When it comes to compensation, it’s not all about the money

Posted July 05, 2017 in Job Hunting, In the Workplace, Career Choices

By: IYN - Metroland Media

Photo credit: Thinkstock 

 

Most us of have an idea of how much money a job needs to pay us in order to be worth it. Where we set that bar – be it high or low – is up to us. That said, compensation isn’t just about your pay rate or your yearly salary. When searching for jobs, it’s important look at how companies compensate employees in other ways.

 What is compensation? 

While many of us believe this is just a fancy way to say ‘pay,’ it’s a much broader term than that. Yes, your wages are a form of compensation. You are compensated for your time and efforts using money. However, some companies have more than just wages available, they offer employee benefits and rewards as well.

Companies that offer additional compensation programs like this are often known for taking good care of their employees, and have lower turnover rates. This is how they stay competitive and attract new employees. 

Direct and indirect rewards and benefits 

First off, direct benefits are your hourly wages or yearly salary, but also any bonuses or commissions you accrue during your pay period.

Indirect compensation can still be monetary, but don’t necessarily equal more money on your pay. These can still indirectly save you money, meaning fewer hands in your pocket. Health benefits save employees a significant amount of money, and contribute to the overall health and wellbeing of the workforce. Paid leave ensures that employees are able to enjoy life and not worry about money while away from work for whatever reason. Retirement plans demonstrate that a company cares and is grateful for the years of service employees put in, ensuring them a comfortable life. Some companies pay for education (night school, online courses, and upgrades) related to the field.

All of these programs cost companies a lot of money in order to help employees succeed. This is an investment in the team.

 

Google it 

One company that is the gold standard for employee compensation is Google. It’s considered by many the best company in America to work for. Google’s office culture is innovative and fun. This keeps people happy, as they’re not only contributing to amazing and interesting projects, but they’re having fun doing it.

Google offers its employees a lot of perks that are unheard of in most other workplace environments. At Google there’s no such thing as a sad desk lunch. You can enjoy a free healthy, gourmet meal. You can also do some laundry on your break, or work up a sweat in the onsite fitness centre. There is also onsite childcare. 

In the end, Google rewards its employees by making the work-life balance possible. In return, employees work harder and stay loyal to the company.

If a company offers you more than just money, your pay expectations might change. If your employer takes care of you, it might be worth a shot. Before you turn down an opportunity, see how the company looks after its staff in other ways.

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