4 Financial Mistakes That Employees Make

It’s easy to fall into the trap of believing that an employer automatically has a good impact on an employee’s bank account. After all, the employer is giving them money, and they’re not taking any, so how could it be anything other than positive?

But there are occasions when employees don’t benefit as much financially as they should. In fact, there are many of them. Happily, this is something that employees can control to a degree.

Mostly, it comes down to being aware of what they are. Below, we’ll run through some of the most common financial mistakes employees make, which should help to protect you should you find yourself in that position.

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Failing to Negotiate Pay

We tend to think of an employer’s salary offer as an exact science. They say that’s what the job pays, and the employee accepts it as fact. 

However, it’s better to think of salaries as a negotiation, since the employer obviously has their own vested interest in keeping a salary as low as possible. Negotiating the salary can quickly give you a significant pay boost, and all you did was open your mouth.

As well as negotiating pay when you start, it’s also recommended to periodically consider asking for a raise. Employers aren’t always in the habit of going around the office offering raises, but they also often know that it’s better to give a raise than to find a replacement. 

Not Claiming for Injuries

Injuries can happen in all types of workplaces, even ones that are viewed as being comparatively safe. When they occur, many employees let their employers take the lead, especially when it comes to handling medical treatment or the next steps. In some cases, the employer might try to quickly move on by brushing the injury under the rug. 

But it’s important to remember that, as with salaries, employers often have their interests, not the employees’ interests, at heart. There are benefits for injured workers available, and employees who don’t pursue those benefits could miss out on financial compensation that would make a big difference. As such, it’s often better to speak to a third-party worker compensation specialist, since that’ll give you peace of mind that you’re getting the right advice.

Leaving Vacation Time On The Table

We’d recommend using up all of your allotted vacation time. After all, it’s important to take a break from time to time! It’s also vital to check your state’s laws on unused PTO. In some cases, you’ll be entitled to be paid for the unused time in wages.

In any case, be sure to read up on your employer’s PTO policy when you first join. Whether it’s paid or not, you’ll be entitled to something, and knowing what they are can help you to make the right decision.

Sticking With One Employer

Finally, keep in mind that employees who stick with one employer tend to earn less than employees who switch jobs. So consider moving on, especially if there are no signs of professional progression with your current employer.

 

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