Benefits: What You can Expect Additional to Your Pay
By the CareerAgent Team @ Frog Recruitment
What can you expect to earn additional to your salary?
The answer varies depending on the type of role, but we have definitely noticed the development of some ‘universal truths’ when it comes to negotiating benefits in the current market.
Firstly, why benefits? Why not just slap some extra dosh onto your bottom line? After all, isn’t having more cash in your hand the best option? The answer most commonly is that businesses are able to scale the cost of services down by bulk purchasing. They will strike deals with suppliers to provide employees with benefits at reduced cost, such as vehicle allowances and supply business of devices. Thus the bargaining power of businesses stretch the value of your dollar further, and everyone is better off.
Getting down to business, the biggest demand for benefits we have seen from candidates is actually drifting away financial compensation and towards demands for work-life balance. This typically takes the form of a flexible working environment in terms of reduced hours, working from home, and fitting work hours around school holidays and the needs of children. Some of the more progressive employers are even allowing time off to exercise during work hours, as the societal push for healthy living continues to creep its way into the workplace.
Working within a great corporate culture has become a legitimate benefit. Environments with space to relax, funky meeting rooms and comfortable dress codes are increasingly becoming real deal breakers for candidates who want their work places to integrate into their regular lives. As social media is now truly embedded in our daily lives, lot employers have stopped fighting the inevitable and are openly allowing social media use. Recently, we heard of an employer who installed a computer in the lunchroom exclusively for employees to check their social media profiles.
Employers are also increasingly willing to consider additional benefits for the right candidates. While the catchphrase ‘looming skill shortages’ have become a cliché, the reality of the candidate-tight market is that employers are finding it difficult to find the best talent, and are willing to put more on the table. Employers are also more willing to create individualized compensation packages to suit employee’s specific needs.
Sales roles, particularly new business portfolios, are expecting uncapped commission on top of a vehicle allowance. Currently ‘hunters’ are in hot demand – one way companies are growing out of the recession is by boosting their business development staff. There are big rewards out there for ambitious sales people at the moment, and they want to make the most of it by seeking out roles where the potential earnings are practically without limits.
Other noteworthy items are that in terms of remuneration, standard mid to upper level roles are demanding an average $16,500 vehicle allowance, additional to petrol cards and personal use allowance, with bonuses ranging from 10% to 15%. Administrative, and especially EA and PA roles, are demanding car parking for roles in the CBD.
Overall, we are feeling a positive outlook when it comes to candidate’s ability to negotiate benefits in the current market.