Stop Leaving Money on the Table
Why salary is not the only important benefit of a job, and how you can find job benefits that often have more value than just your salary amount.
Let me start off this week by painting you a picture.
You’ve been applying to new positions, you’ve had a few interviews, and then you finally get the call you’ve been hoping for. You got offered the job you wanted the most. Congrats! You’ve been waiting for a position like this to open up. It’s a great opportunity for you. You’ve completed your list of pros and cons between all the jobs while you were waiting for a response, and now you’re ready to accept. So, let’s be honest. When you got offered this job, what was the first thing you wanted to know?
Pay. It’s always the pay
I would be lying if I said it wasn’t one of the first things I want to know. But as I advanced in my career, I learned to look for other benefits. I saw that my value to a company went further than my salary. And I quickly caught on to the fact that the companies that knew their employees’ worth had a lot more to offer me than the money in my checks.
Did you know that it costs a company more money to lose an employee than it does to retain them?
I actually did a paper on this for my master’s degree. It costs money to recruit, train, and onboard new employees. Not to mention the decrease in productivity overall. New employees need a trainer, and that trainer is usually working at half capacity. That new employee usually takes a year to be as productive as an existing employee. Add in other concurring events: employees leave because morale has dwindled, satisfaction has gone down, and other facilities are offering them more appealing options.
Some of these companies are just throwing money at a problem without actually facing it.
For example, the pizza parties, “you’re great” bumper stickers, and Reduce Burnout Seminar during your lunch break. Those are some real bandaids over bullet holes. The reality is that not all companies care about employees the same. But that also means that there are companies that realize the importance of investing in their employees. To build upon their current workforce instead of replacing them. Although it’s not always obvious where these other benefits are, you can find them. You have to know where to look or who to ask. And you should be looking, and you should be asking. Because if you don’t, then you’re leaving money on the table. Year after year, that is money you are not using. Money you are entitled to, money that they budgeted for when they hired you, money that is part of your package.
So where is this extra money hiding?
Let’s look at some examples and explore some questions you should find answers to. An obvious one, a big one, is retirement benefits. I arrived late to this game. I made foolish choices in my younger years and spent more than I saved. Now I take full advantage of what my employer matches. That’s free money that gains compound interest. I go even further and participate in other investment programs they offer because the discount is money saved from my pocket, and compounded towards my future. Are you taking advantage of a retirement program your company helps you fund? Are you maxing out that benefit? Are there company stock programs you can buy into?
Next, let’s talk about health and wellness benefits.
Is there a discount program for gyms? For fitness apps? What about a discounted cost for mental health sessions or physical therapy? I am offered all kinds of programs and access to apps. Do you get money back for completing a yearly screening? I just got a little extra in my paycheck for doing my yearly physical. Everything adds up. We look for discount codes to buy products, coupons for the grocery store, and cheap sites to book flights and hotels. Why not do the same for other aspects of your life?
What about other special benefits?
Does your company sponsor any programs or offer discounts for you to help you with your finances, education, child or eldercare? Do these benefits extend to your dependents? What about your spouse? This is just the surface of areas you can look for savings and benefits in. As soon as you get the job, take advantage of learning what you can about the benefits available to you. As soon as I started at my current company, I looked into educational programs. For years I said I was going to continue my education, but I never got around to it. I would get settled into my job, I would get sucked into routines, and I wouldn’t make the time to explore any options. It was a great excuse to justify leaving that money on the table. But I made sure to look this time. And that’s how I got my master’s degree for free. Let me repeat that one people… for FREE.
This blog post is technically about not leaving money on the table. But you know what else is more valuable than money? Experiences.
I was maybe ten minutes into an interview for a supervisor position at a department within my company before an opportunity unfolded. During the interview, the director actually stopped me midway through explaining what my career goals were. She could read through what I was saying. I was using the interview and the potential position to elevate myself to the actual position I wanted down the line. You know how it goes: gain experience to get where you want to go, but also good luck getting that experience. She offered me a mentorship instead. I didn’t even know this was an option. She paired me with someone else who was in a higher-up position to where I wanted to eventually end up. I finished the pointless interview, didn’t get the position (obviously), but I walked away with something that was more important to me. And I wouldn’t have to waste my time doing a job I didn’t want in the interim. She literally gave me a person dedicated to helping me. And that person gave me their time, their advice, their knowledge, found the answers I needed, and opened doors for me by getting my name out there.
I’m fortunate enough that my company is one that truly invests in its employees. I would have been crazy not to have taken that money and invested it in myself. They waved money and other valuables in front of my face from the moment I walked in the door. They knew how much it would cost them to replace me. So they made the choice to spend a little money, to save a lot of money.
Do yourself the favor. Set aside time to look into everything your company offers you. And stop leaving money on the table.
Until next week,
