WEBVTT - Get to know your benefits

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<v Speaker 1>Welcome to Before Breakfast, a production of iHeartRadio. Good Morning,

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<v Speaker 1>This is Laura, Welcome to the Before Breakfast podcast. Today's

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<v Speaker 1>tip is to get to know your benefits, yours and

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<v Speaker 1>your spouses if you happen to be married. Many larger

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<v Speaker 1>organizations and some professional organizations offer a wide range of perks.

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<v Speaker 1>Some of these are significant, some are less so. But

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<v Speaker 1>using your benefits allows you to take advantage of your

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<v Speaker 1>full compensation even if you're not sure a raise is

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<v Speaker 1>in the cards right now. Using more of your benefits

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<v Speaker 1>can be the equivalent, and you probably don't have to

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<v Speaker 1>negotiate for that. So where shall we start with our

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<v Speaker 1>tour of benefits? Many of my American listeners have employer

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<v Speaker 1>provided health insurance, which is probably the biggest part of

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<v Speaker 1>any benefit package. Make sure you know what is covered

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<v Speaker 1>and what is not. But beyond the obvious doctor visits

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<v Speaker 1>and hospital stays, look at any other perks. Does your

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<v Speaker 1>insurance reimburse for a gym membership or for weight loss

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<v Speaker 1>or smoking cessation programs? What about glasses dental work? If

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<v Speaker 1>you are pondering switching jobs and your current one has

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<v Speaker 1>good orthodonic benefits, maybe you should get your kids in

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<v Speaker 1>to see someone sooner rather than later. If you get

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<v Speaker 1>a steep discount at a particular gym chain, it might

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<v Speaker 1>be worth going there rather than somewhere else if the

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<v Speaker 1>price is right. You also want to maximize any retirement benefits.

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<v Speaker 1>Many people make elections when they get hired, and then

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<v Speaker 1>they don't think about this for years. Now is a

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<v Speaker 1>good time to think about it. If your employer provides

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<v Speaker 1>a retirement match or your spouses does, make sure you

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<v Speaker 1>contribute enough to get that full match. If you are

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<v Speaker 1>not doing that, turn off this podcast and call human

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<v Speaker 1>resources right now. If you are driving, send that note

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<v Speaker 1>as soon as you get where you are going. A

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<v Speaker 1>one to one match means anything you contribute gets an

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<v Speaker 1>immediate one hundred percent return on investment. Best not to

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<v Speaker 1>leave that on the table. You also want to make

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<v Speaker 1>sure you understand policies about time off. Paid time off

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<v Speaker 1>is definitely part of your compensation, so make sure you

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<v Speaker 1>know how many days you are eligible for and if

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<v Speaker 1>you can carry those forward into new years. If you

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<v Speaker 1>have a tendency not to take all of your vacation days,

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<v Speaker 1>go ahead and schedule a few random long weekends for

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<v Speaker 1>later in the year. Working fewer hours but getting paid

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<v Speaker 1>the same amount is a very straightforward way to have

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<v Speaker 1>each working hour be better compensated. Some organizations have a

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<v Speaker 1>distinction between sick days and vacation days, so you want

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<v Speaker 1>to be sure that you are using the right amount

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<v Speaker 1>of both. If your company has any longer leave policies,

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<v Speaker 1>you might want to think about whether you would use

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<v Speaker 1>those this year or maybe at some point in the future.

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<v Speaker 1>Once you have a handle on those policies for yourself

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<v Speaker 1>and for your spouse, start reading a little deeper into

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<v Speaker 1>the employee handbook. Some company please have employee assistance programs,

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<v Speaker 1>which can help with things like finding a therapist for

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<v Speaker 1>a child to see on an ongoing basis, or maybe

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<v Speaker 1>they can help you find a mover if you are relocating,

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<v Speaker 1>or help you choose a retirement home for older relatives.

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<v Speaker 1>Some places offer commuting benefits. Buying a subway card with

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<v Speaker 1>pre tax money definitely beats buying one with post tax money.

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<v Speaker 1>A number of places offers some sort of backup childcare benefit.

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<v Speaker 1>When we had some childcare issues this past summer, we

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<v Speaker 1>learned that my husband's employer offered the equivalent of a

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<v Speaker 1>few weeks of backup care at a daycare center near

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<v Speaker 1>his office. To take advantage of that, though we needed

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<v Speaker 1>to be registered with the center. Now we are, and

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<v Speaker 1>if you might ever face a similar situation, you should

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<v Speaker 1>likewise see what benefits your employer offer to keep you

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<v Speaker 1>productive even when life doesn't go as planned. Some large employers,

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<v Speaker 1>and even some professional or civic organizations, negotiate discounts for

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<v Speaker 1>things like cell phone contracts, or computers or car rentals

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<v Speaker 1>for personal use. A great many years ago, when I

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<v Speaker 1>was an intern at a major corporation in New York City,

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<v Speaker 1>I learned we got free entry to a number of museums.

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<v Speaker 1>Who knew well, I did because I am cheap and

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<v Speaker 1>I asked. But if you don't ask, you won't know.

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<v Speaker 1>You won't know that because you work for a particular

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<v Speaker 1>employer you can go to the local history museum for free.

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<v Speaker 1>Since you don't know that, you either buy the tickets

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<v Speaker 1>or you go somewhere else when you could have had

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<v Speaker 1>a free weekend family activity. Now, in the grand scheme

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<v Speaker 1>of things, that is not so big a deal. You

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<v Speaker 1>shouldn't join a gem you hate just for the corporate discount,

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<v Speaker 1>and you shouldn't skip the art museum because your employer

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<v Speaker 1>doesn't have a corporate membership there. But in situations where

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<v Speaker 1>you don't have a strong preference, why not take advantage

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<v Speaker 1>of the equivalent of a raise. You don't have to

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<v Speaker 1>ask for. It's there for the taking, but many people

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<v Speaker 1>don't take it. To be sure you do, you might

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<v Speaker 1>even ask your HR rep what benefits they think are

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<v Speaker 1>great but are underutilized. You might be surprised to learn

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<v Speaker 1>about something that you or your family members could definitely use.

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<v Speaker 1>And if you are an HR leader or lead an

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<v Speaker 1>organization that offers any sort of benefits, I think it's

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<v Speaker 1>smart to let people know what is available. If you

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<v Speaker 1>do any regular communications with your employees, maybe highlight a

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<v Speaker 1>different benefit in each newsletter and showcase an employee who

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<v Speaker 1>use the benefit in situations where that is appropriate. Presumably

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<v Speaker 1>you offer such benefits for a reason, namely, they make

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<v Speaker 1>people think your organization is a good place to work.

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<v Speaker 1>When people know about the benefits and use them, they

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<v Speaker 1>feel more tied to the organization. Let's put it this way,

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<v Speaker 1>if someone sticks around for an extra year, that is

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<v Speaker 1>totally worth their gym discount. If you get to know

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<v Speaker 1>your benefits, I would love to hear what you learn.

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<v Speaker 1>You can reach me at Laura at Laura Vanderkam dot com.

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<v Speaker 1>In the meantime, this is Laura. Thanks for listening and

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<v Speaker 1>here's to making the most of our time. Hey, everybody,

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<v Speaker 1>I'd love to hear from you. You can send me

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<v Speaker 1>your tips, your questions, or anything else. Just connect with

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<v Speaker 1>me on Twitter, Facebook and Instagram at Before Breakfast pod

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<v Speaker 1>that's B the number four, then Breakfast p o D.

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<v Speaker 1>You can also shoot me an email at Before Breakfast

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<v Speaker 1>Podcasts at iHeartMedia dot com. That Before Breakfast is spelled

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<v Speaker 1>out with all the letters. Thanks so much. Should I

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<v Speaker 1>look forward to staying in touch. Before Breakfast is a

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