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- Women are less likely to take advantage of all of their workplace benefits.
- DEI executive Netta Jenkins says women typically overlook their 401(k) match or family care benefits.
- Jenkins adds that women of color are less likely to trust HR and speak openly about their benefits.
In 2021, the average 401(k) balance for women was $118,849 roughly 30% less than that of men, according to Vanguard. The average in 2020 was $107,147.
Pew Research Center found that women still make 82 cents on every man's dollar, which affects how much women are able to put away for retirement with each paycheck.
See Insider's picks for the best retirement plans »
Additionally, a 2022 study by T. Rowe Price shows that people of color are less likely to participate in employer-sponsored retirement plans than white workers.
Netta Jenkins, CEO of the DEI app Aerodei and author of the book "The Inclusive Organization", says women — especially women of color — are less likely to take advantage of their full benefits packages.
"There are so many people who are lost," Jenkins tells Insider. "You're afraid to ask questions because you don't wanna be that person."
Here are three workplace benefits that Jenkins says women often overlook — and how to take advantage of them.
1. 401(k) match
Jenkins says women often overlook their company's 401(k) match.
A 401(k) is an employer-sponsored retirement account where employees can contribute pre-tax income so it can grow tax-free. Many employers will match your contributions up to a certain percentage.
For example, if you make $75,000 per year and contribute 2% to your 401(k), you're putting $1,500 into your retirement account each year. If your company matches up to 3%, that means it would contribute a maximum of $2,250 each year. Your 2% contribution of $1,500 will be matched, but you'll be leaving $750 on the table.
"Oftentimes, when companies share benefits, they give you this big packet to take home," says Jenkins. "You might review it online, and you're still lost. So it's incredibly important for organizations to break that down, to have smaller sessions that are more intimate."
Jenkins encourages women to talk to human resources representatives. But she also recognizes that companies have a responsibility to educate new employees.
2. Expense reimbursements
Jenkins adds that expense reimbursements, like the cost of parking or travel, can cause friction for women in the workplace — especially women of color.
"Organizations want you to pay, then they'll say, 'Hey, go ahead. You pay for it, and we'll pay you back.' But what if that person doesn't have the funds?" she says.
Jenkins herself has more than ten years of experience working in corporate settings. In one job, she was asked to pay for a work trip using her own credit card, then her boss reassured her that she would be reimbursed later.
Jenkins says she didn't get to have the same ease that her male counterparts had on the trip. She was worried about having her expenses reimbursed, while they were not.
"I was embarrassed," she says. "I'm one of the few Black women at a leadership level, and that was a very challenging experience that I never spoke about."
Jenkins eventually brought up the issue with her boss, and she was issued her own company card. She encourages other women to speak up when they can't afford to be reimbursed for an expense later. Just because a company issues cards to some employees doesn't mean everyone who needs one will receive one — not without asking, anyway.
3. Childcare or family care benefits
"Women of color are not a monolith," says Jenkins, adding that some women of color care for elderly parents, while others care for children. Some women of color care for both.
Family Caregiver Alliance reports that people of color are more likely to be caregivers. They also start caregiving at a younger age than white people and report spending more hours per week caring for others. Most caregivers are women, and they spend more time in that role than men.
If you need help navigating care for your parents or family members, Jenkins recommends finding out if your company has employee resource groups, where people might share similar experiences. "ERGs can really tap in to understand how to maximize your benefits for caregiving groups from a financial perspective," she says.
Jenkins adds, "If you travel for work, is there a policy that also pays for childcare while you're traveling? There's a lot of women that are executives and leaders within organizations, and they have to pay for a nanny, or for daycare."
Jenkins recommends taking stock of the exact benefits you'll need before signing on to a new job. "Go in with those questions and make sure that you're maximizing everything that they offer."