Getting the Most Out of Your Employee Benefits

July 15, 2026

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What we'll cover:

If you aren’t taking full advantage of your workplace benefits, you could be leaving helpful resources, and even money, on the table.
Employee benefits may include things like health insurance, 401(k) plan, PTO, education assistance, and commuter benefits.
Understanding when you can enroll or make changes to your current elections is just as important as picking the right benefits for your lifestyle and long-term goals.

For many of us, our jobs provide more than just a paycheck. They help shape our identity, give us a sense of security, and offer benefits that play an important role in our overall financial well-being.

While employee benefits may seem like simple “nice-to-have” perks, they’re actually a vital part of your total compensation package that can help maximize the financial return on your hard work. If you aren’t taking full advantage of the benefits available to you, you could be leaving helpful resources, and even money, on the table.

Ahead, we’ll look at how you can make the most of your workplace benefits to help you reduce personal expenses, save for retirement, and develop your career.

When can I enroll in employee benefits?

Timing is everything when it comes to employee benefits. Understanding when you can enroll or make changes to your current elections is just as important as picking the right benefits for your lifestyle and long-term goals.

Typically, many companies will allow a new employee to enroll in most benefits as soon as they onboard. However, some employers may require a brief waiting period before you are eligible to enroll or for coverage to begin.

The exact timing depends on your company and the type of benefits you are interested in. For example, tuition assistance might be available at any time of the year while you can only make updates to your health insurance coverage during an open enrollment period (exceptions may apply), which is usually in the fall.

If you have any questions about enrollment eligibility or benefit start dates, make sure you reach out to your company’s HR representative or contact your plan administrator.

Which employee benefits should I look out for?

Just like your spending and savings habits should align with your goals, so should your workplace benefits selection. Are you someone who is looking to build wealth through your retirement plan and/or better manage your healthcare expenses with an HSA or FSA?

Depending on your priorities, here are some examples of what you should look for when considering workplace benefits.

1. Health insurance plan

In the US, healthcare costs can account for a large portion of a household budget. With most people relying on their jobs for access to health insurance, a workplace healthcare plan has long been a top employee benefit to consider.

Finding an employer-sponsored plan that meets your coverage needs and budget is key to getting affordable care, which could help free up your income for other expenses or goals.

Your healthcare plan options will vary depending on your employer, but here are some key details to pay attention to:

The plan provider and its network
Coverage levels, waiting periods, and exclusions
Cost-sharing responsibilities (e.g., premium, deductibles, copays, etc.)
Prescription, vision, dental, and wellness benefits
Out-of-pocket maximums

If you have questions about any of these plan details or need help picking out a plan, it’s best to reach out to your company’s HR or benefits manager.

Good to know: If you realize during the year that your current health plan no longer fits your needs, Open Enrollment in the fall gives you an opportunity to make changes. Also, certain qualifying life events, such as moving, getting married, or welcoming a new baby could trigger a Special Enrollment Period where you usually have either 60 days before or 60 days after the qualifying event to make any necessary changes to your plan selection. Again, rules may vary depending on your plan provider, so contact your benefits manager for more information.

2. Retirement plan

Competitive retirement packages, like a 401(k) plan, are another way for companies to invest in the long-term financial security of their employees. Many workplaces may offer automatic payroll deductions and automatic annual increases (aka, auto-escalation) to help you save consistently for retirement. By automating your contributions, you’ll be surprised at how much your balance could grow over time.

Employers can also choose to make their benefits package even more attractive to potential employees by offering a 401(k) match. The match is generally based on how much you contribute from your salary.

For instance, employers may offer to match your 401(k) contributions up to a certain amount each year. The matching formula will vary from company to company. Some places will match dollar for dollar or 50 cents to the dollar up to a certain annual limit.

It’s important to get the details ahead of time so that you can try to get the full match each year. (You work hard—don’t leave any money on the table!)

You’ll also want to ask if there’s a “vesting” period. Many employers require you to stay with the company a few years before the employer contributions become fully vested—that is, yours to take with you when you leave the company.

3. Wellness programs

If it feels like you’re logging longer hours at your desk and taking less time off each year, then you might want to look into whether your company provides wellness benefits. These programs are designed to help you reduce burnout and relieve stress through holistic or therapeutic approaches. Some examples include:

Gym subsidies
Access to meditation/mindfulness apps
Team building workshops
Volunteer and community service hours

4. Paid time off (PTO)

Not every employer offers paid time off, and PTO benefits can be more generous at some companies than others.

A few workplaces may even use different PTO models, such as a PTO donation program. These programs provide a way for employees to support one another in times of need by donating unused time off. Generally speaking, there are three types of PTO donation programs:

Leave banks: A pool of shared time off that any eligible worker can apply to use. Donations are made anonymously.
Leave sharing: Direct employee-to-employee donation of time off. This happens when one coworker is facing a medical emergency or any other qualifying event.
Charitable donations: The monetary value of unused PTO is donated to an eligible charity or nonprofit.

5. Education assistance and career development

Even if you’re working at your dream job, there’s always an opportunity for you to grow in your career—from deepening your knowledge of your field to earning an advanced degree.

Some employers may offer education assistance programs that help cover the cost of continuing education (e.g., tuition, books, and supplies).

Additionally, funding might be available to help you repay any student loans you accrued up to a certain amount and/or after you’ve been with your company for a specific amount of time.

You might also want to see whether on-the-job training courses or certifications are available. Career development courses in artificial intelligence (AI), project management, leadership, or communication can help you build practical skills, boost your resume, and prepare you for future advancement opportunities or even help you break into a new industry.

6. Commuter perks

Does the cost of gas have you reconsidering a long commute? Then ask about potential commuter benefits that help offset the cost of getting to and from the office. You could save on public transit, parking fees, and even rideshares.

Additionally, if your company promotes a hybrid or remote schedule, ask about any subsidies available for your home office setup—this includes your desk, chair, or extra monitors.

Recap

Whether you’re reviewing new employee materials during onboarding or reevaluating your current benefit elections, remember to take a careful look at what your workplace offers. Understanding and taking full advantage of your employee benefits helps you get more from your job while also supporting your long-term financial goals and improving your well-being.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format without the express written consent of Goldman Sachs. This foregoing restriction includes, without limitation, using, extracting, downloading or retrieving this information, in whole or in part, to train or finetune a machine learning or artificial intelligence system.