6 Employment allowances and how to get them

In the context of the economic slowdown, many companies have tightened their wallets by slowing down spending or even freezing the recruitment process. However, even if many companies are laying off employees, this does not mean that existing employees must give up the annual salary increase. On the contrary, there are ways to increase “wages” without actually increasing take-home wages. Let’s take a look at some items that employees or potential employees can negotiate.

Key points

  • Companies can compensate loyal employees in a variety of ways, not just increase their wages.
  • Some employers allow employees to take vacations, usually unpaid vacations, during which employees travel, study or otherwise take vacations.
  • Flextime is popular with many people because it allows employees to complete the time they need within a time frame that is more suitable for their lifestyle or family obligations.
  • Telecommuting allows employees to save on commuting expenses, avoid the pressure of traffic or public transportation, and work comfortably at home.
  • When it is not possible to provide employees with the option of telecommuting, some companies may reimburse some or all of their transportation expenses.
  • Performance bonuses based on personal or departmental achievements and stock options that will be exercised in a few years are other ways for companies to build loyalty and improve employee morale.

1. Vacation

Maybe you have always wanted to spend a long vacation or study art in Paris. Or, you might just want to be able to pick up your children to school and pick them up on a regular basis. If this is the case, then you can ask your boss to take time off or take time off (paid or unpaid).

To be clear, many companies, especially Fortune 500 companies, already provide this kind of benefits, but only for employees who have served for many years (usually five years or more). In other words, many of the same companies are also flexible and usually provide exceptions for valuable employees.

In order to increase the likelihood of such requests being approved, it makes sense to plan a vacation during the lightest hours of the year. In this way, your boss and/or your colleagues will not feel overwhelmed by your task.

2. Flexible time

Let’s face it, we are all living busy lives. In fact, many of us have obligations to organizations such as local churches or schools, and we often try to squeeze into these organizations after a busy working day. Those with large families seem to have more obligations.

What if you can have the best of both worlds? In other words, suppose you can complete your work and personal affairs every day without rushing? Sounds great, right? The good news is that with “flexible working hours,” this is possible.

What is flexible working hours? Quite simply, employees agree to work eight hours a day (or any predetermined length of time), but they do not need to work in the traditional nine to five hours. In this way, employees can avoid busy morning commutes or take their children to school by working from 10 am to 6 pm. Or, for a Friday break, the employee may agree to work on Saturday.

In any case, if the employee is trustworthy and has done their job (and done it well), then the employer will most likely grant this allowance instead of a raise. Remember, from the employer’s perspective, if it costs nothing and makes you happy, then it may be worth it.

3. Telecommuting

Due to the relatively high cost of living in large cities and their surrounding areas, many people choose to live in more rural areas. However, the disadvantage of living in the suburbs is that commuting (into the city) is usually long and arduous.

But this may not be necessary, especially if most of their work is done on a computer or phone.

Flexible working hours and telecommuting are best carried out by employees who can arrange their own time, complete projects on time, and complete projects only under moderate supervision. Employees who rely on more stable supervision may struggle with less organized structures with flexible working hours and telecommuting.

4. Reimbursement of commuting expenses

Maybe your company won’t give you a raise or allow you to work remotely, but it may be willing to reimburse you for commuting and travel expenses for out-of-pocket expenses. For example, your employer may agree to reimburse you for gasoline and parking fees, or directly purchase train or bus tickets for you.

Think this sounds like a stupid change compared to a raise? Think again. In order for you to purchase a $100 bus pass, you will most likely need to earn $125 or $140 in pre-tax income. In other words, there are actually benefits that exceed the actual air ticket cost.

5. Performance bonus

For obvious reasons (mainly higher costs), many employers are reluctant to give employees a raise in difficult times. However, if at the end of the year, you can get a bonus directly linked to the company or your performance, the bonus will exceed a certain benchmark, what should you do? In other words, unless the company makes more money, or does a good job in a certain area, or unless you make more money for the company, you will not get additional compensation. This sounds fair, right?

For this reason, your employer may be willing to provide you with performance bonuses based on your or your department’s sales (for example). Or, the bonus may be linked to some other tangible statistics or benchmarks.

6. Stock options

If the company you work for is publicly traded, stock options (as a form of compensation) may be a good solution. why?

Since stock options are usually worthless unless the stock price rises from the date of grant, they encourage employees to perform well. In addition, because options are generally not exercised within a few years after the grant date, they also encourage loyalty.

Bottom line

Although it is impossible to get a salary increase every year, many other benefits that employees can bargain are equally valuable.

.

READ ALSO:   8 reasons why important employees leave
Share your love