One of the main things that attract people to a certain company is the benefits and perks that are offered. These include such things as health insurance, paid time off, and even maternity leave. But what are employee benefits and how do they differ from company perks?
In the following, we will distinguish the difference between perks and benefits. When you sign with a reputable job agency Toronto, you should be able to find out which of each are offered by any job in which you are interested. This can help you make an informed decision when submitting your resume to potential employers.
What Are Employee Benefits?
Employee benefits are any non-financial compensations that are offered to employees as part of their initial contract of employment with a company. Most employee benefits in Canada are required by law. If these are not provided by the company, employees will have to pay for these expenses out-of-pocket.
Following are the most common types of employee benefits:
- Healthcare benefits: Second only to wages or salary, health benefits are one of the most important benefits that a company can provide for its employees. Most employers offer full health benefits to full-time employees and a partial health benefit plan to part-time employees. Typical health benefits packages include medical, vision, dental, and life insurance. Some include both long-term and short-term disability packages.
- Paid time off: Paid time off, or PTO is another one of the most highly sought-after and valued employee benefits. These include salary or wage compensation for personal time off, sick pay, vacation pay, holiday pay, and bereavement pay. Most companies provide two weeks of pay while others provide as much as three or four weeks, depending on seniority and other such factors. Paid time off has been proven to help with employee retention as well as to reduce the effects of burnout.
- Maternity or Paternity Leave: Most companies will offer paid time off for new parents of both sexes following the birth of a new child as well as adoption. The average time period can vary per company but is generally four weeks of paid time off.
- Retirement Savings Plans: Another benefit that employees most often require from a job is some type of retirement savings. A lot of companies will match employee contributions to a certain dollar amount.
- Professional Development: Employees will often look for companies that offer their staff a chance to better themselves professionally. This can include funding or reimbursement for continuing education as well as professional seminars and workshops that will enhance their skills and job performance.
What Are Company Perks?
Company perks are those perks that are offered in addition to the aforementioned employee benefits. These are those that go “above and beyond” the wages/salary and benefits packages that a company provides for its employees.
Some examples of company perks are as follows:
- Paid or discounted gym memberships
- Free coffee, tea, etc., and food in employee break rooms
- Relocation assistance
- On-site childcare or reimbursement/discounted childcare
- Option to work from home
- Health and wellness programs
- Flexible work schedule
- Travel pay/reimbursement
- Concierge service
- Parking and transportation reimbursement
- Company-sponsored activities, outings, and retreats
- Wardrobe/clothing allowance or reimbursement
- Paid time off for birthdays/anniversaries
- Incentives, such as cash, gift cards, concert tickets, etc.
Still, confused as to what are employee benefits exactly? Give us a call at Team Global / MSM. Contact us today for help with finding a temporary, part-time, or full-time job!