How much money do you make?
Many people zero in on their paycheques when considering their compensation. Yet experts say workers should regularly check that they含羞草研究社檙e taking advantage of vacation time and other benefits, lest they leave money on the table.
Employees often receive other considerations such as benefits and health insurance, said Cindy Marques, a certified financial planner and co-founder of MakeCents.
含羞草研究社淭hat will result in dollars saved,含羞草研究社� she said. 含羞草研究社淎nd essentially, dollars in your pocket when you think about not having to outlay that money yourself.含羞草研究社�
People often forget what含羞草研究社檚 included in their package or don含羞草研究社檛 keep up with changes to group plans, Marques said.
Jillian Climie, a compensation expert and co-founder of Vancouver-based consulting company The Thoughtful Co., said employees should take time to research and read up on what the company has to offer in perks and benefits before seeing a human resources representative.
含羞草研究社淭hey含羞草研究社檙e not the most exciting to read but they have a huge value 含羞草研究社� doing that pre-work yourself,含羞草研究社� Climie said. Especially as employees get promoted, she said it含羞草研究社檚 important to take stock of benefits as new ones roll in, such as funding for professional development and coaching allowances.
Fitness allowances such as gym memberships or coverage for at-home workout gear like yoga mats or even treadmills could be included in benefits. Other underutilized unofficial perks could include at-home ergonomic setups, monthly phone bill payments, paid parking spots and travel expenses, Climie said.
Marques said even the most common benefits such as vacation and health care go underutilized, with workers 含羞草研究社渘ot realizing that there含羞草研究社檚 actually a fair amount of value that they can extract from their workplace.含羞草研究社�
She said people often don含羞草研究社檛 fully use their paid time off because they can含羞草研究社檛 afford to travel. 含羞草研究社淵ou can still get paid your full wage to just stay at home and relax and give yourself a break,含羞草研究社� she said.
含羞草研究社淏e mindful of the fact that you含羞草研究社檙e not going to be carrying these vacation days forever,含羞草研究社� Marques warned. Usually, leftover vacation days from the previous year expire at the end of the first quarter of the following year, she added.
含羞草研究社淚f you don含羞草研究社檛 use it, you will lose it,含羞草研究社� she said. 含羞草研究社淭hat is money left on the table.含羞草研究社�
But it can be hard to keep track of all the benefits and perks of the job amid deadlines and time constraints. Climie suggests making time for yourself.
含羞草研究社淥n a quarterly basis, allocate an hour to yourself to say, 含羞草研究社楬ey, have I used all my health and dental benefits that really could have an effect (on) me or my family?含羞草研究社櫤卟菅芯可鐫 Climie said.
She also suggested talking to co-workers about how they含羞草研究社檙e making time to use their benefits.
Many employers have grown more flexible, letting their workers go for a medical appointment during work hours, especially since the pandemic, she said, which can be helpful for making the most of health benefits. Smart workplaces realize their employees are more likely to be productive when they feel like they含羞草研究社檙e being valued and compensated at work, Climie added.
Craig Copeland, director of wealth benefits research at the Employee Benefits Research Institute, said a large number of people don含羞草研究社檛 take advantage of group retirement benefits and pension-matching programs 含羞草研究社� when an employer matches a worker含羞草研究社檚 retirement contribution dollar for dollar 含羞草研究社� at work.
Even those who contribute to an employee pension plan don含羞草研究社檛 always maximize their matching, he said. 含羞草研究社淢any employers have the default rate below the maximum match and people then go to the default rate,含羞草研究社� Copeland said.
含羞草研究社淧eople are hesitant to go too much 含羞草研究社� because of the cost of living and what含羞草研究社檚 relative to their salary.含羞草研究社�
Marques said she crunches the numbers before speaking to clients to reinforce how important retirement matching can be 含羞草研究社� even if her clients in their 20s and 30s don含羞草研究社檛 see the value yet.
含羞草研究社淲hen you have a matching program with your employer, that含羞草研究社檚 a deal that含羞草研究社檚 hard to beat,含羞草研究社� she said.
If a young employee is earning $80,000 a year with an average matching at three per cent, that含羞草研究社檚 $2,400 a year or $200 a month in retirement contributions from the company, she said. Over 30 years, that can turn into $1,000 a month in extra income in retirement.
含羞草研究社淭hat含羞草研究社檚 a five times difference, a five times return on what you含羞草研究社檙e putting in because you allowed your employer to match it for you,含羞草研究社� Marques said.
At the end of the day, she said, 含羞草研究社淚f your employer has any sort of package, then it含羞草研究社檚 good for you.含羞草研究社�
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