Underrated Employee Benefits Offered by Professional Services Firms
Employee benefits are one of the most important things that you should review in a job offer, usually being second to compensation. Over the past couple of decades, firms have become more generous and creative with their employee benefits to help attract the best talent among looming labor shortages. Today, I'm going to share with you some underrated employee benefits that I have seen professional services firms provide to their employees in the effort to attract and retain good talent.
#1 - Health & Wellness Allowances and Reimbursements
Your health is important! It can be difficult to remember that in the thick of busy season sometimes, but that's exactly why this benefit is number one on my list. Working at a professional services firm can be difficult at times. The long hours and elevated stress levels will wear on your physical and mental health over time. Firms that invest in their employees by providing significant discounts to gyms, reimbursements for gym memberships, and spending allowances for other health and wellness purchases we'll see a return on their investment in the form of healthier and more productive team members. For frugal spenders like myself, this type of benefit helps me invest more in my health than I would have otherwise and personally, it has made a huge difference.
#2 - Free Snacks/Meals in Office
If you work at a firm that requires you to be present in an office, you probably know the struggle that comes along with planning your eating for the day or week. Preparing meals at home, budgeting for going out to lunch, and having snacks on hand when needed can be a lot to coordinate. Some firms offer free snacks and regularly catered meals (such as Chick-fil-A every Wednesday) to ease the stress on employees. It's important that employees are fed and fueled so they can work efficiently. Personally, I think the free snacks aspect of this benefit is the most underrated when compared to a regular vending machine or similar setup that many firms have. As a frugal spender, I tend to stick it out and not eat anything if it would cost me additional money when I know that I can have dinner when I get home, even if it means I'm less productive. But if the food is free, I will enjoy that benefit responsibly and will probably work more efficiently than I would have on an empty stomach.
#3 - HSA & Employer Contributions
A health savings account is a great, tax-advantaged resource that an employer can provide you to make medical expenses a bit easier on the wallet. In case you aren't familiar, an HSA is a special account that allows you to use pre-tax dollars for certain medical expenses. This is already a huge benefit because you can save up to 35% on your medical expenses by using those pre-tax dollars. It gets even better when the employer contributes to the account on your behalf as an employee benefit during the year. My former employer contributed close to $1,000 each year to my HSA account which I have saved up and spent on things like dentist appointments and co-pays for medical appointments. If all that wasn't enough, the benefit gets even better when you realize that these contributions can be used on your spouse if you are married and file a joint tax return. Because the benefits are tied to the tax return, I can use the excess funds in my HSA account to pay for things my partner needs, like prescriptions, glasses, and other things not completely covered by insurance.
While you can't pay your mortgage with free snacks or a discounted gym membership, these benefits can make a huge difference in your life if your employer offers them and you can take advantage of them. Do you have an underrated employee benefit that I missed? Let me know in the comments below!