May 6, 2024
Providence House continues to build residents’ Workforce Development skills. Last week, the focus was on understanding performance reviews. This week, we will learn skills for understanding employee benefits. Staff uses this language in interactions with our residents and shares how they’ve incorporated these lessons into their own practices.
Topic: Understanding Performance Reviews
Along with your salary, your employer will provide you with benefits. Benefits vary from company to company. For many people, healthcare coverage is the most important benefit.
When you start a new job, you learn about your benefits or the extra items that an employer offers full-time employees. The law requires your employer to provide certain benefits, such as Social Security. In addition, many companies offer other benefits. These usually include paid vacation time, health insurance, and a retirement plan. Make sure that you take advantage of everything that is offered and that you enroll in everything you should.
Health Insurance
Employee benefits are designed to improve your quality of life. For example, health insurance helps cover the high cost of medical care. If you work full-time, you probably qualify for health care coverage. In most cases, you pay for part of your health benefits, and your employer pays for part. Employers may also offer more than one plan. Find the plan that works best for you.
Retirement Plans
The sooner you start planning for your retirement, the better. Many companies offer a 401(k) plan to which employees contribute money, and employers match that contribution up to a certain percent of the salary. Try to contribute at least up to your employer’s match. The money you put into your plan is deducted, or taken out of your paycheck before income taxes are taken out. If you leave a company before you are vested in the 401(k) program, you lose the money your employer put in. It usually takes five years to become vested. But of course, you keep the money you put in.
Time Off
Generally, you accrue a specific number of paid vacation and sick days for each month you work. These days add up over time. You may also get paid holidays and personal days. Personal days are paid days you can take off to take care of personal or private matters.
There are many other benefits—disability insurance if you’re unable to work, vision insurance, and childcare that your employer may offer. Learn everything you can about them and decide if they are right for you.
Questions about the Workforce Development program at Providence House? Contact Dr. Whittney Polley, Director of Education at 318-221-7887 or wpolley@theprovidencehouse.com.