Cashing in on Total Compensation
Mountain of debt have you feeling blue? Retirement savings not quite where you’d like them to be? Monthly expenses exceeding your monthly earnings?
You’re not alone! Financial worries are one of the main causes of stress. Luckily, there are plenty of ways to minimize financial stress, especially if your employer offers a total compensation package.
If your employer provides total compensation, make sure to explore all of their financial incentives! Otherwise, it’s easy to miss out on your full earning potential. Here are a few examples of financial incentives your company may offer, that you should definitely take advantage of:
If your company provides a 401k match and you’re not participating—you could be leaving part of your compensation on the table! Reach out to a 401k plan administrator for additional information on how to earn the max for retirement.
Pre-Tax Deduction Programs
Does your company allow you to set aside pre-tax dollars to pay for transit, parking, medical, or childcare expenses? If so, don’t wait to take advantage! Reach out to your benefits or payroll administrator for more information about these programs.
Student Debt Assistance
Any assistance to pay down these debts faster could save you hundreds of dollars in interest. If your company offers payments against student loans or other incentives to help pay down student debt more quickly—sign up!
Whether it’s yoga, meditation, or a sweet office space with a ping pong table, it’s likely these perks are being offered to you in an effort to improve wellbeing. While this may not add dollars to your paycheck, it will pay out in dividends to mental health.
Check to see if your company offers financial counseling, or has any recommendations for financial advisors. A financial advisor can help better manage your money and achieve short- and long-term financial goals, such as saving for retirement and paying off debt.
The bottom line? Reducing financial stress is possible if you take inventory of all the incentives offered by your employer. Interested in how Centro compensates its employees? Check out our Culture Page for an overview of what’s included in our total compensation package.