How to make the most of your compensation – MoneySense

Employees often receive other considerations such as benefits and health insurance, said Cindy Marques, a certified financial planner and co-founder of MakeCents.

“That will result in dollars saved,” she said. “And essentially, dollars in your pocket when you think about not having to outlay that money yourself.” 

People often forget what’s included in their package or don’t keep up with changes to group plans, Marques said.

Make use of company perks and benefits

Jillian Climie, a compensation expert and co-founder of Vancouver-based consulting company The Thoughtful Co., said employees should take time to research and read up on what the company has to offer in perks and benefits before seeing a human resources representative. 

“They’re not the most exciting to read but they have a huge value—doing that pre-work yourself,” Climie said. Especially as employees get promoted, she said it’s important to take stock of benefits as new ones roll in, such as funding for professional development and coaching allowances. 

Fitness allowances such as gym memberships or coverage for at-home workout gear like yoga mats or even treadmills could be included in benefits. Other underutilized unofficial perks could include at-home ergonomic setups, monthly phone bill payments, paid parking spots and travel expenses, Climie said.

Marques said even the most common benefits such as vacation and health care go underutilized, with workers “not realizing that there’s actually a fair amount of value that they can extract from their workplace.”

She said people often don’t fully use their paid time off because they can’t afford to travel. “You can still get paid your full wage to just stay at home and relax and give yourself a break,” she said.