NatWest Bank have recently released a new interactive tool, the ‘Salary Calculator’ which helps users to calculate their take-home salary for permanent, fixed-term, part-time, temporary or contract work. Providing a visual overview, the tool gives a breakdown of any tax, pension and loan deductions as well as the ability for users to view their pay over any given period. We take a look at how this tool could help candidates understand just how much an offered salary will actually equate to and able them to analyse a job offer in its entirety, including perks and downtime.
Salary Expectations versus Reality
In recent times, a great deal of the focus on whether a jobseeker will accept a new role has shifted from the standard salary question onto the work/life balance offered by a position, with candidates concerned about the quality of life they will have whilst employed. A strong company culture fit is also significantly influential. However important as these aspects may be, the offered salary can often be the cherry on top and be the deciding factor for candidates to take the plunge – and take the job.
A salary increase offered at a new company can be an attractive benefit, however it is hard immediately to judge how much of that salary a worker will actually take home, and how much will be lost in the ether of tax, national insurance, travel and expenses. It can be hard for candidates to accurately distinguish between their actual wage and their take-home wage, which is where the NatWest Salary Calculator comes in extremely handy and holds its own as an online recruitment tool for both agencies and job seekers.
More Hours = More Money?
Candidates must envision their lives as part of a new company, paying close attention to how many hours they will work for just how much money. A few decades ago, the most highly-paid among the population often worked the least hours, whereas those paid less had to work far more to earn even a fraction as much. This paradigm has shifted incredibly, and companies now often offer benefits alongside salary that keep workers at their desks for much longer – but with far less resentment.
Perks for Hours
For instance, it’s now fairly commonplace for large companies to implement childcare creches in the office; laundry services to be delivered to an employee’s desk; free meals on site or exclusive shuttle buses to help with commuting. Whilst on the surface these perks seem enticing, and often, a salary will be more attractive when surrounded by office perks, however what’s important for candidates is to observe a level of caution and make sure to determine whether or not their quality of life will be affected to such a degree that the salary – and the perks – become inconsequential.
Taking Note of Tech
Another aspect to consider is the presence of technology as part of the employment contract. Will there be an option to truly log off, or will management expect a level of reachability that extends past the normal office hours? If this is the case, then perhaps the salary should reflect that.
In any case, a candidate must determine how their offered salary reflects their expectations, what they’re really going to be taking home and should always factor in just how much is going to be expected of them.