Salary is more than just your Paycheck

There’s more to a salary than just a paycheck. Often perks and benefits are better than cash (and are generally tax-free).   Yes, the idea of another zero on the end of your salary is great, but company perks add great value to day-to-day life and ultimately lead to a huge difference in employee retention, productivity, and satisfaction.

One simple example everyone can relate to is lunch.  My estimated savings, because of employer provided catered lunch three days a week, really adds up in more ways than you’d think.

            $15 (daily lunch cost, not including meal & tax)
x              3 (days of the week)
            --------
            $45 (a week)

            $45 (a week)
x            48 (weeks of work)
            -------
            $2,160 (annual lunch cost)

            $2,160 (annual lunch cost)
+          $324 (15% tip for delivery)
            -------
            $2,484 estimated lunch cost

That’s a $2,484 (at minimum) tax-free addition to my salary!

The financial savings is great, but I also don’t have to buy as many groceries and deal with uneaten leftovers.  I no longer have to worry about planning lunches the night before or preparing something that morning; sleep is VERY important to me, so not having the “what do I make for lunch that’s tasty and healthy” on my mind all night is big relief.

Previous and current work in tech and human resources industries provides insights into the evolution of benefits companies offer.   Often perks are initially overlooked and don’t become part of the conversation until salary negotiations.  Talking about the full package—not just the salary—is something that both businesses and potential employees should discuss as part of the company culture earlier in the interview process.

Every company has their own take on what makes employees happy.  To retain the best talent in a changing and growing workforce means a continual and ongoing development of benefits.  I encourage both sides of the table to begin talking about the whole compensation package—salary, benefits, and perks—sooner can shed a lot of light on how a company treats its employees and how the culture is shaped.

Before and during your job search, think realistically about which perks and benefits would make a significant impact on your day-to-day (or year-to-year) work life!

TL:DR

Think about the bigger picture about how perks and benefits a company offers could impact your life rather than considering a new role based on salary alone.

Some fantastic perks and benefits might include:

  • in office kegs and other free alcohol
  • pet friendly offices
  • remote work
  • ergonomic furniture
  • couches and other non-desk work areas
  • sabbaticals
  • educational reimbursement
  • free food and snacks
  • and more!
  • Paid vacation time
  • flexible work schedule
  • pre-tax transit benefits
  • healthcare, dental, and vision, benefits
  • company swag
  • company events
  • gym memberships & discounts
  • cell phone reimbursement
  • paid paternity and maternity leave