It is important to have the big picture when it comes to compensation at work.
- You may be looking for a raise, either in your current job or in a new one.
- There are some benefits that could help your finances more than a raise.
There are plenty of good reasons for wanting a raise. Not only would a higher salary allow you to meet goals such as building savings or paying off debt, it could also give you more leeway with everyday bills.
If you didn’t get a raise until 2022, you might want to negotiate one at your current job or look for a new job that will pay you better. And with the U.S. job market having 10.6 million jobs to fill in November, there’s a good chance that if you look outside of your current business, you’ll find an opportunity.
But rather than just focusing on increasing your salary, it’s worth considering what other benefits your current, or potential employer, might be willing to provide. Here are three workplace perks that could benefit you more financially than a raise.
1. Fully subsidized health insurance
Although many companies subsidize health insurance for employees, you will often have to contribute money towards your premiums. But if an employer is willing to fully subsidize the cost of your health coverage, it’s a benefit that could be worth several thousand dollars.
Suppose your Medicare plan costs $ 500 per month. If your employer doesn’t pay an increase this year, but instead agrees to cover that cost in full rather than deducting the $ 300 per month from your paycheck that you paid before, that’s a pretty good deal.
2. A generous correspondence with the 401 (k) plan
The money that goes into your 401 (k) plan cannot be used immediately. Instead, you will have to leave it alone until you reach the age of 59 1/2 or else you will be hit with penalties. But even so, getting free money for your 401 (k) is a perk that should not be overlooked. If your current or future employer offers a generous 401 (k) match, that might be enough to compensate for a slightly lower salary.
Imagine making $ 50,000 a year and hoping to see your salary increase to $ 51,500 this year, which would be a 3% increase. If your employer doesn’t, but starts offering $ 3,000 in consideration to employees who participate in their 401 (k), that’s not a bad deal at all.
3. Unlimited or generous vacation and sick leave
In an era when COVID-19 is raging and the chances of having to self-isolate due to illness or exposure are higher than usual, having a generous leave policy could be a big savings in silver. Imagine taking a job that doesn’t leave you with a higher salary, but gives you four weeks of paid leave instead of two. This could mean the difference between having your vacation and sick leave covered in full and having to take unpaid time off.
Some companies, in fact, offer unlimited vacation or sick leave. These policies generally work on a ‘use it but don’t abuse’ basis, and they can not only save you money, but just as importantly, help you achieve a better work-life balance. private.
When it comes to your pay at work, your actual pay is only part of the bigger picture. Rather than just focusing on getting a raise, think about the value of the various benefits that may be available to you.
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