Top 10 Company Benefits to Take Advantage Of at Your First Job

Today's guest post is from Chris Schonberger, editor-in-chief of Gradspot.com.

Here’s today’s pop quiz: Would you rather have a job that pays $45K a year with no benefits, or one that pays $40K a year with full benefits?

Maybe if you really need extra money in your pocket right now to pay off your student debt—and you are also a character from Heroes who doesn’t need health insurance—then maybe you could make an argument for the $45K offer. But for the most part, benefits offer a huge amount of added perks that more than make up for a slightly lower salary.

And the best part is, there are often a lot more benefits than newcomers to the workplace realize. To make sure you don’t miss out on a cent, here are the Top 10 Company Benefits to Take Advantage Of at Your First Job.

1) Healthcare. This is the biggie—landing a job that covers health insurance significantly helps out your bottom line each month. The key is to pick the right plan and doctor. Remember that when HR plops a book of 1,000 doctors on your desk on the first day, you don’t need to choose right away. Take your time to do some research, and be sure to check out these articles on understanding healthcare and choosing a doctor.

2) 401Ks. If health insurance is the most valuable company benefit, 401(k)s are the most undervalued. A401(k) enables you to take money you’ve earned and deposit it into an investment account before you get taxed on it. Many companies will also match your contribution up to a certain level, thus doubling your savings. You may be freaked out by the news that tons of people have seen their 401(k)s wiped out in economic downturn, but unless you think America is going to crumble like Rome, you should still takes saving seriously. The stock market has always grown significantly over any 40-year period in history.

3) Free Cell Phones. Many companies provide their employees with Blackberries and cell phone plans. A lot of people get kind of uncomfortable at the thought of the company having access to all their call logs, messages, and minute usage. And trust me, a Blackberry from a company is not that cool—it just means you’ll be expected to respond to emails from your boss at midnight. Still, it can save you money to use it as your main phone. Ask others in the office to get a sense of how strict your company about using the phone for personal use. If you need more privacy, consider accepting the company plan then getting your own phone on the side with a scaled-down plan. In fact, almost everyone can probably scale down their daytime minutes once they start working. And an extra $20 to $70 a month is no joke.

4) Workers Compensation. Not just for construction workers, though hopefully you won’t get hurt sitting at your computer making Excel spreadsheets. If you do get injured on the job, though, the insurance company will pay you a comparable salary until you get back on your feet (with some fine print to watch out for, of course).

5) Transit coupons. Sometimes, you can use your salary pre-tax to purchase tokens/cards for the local transit system. Often, even interns are eligible for free subway and train passes. It never hurts to ask. Another tip: your company may have special discounts on ZipCars that you can use for weekend trips.

6) Medical freebies. Get a flu shot in the fall, and look into other benefits like free shrinks and massages.

7) Meals. Getting surf and turf on the Man is pretty sweet, though it usually means you’re at the office working late instead of out having dinner with your friends. Still, the fact is you’re saving money and you should take advantage of all the free meals you can get at work. Drinking free coffee at work each day can also save you about $600 a year at Starbucks.

8) Memberships and Discounts. If your company will pay for your gym memberships (or at least part of it), why not let them? Also look out for deals with local services and stores, particularly places where you can buy work clothes.

9) Reimbursements. Never spend money on things that you have to buy in order to do your job. Make sure you file all reimbursements with the expenses department.

10) Schwag. Companies will probably send promotional materials, free foods, and other little freebies that most people in the office ignore at this point cause they are jaded. But you are young and poor, so take it home if you can! Who knows—holiday shopping may become a thing of the past.

Remember: all these benefits are yours for the taking, so don’t feel bashful. After all, you are (hypothetically) working hard for your company, so make sure you get back what you deserve.

Gradspot.com is the premier online destination for life after college, featuring in-depth how-to guides on finding a job, getting an apartment, understanding healthcare, and much more. The Gradspot.com Guide to Life After College, a humorous manual for navigating the real world, is available for $14.95 on Amazon or as a downloadable e-book at Gradspot.com/book.