Understanding Tech Firm Compensation Packages: A look into what’s ahead
Regardless of whether you work in finance, engineering, or marketing, we can all agree that personal finance, taxes, credit and insurance are practical topics that all of us must now tackle in our everyday lives. And let’s be honest: understanding and structuring your finances in a way that sets you up for long-term financial success is not always easy. If you’re anything like me, the sheer amount of research and data required can often be a significant detractor from even starting the process. While we know there are certain steps we can take to ensure our financial growth far exceeds a traditional hands-off approach, it can feel overwhelming to even begin wading through the myriad of self-help articles and YouTube videos available online. In the busyness of everyday life, many of us find it easier to simply accept status quo success in this aspect of our lives.
As Seattle locals, we’ve met with many of you who have expressed confusion at the unique compensation options offered by the tech companies you work for. Gone are the days of simply picking your insurance deductibles and retirement contributions; nowadays, tech employees must also understand Restricted Stock Unit (RSU) vesting schedules, deferred comp plans, after-tax contributions to 401(k)s, employee stock purchase plans, and so much more.
In the upcoming months, our goal here at Fortis is to try and cut through some of that noise and demystify the ambiguity that often accompanies tech company benefits. We’ll be sharing with you some practical tips that we’ve used to help clients take advantage of their unique options – including a breakdown of the specific compensation packages offered by the bigger tech firms in the area and best practices for tailoring these benefits to your personal situation.
Compensation benefits should be an exciting part of working in the tech industry during its current boom, not a frustration! If you are interested in learning more about the options available to you, or have a specific question about your finances that you’d like to discuss, please reach out to one of our team members today for a free consultation.