Why Your Total Rewards Matter
The decisions you make today can affect you for the rest of your life. Isn’t that what we have been told since childhood? Back then, I would have scoffed at that statement, but today as a Total Rewards leader at Fisher Investments, I can’t stop saying it…and I actually mean it!
Total rewards offerings vary greatly by employer but can generally be summed up as everything you may get out of the employment relationship — compensation, benefits, retirement contributions, work/life programs, flexibility, perks, recognition, professional development opportunities, and more. It’s a holistic package that focuses on your overall well-being, both inside and outside of the workplace. With the current competition for great talent, employers everywhere are looking for ways to attract, engage, and retain employees to increase their competitive advantage. Much of this effort is accomplished through improvements to companies’ rewards packages.
Making employment decisions without considering the long-term picture is generally a mistake, so make sure you pay attention to the details presented in your next job offer. Find out how the total rewards can support you through your various life stages. Ask for details on the important stuff:
- What are your healthcare options and estimated co-pays for treatment?
- What investment options are available in your retirement plan?
- What work/life programs are available to support your family values and flexibility needs?
- How does the company pay for performance over time?
The impact of compound growth is undeniable. When it comes to your total rewards package, the compound financial impact over the course of your career should not be overlooked. More importantly, top-notch rewards have the ability to substantially transform your physical, emotional, and financial health over your lifetime.
Check out these real-life examples of how the cost of your benefits compound over 40 years as a Fisher Investments employee in the U.S.
- 401(k) Plan: The average employer offers a matching contribution of 50% up to the first 6% of pay. Fisher Investments offers a 50% match on every dollar up to the IRS limit. Assuming a salary of $60,000, maximum contributions, and nominal average returns of 6%, that could mean a difference of $3 million in matching contributions over 40 years!*
- Healthcare: The average employee in financial services is paying 23%** of their health insurance premiums each year. Fisher’s U.S. employees pay nothing for themselves or their eligible dependents, regardless of the plan they choose. Track that over 40 years, and you can expect to save between $350,000-$1,100,000*** in insurance premiums. Imagine all the places you could reinvest those dollars!
One of the best and easiest ways to understand the holistic value of your employment package is through a Total Rewards Statement — a personal and itemized statement detailing your tangible and intangible rewards. In February 2023, Fisher Investments launched an all-new Total Rewards Statement to U.S. employees. It features the full value of employees’ 2022 compensation, benefits, 401(k), recognition, and more, and the numbers were pretty eye opening for most recipients.
Employment package details will matter to you for years to come, and you owe it to yourself to fully understand the long-term impact. Your career is a journey, and it’s important to find an employer that supports your well-being and success at every stage of your life. When you work at Fisher investments, we invest in you and your well-being because you’re worth it. Today, tomorrow and in the future, we’ve got you covered!
*Example assumes the employee contributes the maximum annual contribution. For other employer, the example is based on a salary of $60,000 annually with a 5% year-over-year compensation increase over 40 years. Contributions for other employer are based on the average match of 50%, up to the first 6% of pay. For Fisher Investments, the example is based on a 50% employer match up to the IRS limit of $22,500 annually with an average 2% increase in IRS contribution limits year-over-year for 40 years. Both examples assume an 8% average annual investment return. Returns are not guaranteed.
** According to a 2021 Mercer benchmark survey
*** Example compares average Single and Family rates on a PPO healthcare plan with a 23% cost share for the other employer and no cost share for Fisher Investments employees, and assumes a 6% annual healthcare cost increase over 40 years. Benefits are not guaranteed.
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