Sometimes we forget that our jobs come with a number of perks that might not involve a larger paycheck. I’m a freelance writer, so I don’t get health benefits from a job, and my “paid vacation” is bringing the laptop along to do a couple things in the morning before we head out for fun. But there are perks associated with my job that makes up for some of the drawbacks:
- I get to work from home, and spend more time with my family.
- I can sleep in any day I want to.
- I arrange my schedule to my convenience.
- I have amazing flexibility in my work attire.
- If I don’t want a work assignment, I don’t have to accept it.
These are all items that have very little to do with my “salary“, but that I consider compensation for the work I do. Those who work in more traditional jobs also receive various forms of compensation that may not directly show up in a paycheck.
Many full time jobs come with paid vacation, opportunities for unpaid leave, a certain amount of security, and the ability to rely on a set amount of money most paychecks. In the U.S., many jobs also come with the ability to get access to discounted health care plans. Additionally, there are employers that offer discounted childcare, discounted gym memberships and other perks. By the time these benefits packages are added up, it is clear that the compensation that comes with many jobs is far more than what is paid in a salary.
Would You Rather Have More Money or More Perks?
When it comes right down to it, your compensation should be viewed as whole. Instead of narrowly viewing your compensation as the amount of money in your paycheck, it is a good idea to consider the perks and benefits that come with a job, and to consider whether the kind of value those perks and benefits add to your quality of life. While such things can’t always be quantified, you can glean a great deal of insight into your own priorities if you take a few minutes to consider your entire compensation.
The next step in your contemplation of your compensation package, of course, deals with whether or not you would rather just have more money. Would you give up five or six days of paid vacation for a few thousand dollars more per year? Or would you rather have the option to take a week of unpaid leave in addition to your standard vacation time, even if it means you lose out on a few hundred dollars?
Everyone’s answers will vary, according to what matters most to them at the time. Personally, I would rather have a little more time for relaxation than a little more money. Of course, if you aren’t making enough money to meet your needs, then compensation of the non-monetary kind doesn’t really help much. In order for non-monetary compensation to add to your quality of life, it helps to have enough actually pay to meet your needs.
Where are you at? Would you rather have more money? Or other forms of compensation?
I think it depends on where you are in your life. When I was younger, I got the perks from my dad, who works in sports apparel, brand new shoes and gear, etc. Now that I’m out of college, I could use the perks for employee health benefits, retirements savings, etc. to actually save me money more than an actual pay raise. Not to mention a continuing education reimbursement program would be pretty sweet right now. But once I get a solid nest egg I’ll probably change my mind again…
I wanted flexibility more than anything as I attempted to make money in a direct marketing business in 2007 after being laid off from my “almost full-time” job. But when push came to shove, in the end, making money became the focus and I succumbed to a 50 hour work week in sales. Now I make money, but have time for precious little else. What keeps me going is knowing that nothing lasts forever, and that the efforts and sacrifices I make now, will pay off later on. I’m already working on a business idea that will (hopefully) allow me to segue back to a more sane existence in the near future. As you said, the perks are nice if you have enough income coming in to meet your basic needs.
As a much “older” person who entered the workforce fulltime in her 50’s, the perks of the job were much more important than the money. Although I chose a career that would pay enough to cover the expenses I needed to cover, it also allows me to have holidays and summers off–two important times for me to enjoy family time. Yes, you guessed it, I am a school teacher. I also chose to work at a small rural school 30 miles from my home. The smaller class sizes offset the additional cost of commuting. Furthermore, even though I will have a 1.5% pay reduction because of the recession, I am not looking for a different job. For me, the perks were the biggest qualifier.
I always go for the time off. I have been given performance awards in the past of a choice between a week’s salary or 40 hours leave. I always took the leave.
If you have a steady salary then always try to manage on less than you earn. That way when the choice between money and more time off arises, you can take the time off.
i like the idea of a comfortable salary with lots of perks, like half day Fridays, free lunches and extra week of vacation, company parties, etc.
this post hits me at a time where i am looking for a new job and have seen opportunities that pay more but have either a long drive into and home from work or less benefits.
you really have to weigh all your options and have a heart to heart with yourself to determine what will be best for you.
Perks like extra time off are important for maintaining one’s sanity, in my opinion 😉 I gladly take smaller paychecks with my regular job because I can take any number of days off (within reason) throughout the year. Growing a new business aside from the regular job is so much easier when I can count on steady paychecks and still have time for everything else.
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