Company Perks... you gotta use them
If you’re lucky, your company offers a number of benefits outside of your direct salary compensation. Many people are familiar with common perks such as 401K matching, but oftentimes less well known benefits can go unnoticed and unused. Some of the key ones are:
- Employee Stock Purchase Programs (ESPP)
- Health Savings Accounts (HSA) Contribution
- Health & Exercise Reimbursement
- Education Reimbursement
- Discounts on various products & services (i.e. pet insurance, commuter benefits)
Some of these are only offered by publicly traded companies. Regardless, you should be aware of everything your company offers to ensure you’re not leaving money on the table. Let’s look at an example. Let’s say your salary is $100K and assume you maxed out all of your benefits.
| Benefit | Common Terms | Value |
|---|---|---|
| 401k | For every dollar you contribute to the traditional, pre-tax 401(k), up to 6% of your eligible compensation, the company will match your contribution by $0.50. | $3,000 |
| ESPP* | 15% of your compensation can purchase company stock at a 15% discount | $2,250 |
| HSA | $800 annually | $800 |
| Health & Exercise Reimbursement | $600 annually | $600 |
| Education Reimbursement | $5,000 annually | $5,000 |
| Various Discounts | $500 | |
| Total | $12,150 |
That’s a 12% bump in your annual compensation! Clearly these perks can quickly add up so why leave money on the table? Being aware of all of the programs your company operates can earn you a significant bonus on top of your compensation and all you have to do is use them. Here’s how I have managed to learn about and stay on top of these offerings:
- Check the internal wiki
- Peruse the employee handbook
- Discover & Join the work channels where people discuss these topics
- My company uses slack (#stock, #expenses, etc.)
- Attend the info sessions
- If you don’t have info sessions, try to find someone in the HR or benefits department and see if they’re willing to sit down with you to talk about what’s available.