Employee benefits, despite existing as a great incentive and value to workers, are often not fully understood in today’s workforce. Due to the fact that not all benefit packages are created the same at every company, it can act as a valuable step in your career to spend time reviewing and discussing the options available to you with HR. Below are a few ways you can gain a deeper understanding of these perks and how to navigate them.
1. Ask questions
Logically, if you don’t understand something, the next best thing to do is ask a question to help you gain a clearer understanding. Ironically, this isn’t the case when it comes to employees and their benefits. In fact, in a survey done by Maestro Health, found that around ⅓ of employees don’t understand their health care coverage.
Because employee benefits encompass many different aspects of the types of perks your workplace can offer you, looking into the specific questions you can discuss with HR about your benefits is a great place to start. With so much involved in your benefits package, from your insurance coverage, work schedule, employee wellness opportunities, retirement plans, and more, you shouldn’t feel intimidated to ask for more information.
Remember that these types of questions can be asked at any time, and the faster you gain clarity on what works best for your situation the more valuable these benefits can be for you. Discussing these benefits during your interview process or shortly after you are hired is recommended. Once you’re employed with a company, it’s important to periodically check in with your HR team to guarantee your needs are met—especially during critical milestones and major life changes. Also remember that if you get a raise, this could influence potential benefits so be proactive and sit down to speak with HR after your successes or promotions as well!
2. Be honest about your needs
As every individual will have different needs based on their specific family and financial situation, it is important that you are open and honest when speaking to HR about your benefits. One of the more difficult conversations to have with your company’s HR department would be if your benefits don’t cover your family’s needs. But remember that ultimately, they are there to help you best navigate your benefits and can even offer guidance on how to properly secure additional coverage outside the company.
A common instance of this is inadequate employ-provided life insurance coverage. While employer-provided life insurance is typically easy to acquire and doesn’t require a medical exam, it can sometimes be cheaper to acquire an individual life insurance policy on your own. Because it is often recommended to have up to 10 to 12 times your salary in coverage, not only could your premiums be cheaper through a different policy, but it can also give you the full coverage necessary. This is especially important to keep in mind if you have children financially dependent on you or a spouse who doesn’t work and relies solely on your income.
Therefore, when you speak to HR don’t hesitate to opt-out of employee benefits that may be more affordable or worthwhile to acquire on your own.
3. Do your research
Although HR departments are a great resource for employees, remember that taking your financial future into your own hands and doing your own research can go a long way in getting the best value out of your current benefits. Because every company offers different incentives and benefits to their workers, making sure you are working at a place that offers appropriate benefits for your needs will help you feel peace of mind that you are protected no matter the circumstance.
First, you need to understand what type of benefits mean the most to you. As the workplace is constantly changing, so are the benefits that companies are offering to their employees. While traditional benefits include incentives like a pension, there are newer benefits that companies are adopting for hiring and retention efforts. This can include perks like child-care assistance or allowing pets in the office.
When you are trying to better understand the benefits available, researching what is available at similar companies and other organizations can be a great start to seeing if you feel you are receiving the kinds of benefits you desire for your position and rank.
Although there are many moving components that play into your employee benefits package, as a dedicated employee you should be fully aware of the perks and offers available as a reward for the hard work you put into your career.