05 Jul Do you Know the Total Value of your Employee Package?

Do you know the total value of your employee package? Most of us focus on salary, annual leave, sickness entitlements, and perhaps pensions. However, there are generally more benefits than the ones I’ve just mentioned.

Let’s consider two specific examples to illustrate my point:

Selwyn’s surprise

1. Selwyn’s salary is £45,000 per year. Selwyn receives an email from the pay and benefits team informing him that he can access his employee benefit statement by logging onto the pay system.

Selwyn is intrigued and logs into the pay and reward portal. He is surprised to find out that his total benefits package, including his pension, is £75,000. Who would have thought it? Selwyn notes that his pension also has death in service benefits – which is particularly important as he has a young family.

Although Selwyn is planning to live a long life, he takes the time to fill out beneficiary forms for his wife and children in the event of his death. He also makes a note to speak to his financial advisor and his solicitor to update his will.

Selwyn reads on and finds he will be entitled to an additional four days of annual leave when he reaches his tenth year of service next month, which will come in handy during the school holidays. Selwyn sits back in his chair. He is pleased that he took the time to download his employee benefit statement. Very pleased indeed.

Cora’s concerns

Over the weekend, Cora and her husband received news that their daughter had been diagnosed with a critical illness requiring immediate hospital treatment.

Cora’s head spins as she grapples with her daughter’s condition, the sudden changes to their lives and potentially finances due to extended time off work. Finally, Cora calls her manager and leaves a message informing her that her daughter is unwell and she needs to take annual leave.

Cora’s manager Claris returns her call on Monday morning. Cora tearfully explains the seriousness of her daughter’s condition. Naturally, Claris is sorry to hear about Cora’s daughter. Nevertheless, Claris advises Delia that she can grant her the maximum entitlement of seven special leave days.

In addition to this, Cora has three weeks of accrued annual leave. Beyond this, Claris confirms she will consider a flexible working application. Cora is surprised and relieved at the range of options available to her. Cora agrees she will take special leave and check in with Clara on the sixth day.

In the meantime, Cora’s husband, Brent, asks his manager if he is entitled to special leave. Brent’s manager confirms he is entitled to ten days paid special leave.

Cora and Brent agree to spend the next five days focusing on their daughter and consider further leave requirements and flexible working options.

Both of these scenarios are reminders that it pays to know your complete employee benefits package. So here are some calls to action for you:

1. Download your pay and reward statements.
2. If you are in a pension scheme, ensure that your beneficiary information is updated.
3. Read your leave policies to ensure that you know the leave available to you in certain circumstances.