Does your company LOVE you?

As the job market looks ready to expand and salaries go up, the head hunters are already asking promising candidates to dust off their neglected resumes. Unlike the West, we are yet to have dedicated benefit consultants who will decode benefit packages for you. Till they come, use this decoder to make a beginning to find your best company. Or maybe you will discover that you already work for one! Remember to compare companies in your own industry, it would be unfair to compare BPO-like perks with those given by older organisations. Check out the benefits under the following categories to get a better understanding of what you have and what you don’t.

Retirement benefits

Comprising provident fund, gratuity and a pension component in most companies, these benefits will be fairly standard and may not vary across different companies. Remember that Gratuity is a payment that you are entitled to after five years continuous service in a company. So if you’ve spent four and a half and want to quit, wait another six months to jump ship. At 15 days last wage for each year of service with a maximum benefit of Rs 3.5 lakh, Gratuity payments can add up to a nice lump sum.

Insurance benefits

Most companies have a group medical insurance scheme that entitles employees and their dependants to medical insurance. The good thing about group medical insurance is that, even if the premium is added to your CTC, they cost less than individual mediclaim polices. Also, expenses like dental treatment, pre-existing diseases and maternity costs are included in a group policy, unlike an individual policy.

Many companies offer life insurance benefits as a sweetener. Understand what kind of insurance you have, if offered and for what period. Most companies will offer an annual term policy, that is they will insure your life for a year and then renew it each year. When you leave, the policy terminates leaving your family grossly underinsured. Some companies in the mature markets allow employees to continue with their term polices even after they leave, if they take over the premium payment cost. What does your company do?

Reimbursements

Cash back against bills for entertainment, books, medicines and travel are standard benefits given by most companies. There is a tax break till a certain threshold limit in each category. Check with your CA to make sure you are taking the entire tax benefit in this category. Some companies offer generous overseas travel allowances for employees on tour as an added incentive.

Lifestyle benefits

This is a relatively new category in India and more popular in the technology sector. But older firms too are coming around to think innovatively. Flexible working options are a big sweetener to many employees. Spending on employee re-education and training is a cost progressive companies are willing to take on to keep the creative juices flowing and the employee motivated. Other like managing the various errands like bill payments free the employee from these regular time-sucking chores. Gyms and cafeterias in the work place, cell phone and laptops from the company and soft loans are all included in the bag of goodies the companies are offering now. How does yours stack up?

Take stock of what you get already and what will make you happier. Fill the worksheet titled ‘Your Benefit Checklist’ to find out where you stand today. Fill in ‘Your Benefit Wish list’ to find out what you would like most your employer to give. This will prepare you for negotiating a better deal with the current company or will come in useful when you jump ship.