Work benefits: money isn't everything

So you've got two job offers on the table (lucky you) and you have to decide between them. One has a fat salary - but that's all. The other pays less, but includes a company car, health insurance and a subsidised canteen selling great chocolate brownies. Which one should you choose?

In a recent survey, Thomsons Online Benefits found that employees routinely underestimate the monetary value of the benefits they receive - to the tune, on average, of over £1,400 per year. While employees tend to reckon their benefits package is worth 6.6% of their basic pay, their finance and HR departments value them at 13.8% and 11.5% respectively.

"It's not the case that UK businesses are failing to offer comprehensive benefits," says consulting director Matthew Gregson. "Instead, there's a lack of internal clarity and financial understanding amongst employees, who are greatly undervaluing their benefits."

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Monetary value

It's easy enough to work out a rough monetary value for some work benefits, such as gym membership or medical insurance - simply find out what they'd cost if you were paying yourself.

When it comes to a company car, things are more complicated - it depends mainly on the value of the car itself, and whether the employee is allowed any private use. HMRC has a calculator here.

Childcare vouchers are often given through a salary sacrifice scheme, allowing workers to pay for their childcare out of pre-tax and National Insurance income. This makes more of a difference than you might think: indeed, for a basic rate tax-payer, a scheme such as this can represent a £300 saving on every £1,000 spent on childcare. There's a more accurate calculator here.

But be careful if you're claiming tax credits: these are calculated on the basis of how much you pay in cash for childcare, meaning that vouchers won't be taken into account. Unless your childcare costs are above £175 a week for one child or £300 for two or more children, you'll almost certainly lose more in tax credits than you gain.

The monetary value of extra holiday leave, sick pay and the like obviously depends on your salary. But dividing your salary by 253 - the number of working days this year - gives you a per-day figure.

Pensions are probably the most complicated of the lot. Income protection company Unum reckons on a defined benefit pension being worth 15.8% of salary; a defined contribution pension being worth 6.2% and an undefined pension 11%.

It's worth remembering that benefits only have a monetary value if they're something you'd be paying for anyway. When one bank asked its staff if they wanted a subsidised gym, 70% said yes - but only 3% took up the option when it was offered. And many benefits have a value way beyond the monetary - flexible working, for example.

So how can you negotiate a better benefits package?

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Pick your moment

Quizzing your interviewer about a company car or asking for flexitime during your first interview will simply make you look demanding and difficult. The right time is after you've been offered the job, but before you've accepted it.

Be realistic

Don't ask for too much. You are not a rock star, and you're highly unlikely to get a bowl of M&Ms with the brown ones taken out placed on your desk every morning. Similarly, if the boss drives a beaten-up old Astra, you won't get a company Audi.

Present a plausible case

Formal pay structures may mean that a salary increase simply isn't possible - but this doesn't mean that your employer won't give you more if they can. It's relatively easy to justify a request for training, on the grounds that this will improve your job performance, for example. Similarly, if you're asking for flexible hours, point out that this could mean the office is staffed when it otherwise might not be.

Show why you're different

If, say, you have health insurance provided with your present job, you may be able to argue that this should be continued in the new one. Or, if you're moving a long way to take up a position, you may be in a position to negotiate a relocation package. The key here is to give your new employer a good reason to present to management as to why you are a special case.

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