Got A NEW Job? Here’s What To Do Next To Make Sure You Get ALL Of Your BenefitsSubmitted by DSI Wealth Management on September 3rd, 2015
You’re new to your job and still figuring out where the supply room and snack machine are located. You’re also figuring out who’s a reliable source of information and who you should probably avoid. Don’t forget to learn about all the benefits to which you’re entitled – or you could lose out on a lot that can benefit you in your career. These personal financial tips may help you receive the benefits to which you're entitled.
If You Don’t Know, Ask
As you busy yourself signing all those forms that HR deposited into your arms, you may be trying to find where the information is about raises, annual leave, sick leave, educational benefits and worker’s comp– and you’re having a hard time finding it. Jot down every question that you have so when you take all that paperwork back to the HR office, you can ask them. Don't stop with just talking to company's HR department. Consult with your own financial advisor to get personal financial tips on how best to take advantage of any and all job benefits.
Once you’ve been on the job for a few months, you may go through a performance review. Now is the time to ask about educational benefits, especially if earning a new degree or certificate could benefit your employer.
Let’s talk about those educational benefits. Your employer may not be willing or able to increase your hourly pay. If your employer actively cross-trains employees, suggest that you learn a new skill so you can assist another department. Aside from benefiting your employer, adding these new skills means you’re more likely to be promoted more quickly – or be successful in requesting a raise. Back up your request by suggesting that if you added to your knowledge base, you may be able to help your employer increase sales.
Paid Family Leave
Paid family leave is a new federal benefit. If a family member is seriously ill, you have a new child or you are adopting a child, you may qualify for PFL. Your employer may require you to use up to two weeks of your annual leave before tapping into PFL.
PFL replaces your income while you’re away from the office. It won’t protect your job placement – you’ll have to use Family and Medical Leave to do this, but if you are a member of a union, the union may require your employer to preserve your position while you are out.
Understand Wage and Hour Laws
If you work for a private employer and you aren’t a member of a union, you may not be entitled to any compensation benefits other than your regular paycheck.
If you are discharged (fired or laid off) or you leave employment voluntarily, you are entitled to receive your wages on your final day or shortly after. You may be entitled to accrued annual leave, which is a vested benefit. You are not entitled to accumulated sick leave because this is not vested.
This is a state-supervised program. If you are eligible and you suffer an injury while on the job, you may be paid benefits, no matter who was at fault for your condition.
Your employer must be covered by Worker’s Compensation to receive benefits. Ask your HR representative about this so you know whether you’ll be protected.
Retirement and Other Investment Benefits
Find out what retirement or other investment benefits your employer may offer. Sit down with a financial advisor and go over them. Many companies have their own retirement programs so it is important to learn if your new job offers one and what type it is. Some companies also offer other types of savings and investment programs that are not tied to retirement. While it is good to discuss these with the company's financial advisor, you should also go over them with your own advisor, one you trust to give you personal financial tips.
Learn how any retirement, savings or investment programs the company offers are set up, what percentage the company contributes and what your contribution options are. If your new job pays significantly more than your old job, you may be able to contribute more to any investment accounts you are eligible for. One of the most important things to find out is whether your contributions to any investment accounts is before payroll deductions or after. Your financial advisor can help you find out what your current tax liability is and advise you on how and where to maximize contributions to investment accounts offered by your employer that will decrease your taxable income.