Benefits of Working Overtime
Working overtime may seem beneficial to earn more money. There are either questions you need to ask yourself before you consider working overtime. The extras will vary from company to company and also the laws in different countries are not the same. In most circumstances you receive a bonus of 50% in money or you can recuperate in more holiday hours. The greatest disadvantage are the high taxes and you need to question yourself if it is worthwhile to work these extra hours if these higher taxes result in a low extra amount of money in your pocket.
Here are some benefits of working overtime:
*More money or extra holiday hours
Some countries allow paying a bonus of 50% for working overtime and others allow recuperating in extra holiday hours. It is also possible employees may choose between both systems and in this situation they can decide which system they prefer. Employees often choose for more money if they need fast money. Many of them may be disappointed if they notice that the net pay is much lower. These extra hours are taxed at the employee’s highest tax rate and can result in a net pay which is only a little bit higher than the usual pay.
Employees may also prefer to take more vacation. If the company allows to recuperate the bonus in free hours employees have the possibility to take more holiday. This is certainly beneficial if they travel and also when they want a longer holiday to rest or to spend more time with the family.
Employees who work overtime are more productive for the company. Some of them like to work overtime because they don’t want to spend the evening watching television or they don’t know what to do and they want to show their boss how ambitious they are.
*A better chance for promotion
A boss will appreciate that employees are prepared to work overtime. The production often needs to be finished before a deadline. It may be possible the manager of the team needs employees who are prepared to work overtime to get the production ready on time. Sickness and absence of employees are often reasons why working overtime is necessary. You may notice that employees who are flexible and always prepared to work overtime are often the first who get the chance for promotion.
Being prepared to work overtime can benefit the employees in the long run through more rewards than the bonus of 50%. The high taxes are a disadvantage and may possible push the employee in a higher tax bracket but you have to think on the long run. It may be possible you get a promotion in the future, more responsibility, more holiday or some other rewards.