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November 21, 2023
Want to increase your income today without salary negotiations? Get a grip on your workplace benefits.
Salary and intangible payoffs are your prime considerations when evaluating a job offer. However, there’s a third critical component — corporate benefits. Missing out on these can leave you feeling less rewarded and motivated.
Besides, you may leave a lot of money on the table if you aren’t taking advantage of everything your employer offers. The US Department of Labor estimates that employee benefits are worth roughly 30% of your salary.
But the question is: How can you make the most of your workplace benefits? The first and most necessary step is to familiarize yourself with all the offerings.
Employees must be well-informed about the available offerings to utilize workplace benefits fully. A good starting point is checking the benefits portal. Additionally, ensure that you study the resources listed in the enrollment guide.
Further, refer to your new hire paperwork. Even if you are still left looking for the answers, the information within will equip you to ask informed questions when seeking assistance.
Companies conduct employee surveys and pulse reports to enhance the design of their programs and initiatives. Participation in these surveys is crucial, as it allows your employer to identify and address potential areas of improvement tailored to your needs.
Some employers provide additional incentives and perks alongside standard benefits. These may include wellness-related perks or prescription discounts and health supplies. Educate yourself on these offerings by carefully studying your health insurance policy.
Further, keep a list of accessible covered healthcare providers, and in times of need, visit only these in-network providers to benefit from the coverage.
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If used effectively, paid time off can be crucial to your overall compensation package. Studies indicate that using PTO can significantly reduce stress and improve employee productivity.
Ensure you utilize your PTOs and spend time doing what you love outside of work to return rejuvenated and add value to your work.
When it comes to contributing to your Health Savings Account, viewing it as a retirement account is crucial. Consider contributing the maximum amount permitted by the IRS and use an alternative payment method for current healthcare expenses. This strategy positions you to leverage the compounding power of an HSA effectively.
Maxing out corporate benefits can boost wealth, enhance physical and emotional health, and increase job satisfaction. Over time, utilizing your perks can provide a meaningful tailwind for your financial plan.
Contact your HR representative or service provider for further guidance to optimize your workplace benefits. They can help you understand your options and prepare you for open enrollment so you feel confident in maximizing your benefits.
Want to know more about startups and what it takes to get started? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, bookkeeping, taxes, HR, payroll, insurance, and recruiting — and we can help yours, too. Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.
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