How to uncover the hidden benefits in your job offers
The not so flash but super valuable stuff that doesn’t always get mentioned.
How much do you prioritise salary when weighing up a job offer’s appeal? What about the other stuff, like employee benefits and incentives?
We held a panel interview with the experts who have their finger pulsing on the market – Our Talenza specialist consultants share how to uncover the total compensation package in your job offer, so you can make the most informed choice when accepting a new role.
In this guide:
- Why companies offer benefits
- Exciting benefit trends standing out in a tight market
- What candidates most want to know about benefits
- How contractors can still grab a slice of the benefits pie
- How candidates and contractors can negotiate benefits with their job offer
Why companies offer benefits
Jessie says that companies offer benefits packages as extra enticement for candidates to join and stick with their team. Particularly in a tight candidate’s market, generous benefits could seal the deal for some companies who are unable to compete on salary alone. And can you blame them?
In our 2022 Candidate Motivators Report, 40% of respondents (that’s you!) changed jobs in the last year because the benefits were better elsewhere.
Traditionally, benefits looked a lot like financial bonuses and discounted health insurance and gym memberships, but our consultants are seeing an increase in non-monetary perks like flexible working hours and learning and development initiatives to meet the widening needs of candidates.
Exciting benefit trends standing out in a tight market
Now that the major threat of the pandemic is over, many organisations are trying to entice their employees back into the office when most employees want to keep working from home.
Alex says that companies are getting more creative, offering better office facilities and team learning days as they figure out how to cater to both work from home flexibility and purposeful connection and collaboration in office.
Dan’s noticed that some companies are trialling nine-day fortnights as a key part of their attraction and retention strategy. To combat any perceived impact on productivity, they’re also allocating one day per week to be entirely meeting free, companywide. Oh, the bliss of not having meetings!
‘Benefits your way’ is another exciting trend that’s emerging where companies are offering six-monthly retention cash bonuses after a year’s employment (in addition to standard annual bonuses). While the amount offered isn’t life changing, it’s a sum worthy enough to upgrade your laptop, phone, or enrol in a new development course. It’s entirely up to the employee to choose how they spend the bonus.
What candidates most want to know about benefits
Conor says that candidates are now commonly asking for a wide range of perks depending on who they are (demographically speaking) and the stage of life they’re in. The responses in our 2022 Candidate Motivators Report reflect this reality, where motivators varied depending on things like seniority, gender, discipline, age, and location. The most notable change is the equalisation of salary alongside flexible working and work life balance.
From Dan’s experience, candidates are using personal growth-related benefits as the circuit breaker when presented with similar job offers. Dan says that in a scenario where three roles offer similar salaries and flexibility around working from home, the candidate is drilling down on the company’s learning culture, role progression expectations over a two-to-four-year period, and the type of leader they’d be working for.
Candidates are looking at long-term career value when making decisions. You should capitalise on your opportunity to ask these questions during interviews to uncover the high value, but often unwritten benefits.
How contractors can still grab a slice of the benefits pie
As contractors aren’t technically employees of the organisation, they won’t receive the same benefits as an employee. Conor suggests researching your payroll provider and the benefits they offer their contractors. This could be things like discounted gym memberships, tax deductible expenses, free tax returns, salary sacrificing. Talenza are exploring this initiative to introduce at some point, too!
Contractors might be lucky to enjoy some of the onsite perks, such as onsite lunches or laundry cleaning services, Fridays off or hybrid working. As they’re almost always treated like regular members of the team, they tend to be invited to Christmas parties and social events.
How candidates and contractors can negotiate benefits with their job offer
All our consultants agree that candidates must do their own research on what each company provides, and drill deeper on the perks that mean most to you during interviews (after the official stuff, of course!). Consider the non-monetary benefits on offer – if you don’t ask, you don’t know. You can reflect on which benefits package suits you, your needs and life goals.
Conor suggests being transparent and framing your questions in the right way. If there’s a perk that you highly value that isn’t offered straight away, you could frame your question along the lines of, “Work from home is important to me because I need to be home to care for a sick relative. What would I need to do in my role to have this as part of my benefits package?”
Our consultants all agree that negotiating too hard might be in poor taste, as benefits are a bonus, not an entitlement. When comparing job offers, customisable benefits schemes are probably your best bet, rather than attempting to negotiate the perfect package.
Are you on the market for your next role?
Get on the front foot.