This article provides simple and easy explanations to complex company benefits so you don’t have to waste your time trying to interpret them.
This is a continuation of our previous post here, where we share simple and easy explanations to complex company benefits like insurance and financial benefits you could be offered within your benefits package. In this post, we are going to get into well-being, time-off, and other more ad-hoc benefits that some tech companies are offering these days. Aka the more interesting and fun benefits 🙂 Our goal is to provide you SIMPLE explanations so you can make informed elections.
And a reminder from our previous post: Beware of companies that overload on benefits but undercut on other things. I’d be wary of a company that pays lower than industry standard, but claims to ‘make it up’ with their benefits. Company benefits should not replace your core job requirements; they should be additive.
Let’s get into it!
Simple and easy explanations to complex company benefits
Time Off Benefits
Paid Time Off
- This is common practice at most companies.
- This just means the company will pay you for specific days of the calendar year and you are not expected to work.
- They usually fall on nationally recognized holidays like Christmas Day or Martin Luther King Day.
- You can ask your HR department for a calendar of holidays so you can plan your vacations ahead of time!
Unlimited Time Off
- Disclaimer! I am about to give a controversial opinion here :).
- This is a common offering in tech and one that I really hate. Mostly because in theory it sounds really good but in practice it sucks.
- Technically, the benefit means that the company is offering you an unlimited number of days that you can take off but still get paid for. But it’s usually a hoax because in most fast paced companies, taking time off is actually really hard. So if you see this perk and think “nice! I can take that month-long vacay to Bali like I’ve always wanted to”, think again.
- First, it’s virtually impossible to take more than 2 weeks off in a fast paced company without it in some way tarnishing your brand.
- Second, most people who get this perk usually end up taking LESS time off than if they had a certain number of mandated days. When you are in the thick of work and working towards a promotion, it’s really hard to step away.
- I personally prefer the mandated number of days off because it’s a forcing function that encourages me to step away for a short period of time and recharge.
Also Read How to Save Your First $100K in Under 3 Years
Well Being Benefits
Mental Health Benefits
- As an extension of your health insurance plan, mental health benefits are additional coverage to address your mental health care needs.
- The benefit is there to support good health, and so you can manage and address any mental health conditions.
- Examples of mental health benefits are counseling, psychiatry, teletherapy, inpatient or outpatient treatment, drug coverage and more.
Wellness Programs and Benefits:
- In addition to gym membership discounts, gym classes, community engagement events and educational resources, this generally comes in the form of a yearly or quarterly stipend.
- The stipend will come with clear restrictions and you will likely have to pay taxes on your purchases.
*This article provides simple and easy explanations to complex company benefits*
Other Benefits
Paid Training and Professional Development Perks
- Some more progressive companies that value learning will provide benefits to employees looking to hone their professional skills.
- This could include things like a monthly stipend for access to platforms like Udemy or LinkedIn Learning.
- This also could include perks like one-off expense covers for courses or seminars you want to attend.
Company Equipment
- Almost all companies will give you a computer as standard practice
- Sometimes companies will cover costs for extra work equipment like a wireless keyboard, mouse, or computer stand.
- Some companies will even go as far as providing an equipment stipend that you can use for things like desks, chairs, or printers.
Commuter Benefits
- These are usually either stipends and tax-advantage programs for employees that commute to work.
- A prime recipient of this type of benefit are employees who take the subway to work. Some companies will allow you to contribute pre-tax dollars to a debit card that you can then use to buy your monthly subway card.
- The savings aren’t usually huge, but they do add up over time.
Travel and Spending Expenses
- These are things like corporate cards or food per diems.
- The company may give perks like $75/day on food while on business trips.
- Other companies may also give budgets for team events or holiday gatherings.
- It varies from company to company.
Work from Home Policies
- This is a hot-topic perk in the tech world these days.
- Many companies are moving to a partially if not fully remote work culture.
- This means that you are allowed to live anywhere in the world, but required to work a specific set of working hours.
- If your company offers this, make sure to ask questions around the required hours you must be online or if any travel into headquarters or local offices is required on a regular basis.
*This article provides simple and easy explanations to complex company benefits*
