If you’ve ever worked with me during an open enrollment period, you’ve probably seen the twinkle in my eye when someone asks a question about benefits. Your benefits are a part of your whole compensation, and if you’re not using them, you’re leaving money on the table.
An actual picture of me thinking about you not getting all of the $$$ available to you.
So what do I mean when I use the term benefits? A lot of things! Here is a non-exhaustive list:
Paid Time Off
Sick Time
Volunteer Time
Health Insurance (for you, partners, and dependents)
Vision + Dental Insurance (for you, partners, and dependents)
FSA/HSA
Wellness Stipend or Reimbursement
Commuter Benefits
Home Office Stipend
Summer Fridays or Collective PTO/Mental Health Days
Stock Options/RSU’s
And honestly like 50 more things I’m probably not thinking about right now.
I’d like to talk a little bit about three major categories here, and how I see people under-utilizing them:
Paid Time Off
Getting paid… to not work? It’s a thing! In fact, it’s figured into your team’s forecasting – at least it should be – that you will be OOO for a portion of the year. [Side note, does anyone else see “OOO” and pronounce it oUUUU in your head?]
The most common reason I see, as a manager, for people not taking time off is that they feel like they have too much work to do or will be leaving their colleagues in the lurch while they are out. Repeat after me: this is not your concern! If one person is out and your team cannot function, that is your leadership’s failure, not your own.
And on that note: don’t work on your PTO! If you are like me and will be tempted to creep on your Slack or email “just in case,” turn off your notifications! Remove your work email from your phone! It is your job to ensure everyone has what they need while you’re out, but if you have provided any deliverables due and alternative contacts for while you are out, there is no need for you to be thinking about or checking in on work.
I’m going to come at you with another metaphor now. It’s a car metaphor. I know, why am I like this? But it’s really the most apt in this situation:
You wouldn’t drive your car at 100 mph every day and expect the same consistent, long-term, high-level performance, so don’t expect that of yourself.
Sometimes you’re going to have a 60% day. Sometimes you’re going to take PTO or sick time and have a 0% day. That is okay and expected and normal. If you try to be 100% every day you’re going to burn out.
Health & Wellness Benefits
Health and Wellness includes things like insurance, flexible spending accounts, EAPs, and wellness perks/reimbursements. Many of these are taken out of your paycheck pre-tax, meaning you actually get more value than if you paid out of pocket because the IRS isn’t popping in to say:
I could write an entire newsletter about health insurance (and maybe I will) but suffice it to say: if you think you might need it, get the better insurance. And read all of your plan options! My insurance has a $2,000 deductible, aka what I have to pay out of pocket before the benefits kick in, but mental health office visits are exempt from this meaning my therapy sessions always cost $15 on my current plan. Don’t let a higher deductible or premium scare you before seeing exactly what is covered and how.
The other thing I see left on the table is FSA and HSA money. What’s the difference?
Source: https://napkinfinance.com/blog/fsa-vs-hsa-use-it-or-lose-it/
As someone who tends to favor a lower deductible plan, I’m an FSA girl. During open enrollment I think of the regular medical expenses I plan to have, including therapy co-pays, prescription co-pays, dental work (Hi, Dr. Shay 👋), and glasses or contacts, and then add a little cushion. This is basically current you setting up future you with an existing fund to cover medical expenses. We love setting future us up for success!
What if you don’t use your full FSA funds and you’re about to lose them? Check out FSAStore.com for all of the cool things you can use your FSA money towards (Supergoop sunscreen 👀), look into that massage or acupuncture you’ve always wanted to try, or get a back-up pair of prescription sunglasses.
Equity
Equity is the ownership (or ownership options) you receive as part of your whole compensation, usually in the form of a stock option grant or a restricted stock unit. For employers, this is a way to give all employees ownership in the company, ideally ensuring that everyone is invested in the company’s success in addition to the function they own in their day-to-day jobs. For employees, this can net you $$$ down the line.
Both are usually on a vesting schedule meaning you will not get your full grant until you have worked at a company for a specific amount of time. The big difference between an option grant and an RSU is that you have to purchase your option grant and your RSU’s are yours without having to purchase them.
This Wealthfront article does a great job at breaking down the benefits and drawbacks of option grants vs RSU’s, and I cannot recommend finding a smart financial planner enough if you have more questions about equity value, exercising, or tax implications (Hi, Claire! 👋)
Whew! That was a lot of #content for a Thursday morning, are you still with me? If you left to refill your coffee, I won’t blame you.
Ultimately what I hope you take away from this is a better understanding of your value as an employee – we live in a capitalist society and while I do not dream of labor, I will absolutely use its benefits for my gain. So take that long weekend, book that chiropractor session, and check how many shares you’ve vested. I’ll see you in two weeks!