The emphasis when on a job today often lies on how big the take-home is. Job seekers often neglect a salient part of a remuneration negotiation which are the benefits. A good paycheck does not mean a good salary. Different schools of thought have different opinions as to which is more important, the paycheck or the benefits, we at Lohi Consulting are here to suggest benefits that we think you should be on the look-out for.
The bread and butter of a good compensation should include health insurance, it isn’t the prettiest benefit, but it is absolutely the most important. A major health catastrophe can quickly send even a 7-figure earning salary into the poor house, a good health insurance adds peace of mind to the job satisfaction. Apart from peace of mind, it also goes to show that the company you work cares about you. Key considerations of a good insurance plan from a bad one includes:
Type of plan and provider network – this is what health care providers place in the coverage, the hospitals, clinics, pharmacies and other health care providers that fall in the insurance’s coverage.
Coverage of Medicine – Are your regular prescriptions covered by the insurance plan.
In addition, be on the look-out for companies that have disability insurance, currently covered by NSITF, these are plans that ensure that employees would receive a certain percentage of their salaries if they cannot work due to long term illnesses, disabilities or death. It is an important protection for employees that work in hazardous environments.
In Nigeria, pension plans are usually standard across the board, the Pension Reform Act of 2014 stipulates clear guidelines that employers and employees with both having to contribute 10% and 8% respectively of the employee’s monthly emolument to the pension fund. Employees are however allowed to select their pension fund administrators (PFA), some tips on choosing pension fund administrators are those with portfolios with good returns on investment; transparent and simple to understand plans.
No benefit package is complete without a stipulated time for leave, varying companies give varying durations for paid leave, it is best to be knowledgeable on the industry standards for time given off work, so you know what is considered acceptable. It is also wise to consider what the company’s policies are on maternity, paternity and sick leaves. It is best to ask these questions from the beginning so you will not be blindsided by what the company’s policies are when time off is required.
Most companies have an acceptable way of conduct, it is therefore imperative for handbooks that outline human resource policies and procedures. If possible, it is advised that employees get a fore knowledge of what their rights may be as an employee of the company. Some companies offer incentives for their employees like employee loan policies, perks and bonuses, achievement awards, pay raise plans and others. In addition, the handbook usually provides information on the company’s beliefs and values. It is best to keep yourself in the know of what your rights are as an employee.
By Olamide .T. Akinnagbe-Gbenga