There are some great, but often overlooked benefits, that can enhance the value of your job offer. This video takes a close look at the value of meals provided, tuition reimbursement, expense accounts, and a company car.
- When thinking about a new job you need to consider everything the company has to offer. There are some great but often overlooked benefits that can enhance the value of your job offer. Let's take a close look at the value of meals provided, tuition reimbursement, expense accounts and a company car. And let's begin with a free lunch. Think about what it costs you to go out every day or bring your lunch. Then add your time, gas and the frustration of trying to decide where to go or what to bring.
When companies provide breakfast, lunch and snacks you save time and money every day. I had the opportunity to see this first hand when I record these courses for Linkedin at their studios in California. They provide the employees with breakfast and lunch and have refrigerators and shelves of snacks throughout the entire campus. I've noticed several obvious benefits. The employees have a chance to interact with people from other departments they might not otherwise see.
Management has a chance to interact with employees on a personal level. And by offering food on campus everyone saves time and money. Linkenin is also showing their employees that they really care about them. The food is fresh, there are healthy selections, the dining room is clean and bright and there's music and pictures of the employees playing on the screens. Another overlooked benefit is the opportunity for professional development.
Many companies budget for professional development on a per person basis. This could include anything from seminars and conferences to tuition reimbursement and professional certifications. All of these things can enhance your current value and future marketability. Keep in mind that with tuition reimbursement there could be strings attached. Many companies require that the courses be related to your job or you might be required to stay employed for a minimum number of years at that company or pay back the tuition.
Be sure to check with your benefits manager and get all the details before signing up for anything. An expense account might be another benefit that's available to you. Some companies proved you with an expense account to help offset business related expenses. There are strict rules and perimeters for deductible expenses but the allowed expenses often enhance your overall compensation. Commuter perks can be a benefit of great value to you.
The average American spends $2,600 annually to commute to work. If you drive to work consider asking for mileage, tolls, gas or parking reimbursement. If you work in a big city ask your employer about the benefits that offset the cost of your monthly public transit pass with pre-tax dollars. To offset commuting costs you could also ask to work from home one or two days a week.
And when your job requires extensive travel companies will often offer you a company car. That's a nice incentive because it will eliminate wear and tear on your on your personal car and often includes paid mileage, insurance and other affiliated expenses. All these opportunities to save really add up over time. With most compensation packages 70% represent salary and the other 30% are the benefits and perks provided.
When you understand the value of additional perks you can negotiate the ones that are best for you.
- Negotiating your offer
- Understanding the compensation schedule
- Assessing the timing of reviews and salary increases
- Reviewing the benefits package
- Understanding the value of perks