Make the Most of Your Workplace Benefits

If the rising cost of housing, groceries, and household goods is making you feel financially pinched, you’re not alone. Inflation is a part of life, but in recent years, factors like pandemic supply chain issues helped ramp it up.
 
You might be hoping for a healthy raise to offset those higher prices. But many companies plan to keep their pay raises modest in 2025, citing a cooling job market and other factors, according to a survey by financial services firm WTW.
 
If you don’t get the pay hike you were hoping for, keep in mind that your salary is just one part of your total compensation package. Employee benefits have plenty of value too – especially if you know how to take full advantage of them. Read on to learn how to do just that.

What are company employee benefits?

Employee benefits are perks that your employer offers – on top of your salary – to make your life easier, more secure and maybe even more fun. Here are some common benefits that employers might offer.
 

Insurance

 
If you’re a full-time employee, your workplace probably provides health insurance to help cover the cost of doctor visits, prescriptions, hospital stays and even dental care for you and your family. You may need to pay some of the premium yourself – 17 percent on average for single people, and 29 percent for family coverage – but health insurance is still a significant employee benefit.
 
Some companies also offer insurance that helps protect you and your family when the unexpected happens. They may offer life insurance, so your dependents will be financially secure if you die and they lose your income. And some organizations offer an accidental death and dismemberment policy, which pays a cash benefit so your family can continue covering their bills if you get seriously injured (or killed) and can no longer work.
 

Wellness programs

 
To help employees stay healthy and well, more and more workplaces are offering wellness programs. They might provide free or discounted gym memberships, yoga classes, on-site medical checkups, and programs to help you reduce stress or quit smoking. To encourage participation, some employers offer incentives like cash or gift cards for employees who sign up.
 

Retirement benefits

 
Some employers help their employees start saving for retirement. They may offer a 401k plan, for example, which lets you make contributions toward your retirement savings. If you work for a school, church, or government agency, your employer may offer a similar plan called a 401(b).
 
Both generally let you make tax-deferred contributions to the account using pretax dollars. That essentially lowers your taxable income for the year, while also building financial security for your retirement.1 Some employers will match the employee’s contribution to their retirement account. If your company does, take advantage so you can grow your savings even faster.
 

Education assistance

 
Companies benefit when employees expand their skills and knowledge, so they may offer tuition reimbursement or pay for other types of professional development. Meanwhile, some workplaces have programs to help employees pay off student loan debt, a perk that’s especially popular among younger workers.
 

Childcare

 
If you’re a parent, your employer may offer benefits to help ease the journey and save you money on rising childcare costs. They might offer paid maternity and paternity leave, so you can spend those early weeks or months with your newborn while still drawing a salary.
 
When that child enters toddlerhood, some companies cover daycare costs or offer on-site childcare at the workplace, so parents can pop in to visit their little one during lunch or work breaks. Some companies even offer tuition assistance to employees with, for example, a special-needs child who attends private school.
 
Make sure you understand how childcare benefits work. If your company offers maternity or paternity leave, for example, will you need to take short-term disability or long-term disability leave? For how long will you get paid?
 

Financial education

 
Programs that help employees build financial security have gained popularity in recent years. Companies might offer financial education programs or even a personal coach to help employees meet goals such as creating a budget or boosting their credit score.
 

Discounts

 
Some companies partner with retailers (and others) to offer an employee discount program. Workers might be able to save money on things like groceries, cell phone service, entertainment, dining out, automotive services, and more.

Wellbeing Programs on the Rise

Many companies are prioritizing employee wellbeing programs. These include financial wellbeing programs as well as employee assistance programs, which provide free coaching to help employees navigate personal or work-related issues.

Tips to make the most of your current company benefits

When you joined your company, HR probably gave you some information about your employee benefits. You might have looked it over, signed up for a health plan, and set it aside, forgetting about some of the perks. Revisit your employee benefits so you don’t miss out. Taking advantage of your benefits can help stretch your money further.
 
When health care open enrollment time rolls around (or when you get a new job), review your company’s health plan options – benefits, deductibles, limits – to choose the best one for you and your family. When it’s time to visit a doctor or specialist, try to stick with in-network providers to save money. And don’t be afraid to shop around for services. Different medical centers, for example, may charge different prices for the same test or procedure.
 
If your employer offers wellness programs, ask your doctor which ones would benefit you, then jump in. If your employer offers a gym membership or fitness classes, you may be able to cancel your own gym membership, which will put more money in your pocket. Find out if your company offers support groups or one-on-one coaching to help you meet your wellness goals.
 
If you’re paying off student loans and your employer is willing to help, investigate how the program works. Some companies match the employee’s loan payments, for example, which will help you pay off that debt more quickly.
 
Plan to further your education? If your company offers tuition reimbursement, now’s the time to get back to class. But make sure you understand the program’s rules. To qualify for tuition reimbursement, you might need to take specific courses, for example, or maintain a minimum grade.
 
Get into the habit of using your employee benefits whenever there’s an opportunity. If your employer offers discounted movie tickets or discounts at your coffee shop, there’s no reason to pay full price.

Workplace benefits to consider in your job search

When you’re interviewing, make a list of the benefits you care about. And if a prospective employer doesn’t offer them, remember that negotiating isn’t just for salaries. You can negotiate for benefits too.
 
If the company offers health benefits, make sure you understand what it covers – and doesn’t. (HR will be able to tell you.) Ask how much of the premium the company will pay and what your share would be. If you’ll be paying a good chunk of the premium – especially if you need health care for your whole family – that cost will eat into your take-home pay. If the premium will be steep, you might want to negotiate for higher pay.
 
Companies naturally want you to succeed in your job, so it’s easy to make a case for professional development benefits. If there’s a workshop or conference you’d like to attend, ask if the company would be willing to cover the cost. Just make sure that you’ll be developing networks or skills related to your job. Also, ask whether you can be connected with a mentor or sponsor, who can help fast-track your career.
 
If you’re joining a startup, find out if your compensation will include equity. Before signing, make sure to research the company thoroughly to investigate their business model and funding.
 
If you’ll be working from home, ask who’ll be paying for your office equipment. Some companies give remote workers a stipend, for example, to buy necessary equipment like a laptop and printer.
 
If a company’s employee benefits fall short of your expectations, think of solutions. If they don’t offer that gym membership you were hoping for, or their health plan has a higher deductible than you expected, ask for a signing bonus to help you cover those costs yourself.
 

 
¹ Please consult a tax advisor.
 

 
Sources:
 
Experian, Which Items Has Inflation Impacted Most? published October 4, 2024.
 
WTW (press release) US Salary Budgets Expected to Remain the Same in 2025, accessed December 18, 2024.
 
Indeed, What Are Workplace Benefits? (18 Examples of Benefits), published August 18, 2024.
 
The Kaiser Family Foundation, 2023 Employer Health Benefits Survey, published October 18, 2023.
 
Society for Human Resource Management, Designing and Managing Wellness Programs, accessed December 19, 2024.
 
US Chamber of Commerce, Is Your Company Offering Top Financial Wellness Benefits? accessed December 19, 2024.
 
Indeed, Should You Offer an Employee Discount Program? accessed December 19, 2024.
 
Patient Advocate, 10 Tips to Health You Get the Most Out of Your Health Insurance, accessed December 19, 2024.
 
Concentra, 5 Ways to Make the Most of Your Company’s Wellness Program, accessed December 19, 2024.
 
BestColleges, A Student’s Guide to Tuition Reimbursement and Assistance, accessed December 19, 2024.
 
The Wall Street Journal, Your Money Briefing podcast, If You Can’t Get a Big Raise, Here’s How to Get More from Benefits, released October 16, 2024.
 
MediaBistro, 11 Benefits You Should Negotiate Other Than Salary, accessed December 19, 2024.
 

 

 
This article was created in accordance with the Patelco editorial policy.