It is so easy to get caught up in the dollar amount reflected in your paycheck you may neglect to realize all the company perks you have pushed to the backburner that are provided by your company to enhance your salary. You often hear people say, “my salary requirements are this” and “I brought home that amount last year”. Don’t be alarmed, we all have that idea salary in mind. However, you may be setting yourself up for disappointment if you fail to understand the true value of your total compensation. In fact, through these untapped company perks you may already be close to your desired salary. However, since that amount is not reflected in your paycheck it is easy to become disappointed. As a result, many companies have become better in informing employees of their total compensation package. Increased communication regarding total compensation packages are also implemented in recruitment measures within various companies to attract candidates. Needless to say, as an employee it is important for you to understand what your total compensation package consists of so that you can capitalize on every opportunity your company has to offer. In addition to this, enhancing your knowledge of the many components included within your total compensation package will be beneficial if you leave your current employer to pursue new opportunities.
Understanding Your Total Compensation Package
In some instances a total compensation package can be more significant than the paycheck amount you bring home every pay date. When you understand all the dynamics of your total compensation package you are able to capitalize on all your company has to offer. Within your research, you will discover your total compensation package consists of both direct and indirect compensation. Here are some common indirect compensation benefits included within a company’s total compensation package that you need to be aware of:
• Flexible Spending Account
• Tuition/Education Assistance
• 401k/Retirement Benefits
• Paid Leave
• Medical Benefits
• Employee Assistance Programs
Other non-monetary incentives that may be included in your total compensation package may consist of employee recognition programs, training and development. Consult with your manager or human resources to learn more about your total compensation package. Or, if you are currently pursuing employment opportunities be sure to research the benefits that are available to employees to help determine if the company is right for you.
Don’t let your direct compensation overshadow your opportunities. If you allow the salary alone to determine your decisions you will find you are overlooking some significant benefits. Learn to optimize your total compensation package by cashing in on all it has to offer.