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 theyB次元官网网址檙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.
B次元官网网址淭hat will result in dollars saved,B次元官网网址� she said. B次元官网网址淎nd essentially, dollars in your pocket when you think about not having to outlay that money yourself.B次元官网网址�
People often forget whatB次元官网网址檚 included in their package or donB次元官网网址檛 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.
B次元官网网址淭heyB次元官网网址檙e not the most exciting to read but they have a huge value B次元官网网址� doing that pre-work yourself,B次元官网网址� Climie said. Especially as employees get promoted, she said itB次元官网网址檚 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 B次元官网网址渘ot realizing that thereB次元官网网址檚 actually a fair amount of value that they can extract from their workplace.B次元官网网址�
She said people often donB次元官网网址檛 fully use their paid time off because they canB次元官网网址檛 afford to travel. B次元官网网址淵ou can still get paid your full wage to just stay at home and relax and give yourself a break,B次元官网网址� she said.
B次元官网网址淏e mindful of the fact that youB次元官网网址檙e not going to be carrying these vacation days forever,B次元官网网址� Marques warned. Usually, leftover vacation days from the previous year expire at the end of the first quarter of the following year, she added.
B次元官网网址淚f you donB次元官网网址檛 use it, you will lose it,B次元官网网址� she said. B次元官网网址淭hat is money left on the table.B次元官网网址�
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.
B次元官网网址淥n a quarterly basis, allocate an hour to yourself to say, B次元官网网址楬ey, have I used all my health and dental benefits that really could have an effect (on) me or my family?B次元官网网址橞次元官网网址� Climie said.
She also suggested talking to co-workers about how theyB次元官网网址檙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 theyB次元官网网址檙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 donB次元官网网址檛 take advantage of group retirement benefits and pension-matching programs B次元官网网址� when an employer matches a workerB次元官网网址檚 retirement contribution dollar for dollar B次元官网网址� at work.
Even those who contribute to an employee pension plan donB次元官网网址檛 always maximize their matching, he said. B次元官网网址淢any employers have the default rate below the maximum match and people then go to the default rate,B次元官网网址� Copeland said.
B次元官网网址淧eople are hesitant to go too much B次元官网网址� because of the cost of living and whatB次元官网网址檚 relative to their salary.B次元官网网址�
Marques said she crunches the numbers before speaking to clients to reinforce how important retirement matching can be B次元官网网址� even if her clients in their 20s and 30s donB次元官网网址檛 see the value yet.
B次元官网网址淲hen you have a matching program with your employer, thatB次元官网网址檚 a deal thatB次元官网网址檚 hard to beat,B次元官网网址� she said.
If a young employee is earning $80,000 a year with an average matching at three per cent, thatB次元官网网址檚 $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.
B次元官网网址淭hatB次元官网网址檚 a five times difference, a five times return on what youB次元官网网址檙e putting in because you allowed your employer to match it for you,B次元官网网址� Marques said.
At the end of the day, she said, B次元官网网址淚f your employer has any sort of package, then itB次元官网网址檚 good for you.B次元官网网址�
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