matters too. Ask about the culture, team-building efforts and socialising options available. A happy workplace can be a great place to be and can positively impact your long-term health.
Final Thoughts
Before signing on the dotted line, figure out what is most valuable to you and what will positively impact your bottom line. For example, when comparing jobs, it is often not always about the top-line gross salary that adds the biggest value.
Stack the odds in your favour so that you are happy to work there, bringing your best work to the table and giving you and the company a healthier bottom line.
Kel
I share money-saving tips and money mindset tips weekly in my private email list. It's free to join, so make sure you are subscribed to the Smart Money Times Newsletter and get your hands on my new ebook From Out of Control to Cruise Control, 20 Simple Things to Completely Transform Your Money Life.
Disclaimer: This is information – not financial advice or recommendation. The content and materials featured or linked to on mrssmartmoney.com are for your information and education only and are not attended to address your particular personal requirements.