When looking for a new job or reviewing the benefits of your current employer, you’ll want to consider more than your salary or take-home pay. Many companies offer robust compensation packages that include different forms of non-monetary compensation for their employees. We’ve put together an overview of what other benefits you may receive and how they can help you save money in other areas of your life.
While you’re most likely paying a portion for the policies, it’s not uncommon for your employer to take on a large portion of the cost of your insurance coverage. This can include policies for health, dental, vision, and even life insurance. In addition, some companies may offer ways to reduce the premium you pay by participating in healthy activities or attending seminars, which will keep more money in your wallet. When reviewing job offers, take stock of what insurance coverage is available, and compare policy offerings between employers to find the best fit for you and your family.
Having the right work-life balance can help you effectively manage both your personal and professional life in a healthy way. Do you enjoy travel? Make sure your employer provides adequate paid time off or offers an option to purchase additional days to help you strike that balance. Planning on starting or expanding your family? Some employers offer maternity and paternity leave, as well as options for adoption or foster care placement.
If you’re working in the office, you may find that your employer offers different on-site amenities. These can often be overlooked, but think about the cost you pay for a gym membership, or the convenience of having on-site daycare. Having these perks available to you at the office can help reduce strain on your bank account and cut down on unnecessary additions to your commute.
Employers often want their employees to be their best selves, which is why they offer various assistance programs to help employees grow. If you’re planning on pursuing a degree, see if your employer offers any tuition assistance programs. By having your employer pay a portion of your tuition, you’ll reduce the amount you’ll need to pay out of pocket or borrow in student loans for your education. This type of assistance may entail requirements like your major being related to your position or maintaining a specific GPA, but regardless, employer tuition assistance can be very helpful if you’re looking to continue your education.
Other employee-focused programs may include Employee Assistance Program (EAP) services, smoking cessation help, or incentives for carpooling and using public transportation. The organization may incentivize employees to take advantage of these benefits to improve their health or reduce their carbon footprint.
While you’ll often receive a discount on goods and services from your employer, you may get additional discounts through partnerships your employer has with other organizations. Anything from reduced-price tickets to events to a special offer when you use another company’s services could be considered a form of non-monetary compensation.
While many employees focus on base pay or bonuses, different types of non-monetary compensation offered by your employer can have a positive impact on your budget. If you’re looking for a rewarding career that offers a robust compensation package, visit our careers pages to see our current openings. For more money-saving tips, visit our WalletWorks page.