Life changes over time, and with it, so do your requirements for staying healthy and fulfilled. So, whether you’re switching jobs or have been with the same company for years, it’s important to consider the value of your employee benefits.
What are employee benefits?
The workplace compensation package from your employer often consists of more than just wages. In addition to your regular salary, most full-time workers also receive access to employee benefits such as non-wage compensation to enhance employee satisfaction, loyalty and well-being.
Types of employee benefits
Taking advantage of your employee benefits can help set you and your family up for success now and in the future.
Health-related benefits
For many, the most important elements of a benefits package are health-related, and might include:
Health insurance: Employers usually offer a variety of medical plans for employees to choose from, and some might even cover a portion or all the premium costs.
Mental health support: An employer might offer therapy and counseling, psychiatric medication coverage or Employee Assistance Programs (EAPs), which are designed to improve employee well-being. At Ally, our employees have access to a comprehensive program that includes emotional well-being resources and support.
Dental insurance: Preventive care, routine cleanings, fillings and more extensive treatments like root canals or surgery might be covered by dental insurance.
Both monetary and non-monetary benefits offered by your employer can be a great way to round out your salary and improve your financial and mental well-being.
Financial security benefits
Make sure you and your family are protected through all of life’s ups and downs by taking advantage of financial security benefits, which could include:
Retirement plans: Build up your retirement savings by contributing to your employer’s 401(k), pension plan or other employer-sponsored fund. At Ally, we offer a competitive retirement match. Any employer-matched contribution is, in essence, free money.
Life insurance: In the event of your death, employer-provided life insurance can grant financial protection to your designated beneficiaries.
Disability insurance: If you are unable to work due to illness or an accident, this coverage can help you pay for expenses and maintain financial stability.
Lifestyle and additional benefits
Employee well-being is a top priority for many employees. Lifestyle benefits can play a large role in their desire to work for and remain with a company, including:
Paid time off (PTO): Most companies offer sick, vacation and personal days to full-time, salaried employees. It’s important to understand your company’s paid leave policy so you are prepared in the event when you want to travel or have an unexpected personal matter come up.
Parental leave: Paid or unpaid parental leave for new parents provides time together for a family to bond.
Flexible work arrangements: Having flexibility in when and how work is performed can lead to improved work-life balance, increased productivity and higher employee satisfaction.
Tuition reimbursement: Earning another degree can enhance your qualifications and ability to advance in your career — and some companies may cover some, or all, of the tuition costs.
Professional development opportunities: Networking events, industry or professional conferences, and membership in industry associations can help improve your job performance and progress in your career.
Gym reimbursement: You may be able to get membership fees reimbursed by your employer or as part of your health insurance plan.
Volunteer opportunities: Team outings to an activity or fundraising for a specific cause can create a company culture of giving back.
How to choose the right benefits
When deciding which workplace benefits to opt into, consider your future and current circumstances, including health status, family needs and career goals. Choose benefits that align with your personal needs and values.
Make the most of your workplace benefits
Both monetary and non-monetary benefits offered by your employer can be a great way to round out your salary and improve your financial and mental well-being. Be sure to take advantage of those that have the biggest impact on your lifestyle.
