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Better Compensation or Better Benefits?

When evaluating a job, people usually focus on the salary, the pay, the remuneration or the compensation. While the pay is significant, it is not all that matters in taking a job. The salary is not the sole criterion for determining the best job offer. Focusing on the salary alone is best if one is under contract or is not plan of staying in the company for long. However, the best approach when evaluating a job offer is to consider the whole deal or package. Aside from the salary, one should look at the other benefits such as medical benefits, insurance, transportation allowance, food allowance, educational plans and retirement plans among others.

One of the most expensive services in the Philippines is medical service. Thus, a medical benefit will sure prove to be very useful and beneficial in times of needs especially to a call center agent who is susceptible to health risks. One will not be caught with the dilemma of choosing to have a loved one suffer sickness or suffer the burden of paying debts. When looking at medical benefits, it is prudent to check its coverage, its amount as well as its beneficiaries if it extends to spouses, children and parents.

Insurance is another important incentive that one should consider. This benefit ensures one’s beneficiaries or family to receive a certain compensation in case of one’s death or disability. This is especially important for risky jobs like seamen, miners and police officers. This is also important for a call center agent who is vulnerable to become a crime victim because they usually work at night.

Transportation and food allowances are important benefits because they are regular expenses that apparently cut a great portion of one’s salary. This also gives employees a sense of protection against the bloating cost of food and transportation fare time and time again.

An educational plan is another important benefit because education is one of the biggest expense that Filipinos really spend money on to prepare for the future of their children. An educational plan would definitely help an employee from resorting to sending one’s children to public schools where the quality education is substandard.

Retirement plan is also an important benefit because none of us can work forever even as much as we want to. Age will eventually catch up upon us and we will be forced to retire. If that comes, a retirement plan will come in handy especially if one is not blessed with children, willing to shoulder your expenses.

Better compensation or better benefits? It should be both.

Originally posted 2013-09-30 08:38:45.

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