When you have finally secured yourself a role it can be easy to think that the number on your pay slip at the end of the month is the most important factor. While earning a decent salary that can allow you to make ends meet should always be at the forefront of your mind, should it sway your decision?
Overlooking what the company offers in the way of employee benefits, such as free eye tests and train travel loans, which are becoming more common and can be extremely lucrative, may be a big mistake.
If you have flown through the interview process and came out on top over a vast amount of competition, but the salary is not quite what you hoped it would be, do you turn it down? Before you make any decision you should take a look at what else is on offer.
Work out what you take home
It could be the case that the difference in the amount of salary you actually receive at the end of the month compared to what your target is might not be as big as you actually thought.
It is important to remember that some repayments – such as your student loan for example – that are taken directly out of your salary are determined on a tiered basis. You can also take into account other payments such as tax and national insurance; essentially the more you earn the more you’ll pay.
To understand how much you will receive each month after all your costs, you can use a salary calculator, which will help you to see things more clearly. You may even find that the pay is not as bad as you first thought.
Put the benefits on offer into context
It is always worth taking a look at the company benefits that are on offer and to think about how valuable they could be to you as an individual. It may be that the new role comes with free gym membership, onsite lunches or a company phone, which can mean you save a considerable amount of money in the long run.
Initially, it can be hard to place a monetary value on such benefits, but adding up how much it would cost you to fund lunch or your gym membership yourself can show how extremely attractive such benefits can be.
If you’re a graduate looking to kick-start your career, have a chat with Discovery graduates and see how they can help get you started
Covid put a lot of things on the backburner for businesses – one of these things was graduate recruitment. If you want to recruit graduates this year but haven’t got round to it yet, it’s time to put the wheels in motion! Trends in the market suggest that organisations need to kick off their graduate […]
Author: Jonathan Evans, CEO, Discovery In a matter of weeks, our next tranche of graduates leave university for the last time with, what should be, the excited anticipation of entering the workforce and starting their careers, but this year it is very different. If the last few weeks have taught us anything it is to expect the […]
Poor retention High recruitment costs Skills gaps Stagnating business growth You need to recruit the right people to grow your business. Looking to the future, it is widely acknowledged that graduates are incredibly important in the workforce and it’s predicted that by 2020 50% of the UK workforce will be Millennials and 24% Generation Zers. […]