Work-Life Education: Understanding your Total Compensation

Work-Life-GraphMost of us know how much we bring home in our paycheck, but how well do we understand our total compensation?

Total compensation is everything your company provides to you in exchange for your work. It includes base salary, bonuses, benefits, perks and on-site amenities. When we add all this up, your total compensation is often two or three times your base salary.

Compensation includes your base pay and any other variable pay or commission. Most organizations, including Members 1st, will keep an eye on the market in order to continually offer competitive wages.

Take a moment to look at your medical plan’s benefits summary guide to make sure you understand the levels of coverage you are purchasing. Also, are you utilizing a Flexible Spending Account or Health Care Savings Account? Either of these allow you to set aside your pre-taxed income to pay for healthcare-related costs during the plan year. It is a great way to save and it could reduce your taxable income. Most employers offer a 401(k): a retirement savings plan that allows you to invest a piece of your paycheck before taxes are taken out. To encourage employees to save their money, most employers offer a “match.” The employer contributes a certain amount to your 401(k) based on the amount of your own contribution. These funds, once vested, are your gift from your employer toward your retirement. Are you saving enough in your 401(k) to get your full “gift”?

Career Development
Determine if your employer offers additional training to help advance your career. Members 1st University is our learning and career development hub. We also offer full-time associates funds toward completing their educational goals. You may be able to save thousands on career development and might not have realized it was even offered.

Understand your Paid-Time-Off (PTO) program and learn how much you receive at your hire or if you accrue time off each pay period. At Members 1st, we strive to support our community, and give our associates PTO to spend with their families or do the things they love. We find creative ways to provide recognition for Associate of the Quarter/Year, Anniversary Awards, peer recognition and annual company events.

Don’t be afraid to ask your Human Resources team questions about your total compensation. You may be missing out on some excellent benefits.

By Sara J. Kennedy
Senior Vice President of Associate Experience
Members 1st FCU

Sara Kennedy-11.2018-MW

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