Flexible schedules, telecommuting, and free food are some low-cost creative employee benefits that can help with hiring and retention. Flexible schedules allow employees to shift their hours but require planning. Telecommuting gives flexibility but can be difficult to oversee. Free food is highly appreciated but may become an expectation. The article discusses 20 such benefits and their pros and cons.
This "Brief Guide" gives information on Alternatives to Redundancy which may be implemented by a company who is potentially facing a redundancy situation. This document may be downloaded at http://www.collierbroderick.ie/Services/HR%20Support/Redundancy.asp
Adressing the topic of Flexible Benefis from it\'s definition to emergind trends that will affect compensation in the workplace
-Presented at the HRPA of Peel Compensation Dinner on 21st January 2009.
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
This "Brief Guide" gives information on Alternatives to Redundancy which may be implemented by a company who is potentially facing a redundancy situation. This document may be downloaded at http://www.collierbroderick.ie/Services/HR%20Support/Redundancy.asp
Adressing the topic of Flexible Benefis from it\'s definition to emergind trends that will affect compensation in the workplace
-Presented at the HRPA of Peel Compensation Dinner on 21st January 2009.
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
The Impact of Dropping Your Health Plan in 2015CBIZ, Inc.
As employers consider whether or not to drop their health plan in 2015, a broad, comprehensive financial impact analysis is required. In addition to calculating the cost of the “No Coverage” Shared Responsibility penalty, employers must factor in the nondeductibility of the penalty, increases in cash compensation and possible reductions in productivity. This article provides a brief overview of these components and explains how to run the math.
[ON-DEMAND WEBINAR] How To Hire More Employees & Keep Them Happy: Tips To Att...Rea & Associates
Businesses are facing a talent shortage as, these days, it's a job-seeking market. Prospective employees are able to be pickier when it comes to choosing the organization they would like to build a career with. From the outside looking in, how is your organization viewed? Attracting and retaining key talent is fundamental to your organization's success. Understanding best practices and following strategic employer resources could lead your organization to become an employer of choice. If you are determined to hire more employees in the coming months or years, register for this free webinar.
Renee West, SHRM-SCP, lead HR consultant and leader of Rea & Associates' HR consulting practice will share tips that will help you better position your organization in today's competitive marketplace. She will also talk about company culture and how yours can help bring more employees in the door and encourage them to stay. These professional services tips will help you identify ideal employees and keep them for the long term.
Hire More Employees With These Learning Objectives
Those looking to hire more employees and keep them happy once they get there to reduce employee turnover should check out this free, hour-long webinar to achieve the following learning objectives. You will:
- Gain insight on strategic recruitment and practices to help attract key talent and retain talent.
- Dive deep into state resources, including Ohio Means Jobs, and credits for employers to grow and develop current employees.
- Learn how to implement internal recruitment programs, including internship initiatives, apprenticeships, and referral incentives.
- Break down employee retention strategies and the benefits and compensation strategies employers should have in place to keep existing employees happy and on the payroll.
- And so much more ...
#ReaCPA #HRSolutions #HireBetter
HR Webinar: Benefits Update: 2020 Open Enrollment ConsiderationsAscentis
As we enter the busy Open Enrollment season for 2020 coverage, as a professional community, we face more uncertainty than in any year in recent memory. While the ACA still governs the design and administration rules of most healthcare plans, exceptions are now available for some employers. The individual mandate is effectively repealed, impacting both employee plan selection behavior and ACA reporting requirements. The relatively simple and straightforward subject of Health Reimbursement Accounts (HRAs) has morphed into a complex assortment of financial vehicles (QSEHRAs, ICHRAs, EBHRAs). And as Wellness Programs are gaining near-universal popularity, some big-name employers are in the news for toeing the line of the design rules for these plans. In this session, we'll review some key and late-breaking developments benefits professionals need to know!
Choosing the right Professional Employer Organization will help your business remain in compliance, leverage the efficiencies of great technology, and facilitate access to comprehensive capabilities that will benefit your business and its employees. So what are the most basic and key things you need to know about PEO?
We invite current PayScale customers to join us for a special 30-minute webinar tour of PayScale Insight Expert that will show you how much you can grow with Insight Expert professional services.
Presenting you a unique and subtle design, compensation scheme PowerPoint presentation slides for distribution of salary and wages you pay to your employees for the work they do. Compensation scheme includes is broken down in the compensation, benefits, performance and talent management and is shown through an inherent PPT slide, further straight salary, salary plus commission, commission only, tertiary volume, are discussed as different types of compensation plans. Pay for performance comparison and building a compensation plan PowerPoint slides are included here for a subjective overview. We have incorporated job profile templates and performance-based appraisal parameters, employee performance summary, employee feedback with chart sheets and comparison parameters for an individual proposition. Bar graphs are included for thorough comparisons between different parameters. Various exclusive icons are included here for an engaging experience, along with subject concerned additional slides. Proceed with our designs for a reliable experience on employment compensation approach related professional presentations and forget about disappointments. Network your thoughts with our Compensation Scheme PowerPoint Presentation Slides. They will create an enduring web for you.
HR Webinar: HR Professional’s Role in Managing Leave of AbsenceAscentis
Requests for leaves of absence rank among the most frequently encountered challenges faced by the HR professional because employers must contend with a patchwork of employee-friendly statutes, including federal, state and local leaves – it’s important to understand how these leaves coordinate because they often contain overlapping and sometimes conflicting employee rights and employer obligations.
Fringe benefits is also known as employee benefits which is provided by the employer to employee additional to the wages, it might in monetary or non monetary terms.
This webinar is NOT for deadbeats, the lazy, or anyone who hates getting their hand dirty.
This webinar is for the extraordinary Safety Professionals, who work everyday to ensure their workers go home safely to their friends and family every night!
Its for the professional who works hard to create good training programs, and deliver quality training, and most importantly is always trying to do better.
Safety Professionals are asked everyday to train employees on how to work safely around dangerous situations. It is the actions of these men and women that keep workers comp costs low, and production high, but everyday professionals just like you struggle.
They struggle to keep their employee engaged, provide good resources, and earn buy in from those that they teach.
"The Perfect Safety Meeting" will teach you how some of the industries top experts run their safety meetings, where they get their materials, and how to implement these principles and ideas into your own program.
"The Perfect Safety Meeting" will teach you skills that are being used right now, by professionals just like you. Skills that have lowered injuries, reduced incidents, and raised production.
We promise that you will be satisfied with what is taught, and if for any reason you aren't we will refund your money...No questions asked.
So what are you waiting for?
The Impact of Dropping Your Health Plan in 2015CBIZ, Inc.
As employers consider whether or not to drop their health plan in 2015, a broad, comprehensive financial impact analysis is required. In addition to calculating the cost of the “No Coverage” Shared Responsibility penalty, employers must factor in the nondeductibility of the penalty, increases in cash compensation and possible reductions in productivity. This article provides a brief overview of these components and explains how to run the math.
[ON-DEMAND WEBINAR] How To Hire More Employees & Keep Them Happy: Tips To Att...Rea & Associates
Businesses are facing a talent shortage as, these days, it's a job-seeking market. Prospective employees are able to be pickier when it comes to choosing the organization they would like to build a career with. From the outside looking in, how is your organization viewed? Attracting and retaining key talent is fundamental to your organization's success. Understanding best practices and following strategic employer resources could lead your organization to become an employer of choice. If you are determined to hire more employees in the coming months or years, register for this free webinar.
Renee West, SHRM-SCP, lead HR consultant and leader of Rea & Associates' HR consulting practice will share tips that will help you better position your organization in today's competitive marketplace. She will also talk about company culture and how yours can help bring more employees in the door and encourage them to stay. These professional services tips will help you identify ideal employees and keep them for the long term.
Hire More Employees With These Learning Objectives
Those looking to hire more employees and keep them happy once they get there to reduce employee turnover should check out this free, hour-long webinar to achieve the following learning objectives. You will:
- Gain insight on strategic recruitment and practices to help attract key talent and retain talent.
- Dive deep into state resources, including Ohio Means Jobs, and credits for employers to grow and develop current employees.
- Learn how to implement internal recruitment programs, including internship initiatives, apprenticeships, and referral incentives.
- Break down employee retention strategies and the benefits and compensation strategies employers should have in place to keep existing employees happy and on the payroll.
- And so much more ...
#ReaCPA #HRSolutions #HireBetter
HR Webinar: Benefits Update: 2020 Open Enrollment ConsiderationsAscentis
As we enter the busy Open Enrollment season for 2020 coverage, as a professional community, we face more uncertainty than in any year in recent memory. While the ACA still governs the design and administration rules of most healthcare plans, exceptions are now available for some employers. The individual mandate is effectively repealed, impacting both employee plan selection behavior and ACA reporting requirements. The relatively simple and straightforward subject of Health Reimbursement Accounts (HRAs) has morphed into a complex assortment of financial vehicles (QSEHRAs, ICHRAs, EBHRAs). And as Wellness Programs are gaining near-universal popularity, some big-name employers are in the news for toeing the line of the design rules for these plans. In this session, we'll review some key and late-breaking developments benefits professionals need to know!
Choosing the right Professional Employer Organization will help your business remain in compliance, leverage the efficiencies of great technology, and facilitate access to comprehensive capabilities that will benefit your business and its employees. So what are the most basic and key things you need to know about PEO?
We invite current PayScale customers to join us for a special 30-minute webinar tour of PayScale Insight Expert that will show you how much you can grow with Insight Expert professional services.
Presenting you a unique and subtle design, compensation scheme PowerPoint presentation slides for distribution of salary and wages you pay to your employees for the work they do. Compensation scheme includes is broken down in the compensation, benefits, performance and talent management and is shown through an inherent PPT slide, further straight salary, salary plus commission, commission only, tertiary volume, are discussed as different types of compensation plans. Pay for performance comparison and building a compensation plan PowerPoint slides are included here for a subjective overview. We have incorporated job profile templates and performance-based appraisal parameters, employee performance summary, employee feedback with chart sheets and comparison parameters for an individual proposition. Bar graphs are included for thorough comparisons between different parameters. Various exclusive icons are included here for an engaging experience, along with subject concerned additional slides. Proceed with our designs for a reliable experience on employment compensation approach related professional presentations and forget about disappointments. Network your thoughts with our Compensation Scheme PowerPoint Presentation Slides. They will create an enduring web for you.
HR Webinar: HR Professional’s Role in Managing Leave of AbsenceAscentis
Requests for leaves of absence rank among the most frequently encountered challenges faced by the HR professional because employers must contend with a patchwork of employee-friendly statutes, including federal, state and local leaves – it’s important to understand how these leaves coordinate because they often contain overlapping and sometimes conflicting employee rights and employer obligations.
Fringe benefits is also known as employee benefits which is provided by the employer to employee additional to the wages, it might in monetary or non monetary terms.
This webinar is NOT for deadbeats, the lazy, or anyone who hates getting their hand dirty.
This webinar is for the extraordinary Safety Professionals, who work everyday to ensure their workers go home safely to their friends and family every night!
Its for the professional who works hard to create good training programs, and deliver quality training, and most importantly is always trying to do better.
Safety Professionals are asked everyday to train employees on how to work safely around dangerous situations. It is the actions of these men and women that keep workers comp costs low, and production high, but everyday professionals just like you struggle.
They struggle to keep their employee engaged, provide good resources, and earn buy in from those that they teach.
"The Perfect Safety Meeting" will teach you how some of the industries top experts run their safety meetings, where they get their materials, and how to implement these principles and ideas into your own program.
"The Perfect Safety Meeting" will teach you skills that are being used right now, by professionals just like you. Skills that have lowered injuries, reduced incidents, and raised production.
We promise that you will be satisfied with what is taught, and if for any reason you aren't we will refund your money...No questions asked.
So what are you waiting for?
Employee Retention Strategies to Survive the Great ResignationKashish Trivedi
Onboarding reflects what your company is and ultimately leaves the first impression on new employees. A report indicates a 2.6 times increase in job satisfaction among new employees when they have a positive onboarding experience.
You can rely on learning management tools that streamline difficult or time-consuming procedures for companies to hire new employees. Leveraging a comprehensive learning platform allows you to create personalized onboarding experiences for new employees.
Extra steps need to be taken to make sure employees joining remotely feel integrated into their team. To achieve this, you could implement a virtual onboarding program that may utilize internal bots to help facilitate a more seamless connection within your team. Check for chatbot pricing and integrate an employee engagement bot within your onboarding activities to encourage icebreaker conversations.
Building a Meaningful Compensation Strategy for Today’s WorkforceHUB International
Download the eBook from HUB and learn key strategies to ensure your employee compensation plans continue to support your organizational goals as talent acquisition and retention challenges grow.
Question 11. The difference between profit sharing and stock .docxIRESH3
Question 1
1.
The difference between profit sharing and stock ownership is:
Answer
there is more risk involved with profit sharing than with stock ownership.
profit sharing becomes part of a base salary and stock ownership does not.
stock ownership becomes part of a base salary and profit sharing does not.
profit sharing encourages ownership thinking and stock ownership is ownership.
4 points
Question 2
1.
Which of the following examples would represent the ethical behavior of an executive?
Answer
Inflate stock prices to receive bonuses and stock options
Boost stock value through efficient operations, and effective leadership
Buying or selling stock based on knowledge about the company's future
Stretching accounting practices to present company performance in the best light
4 points
Question 3
1.
Vesting rights are the rights of the:
Answer
employee to receive a pension at retirement age regardless of the length of time he/she was employed with the company.
employer to transfer or terminate employees before reaching retirement so they can avoid paying pension benefits.
employee to receive a pension at retirement age as long as he/she was employed for a specified amount of time.
employer to keep employee contributions to pension plans if they leave the company before the specified amount of time.
4 points
Question 4
1.
Which of the following states that employees MUST have a choice about whether to retire?
Answer
Employee Retirement Income Security Act (ERISA)
Pension Benefit Guarantee Corporation (PBGC)
Age Discrimination in Employment Act (ADEA)
Older Workers Benefit Protection Act (OWBPA)
4 points
Question 5
1.
The difference between a cash balance plan and a defined-benefit plan is:
Answer
a cash balance plan earns interest at a predefined rate, and a defined-benefit plan guarantees a certain level of retirement income.
a defined-benefit plan earns interest at a predefined rate, and a cash balance plan guarantees a certain level of retirement income.
a cash balance plan specifies the size of investment, and a defined-benefit plan earns interest at a predefined rate.
a defined-benefit plan specifies the size of investment, and a cash balance plan guarantees a certain level of retirement income.
4 points
Question 6
1.
Which of the following is an example of an employee being paid based on a piecework rate?
Answer
A pay increase based on performance appraisal ratings
Being paid extra for work done in less than a specified amount of time
Pay calculated as a percentage of sales
Pay based on the amount of product produced
4 points
Question 7
1.
Which of the following is a legally required benefit an employer must provide?
Answer
Disability insurance
Life insurance
Worker's compensation
Paid leave
4 points
Question 8
1.
In addition to pay, what are some important aspects of making incentives work?
Answer
Performance measures are preset, passed down by u ...
12 Innovative Ways to Cut Costs Without Laying Off Employees | CIO Women Maga...CIOWomenMagazine
Here are some innovative approaches to cut costs without laying off employees: 1. Remote Work Opportunities, 2. Operational Efficiency, 3. Negotiate Vendor Contracts, etc.
For many businesses, attracting, retaining, motivating and rewarding employees are key issues that can be the difference between success and failure. It is also a vital issue for any potential buyer (internal or external) and has a direct impact on business risk, and also value.
As part of our strategic advisory work with clients, we are able to offer a range of solutions to manage these issues and provide easy to implement solutions for business owners to encourage employees to think and act like business owners.
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
The Great Resignation continues to plague organizations across the country. It has exacerbated a host of employer challenges, including attraction, retention and engagement of top talent, as well as mitigating new risks. Our experts have developed these articles and linked resources to help your organization combat the mass employee exodus.
“Assets in the shoes” - Most companies today realize that employees are their most critical and valuable asset. For a company to succeed; employees at every level must be committed to a company’s goals. An employee incentive program that includes meaningful reward and recognition will reinforce employees for behavior that supports company goals.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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Chapter 3 - Islamic Banking Products and Services.pptx
Paychex com
1.
EMPLOYEE BENEFITS | ARTICLE
07/16/2018
A small business budget may not allow you to dole out hefty bonuses or fancy trips, but low-cost, creative employee benefits can still make an impact on your staff. In
fact, benefits and perks can offer employers an edge when it comes to hiring and retaining employees in tight labor markets.
Here are 20 creative employee benefits, along with some of their potential advantages and disadvantages, that mix fun and practicality when it comes to rewarding your
workforce.
1. Flexible schedules
Flex schedules are a popular non-traditional benefit for both employees and employers. The 2018 Paychex Pulse of HR survey revealed that flexible scheduling is the
top non-traditional benefit that companies provide, with 39 percent of respondents offering this. Allowing employees to shift hours forward or back from the core
workday can help them avoid rush-hour commuting and alleviate family scheduling conflicts, for example.
Although flex scheduling is viewed as a relatively low-cost benefit, implementing a corporate-wide policy requires planning on the part of the employer and employee.
Your HR department should be actively involved in the process to ensure success. A quick look at perceived advantages and disadvantages of flex time may help you
decide whether this approach makes sense for your business.
Pros:
Allows employees to work during the hours that best suit their schedules.
Potentially helps businesses open earlier and stay open later.
Attracts talent; employees may ask for this specific benefit when joining companies.
Offering flex time shows that management trusts workers to get the job done, no matter which hours are worked.
Cons:
Difficulty scheduling group meetings and other group gatherings around different schedules.
There may be times when employees are working without oversight.
2. Telecommuting
Not every business can offer this perk, but those permitting employees to work from home occasionally, or on a set schedule, may reap rewards in higher productivity
and retention. A telecommuting policy may allow all employees to work from home for a certain number of days per week, or define specific job responsibilities that
may be conducted remotely.
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2. Pros:
Gives employees flexibility to work in a setting of their choosing.
Frees up an employee's time normally spent commuting to work.
Viewed as an environmentally friendly policy as it reduces gas expenses related to work commuting.
Cons:
According to the Pulse of HR Survey, the top concerns employers have regarding employees who telecommute are management and oversight of work, data
security, and engendering consistent productivity.
3. Movie, theater, and sporting event tickets
Gives employees and their family members access to a free entertainment or a cultural experience.
Pros:
Low cost
Boosts morale
Cons:
Benefit isn't directly related to work and may have little impact.
Competition among staff or departments when deciding who receives the tickets.
Appreciating your employees doesn't require a significant investment.Creative
employee benefits combined with personal recognition can increase your reputation
in the labor market.
4. Expanded health benefits
Flexible spending accounts, dental, and vision insurance are all relatively low-cost add-ons to health insurance plans. According to Paychex senior HR generalist Joshua
Carty, an FSA is "a nice tax-free advantage for business and employees, and a great avenue for healthcare affordability. The business is not required to max out the
benefit and could place a cap on how much an employee can elect."
Pros:
Given the rising costs of health care, employees will likely appreciate these expanded benefits.
Cons:
Additional administration of multiple health benefit plans.
5. Free food
Let workers enjoy coffee, tea, hot chocolate, and snacks any time of the day. For the health-conscious, consider including fresh fruit. A group meal can promote
camaraderie and team bonding. Once a month, once every two weeks, or one day every week, provide lunch for your staff.
Pros:
Free food is one of the most popular and highly appreciated, low-cost perks.
Cons:
May be more of an expectation rather than viewed as a true "benefit" unless a unique twist is added.
6. Casual dress code
Designate certain days as casual-attire days, or, depending on your business, dispense with a dress code altogether.
Pros:
Low cost and easy implementation.
Cons:
Casual work attire may be interpreted in a variety of ways by different employees and a policy may need to be written.
7. Family leave
In a recent Paychex survey of business leaders, 47 percent of respondents would support paid family leave legislation. Still, employers should examine their current
parental leave policies to ensure they comply with state and federal mandates. Certain states have passed laws requiring this benefit, and employers need to make sure
their policies are up-to-date.
Pros:
Shows employer support for work/life balance.
Encourages employee retention.
Cons:
May be difficult for small businesses in particular to shoulder the cost of paying employees while on leave.
8. Benefits for part-time workers
Allow part-timers some of the same perks given to full-time employees. In some cases, part-time employees may be eligible for certain benefits such as health
insurance. You may also want to consider extending lower-cost fringe benefits to part-time employees for consistency and to boost company-wide morale.
3. Pros:
Offering benefits can help companies compete for part-time employees.
May create a sense of unification among full- and part-time staff.
Cons:
Cost of additional benefits.
Administrative complexity of maintaining full-time and part-time benefit plans.
9. Commuting assistance
Provide a stipend to cover public transit passes to help staff defray the costs of traveling to and from the office; give car commuters free or subsidized parking.
Pros:
Transit passes viewed as an environmentally friendly benefit.
Cons:
Elimination of tax breaks for certain reimbursements due to recent tax law changes.
10. Tuition assistance
Offer to pay a portion of employees' tuition costs while they pursue education relevant to their jobs.
Pros:
Supports employees’ career development.
Cons:
Employee turnover could negate this benefit
11. Flex days off
Carty suggests allowing employees to earn paid days off for a job well done. This perk doesn't need to be awarded often, but it can be a great incentive for hard work.
Pros:
A popular and relatively inexpensive benefit.
Cons:
May require shifting work schedules to cover employees who use this benefit.
12. Student loan assistance
This benefit is becoming more popular, especially among millennials. With 70 percent of today's graduates entering the workforce with college loans, employers can
make an impact on their workforce by providing such assistance.
Pros:
Helps companies recruit and retain college graduates.
Cons:
Budget challenges, depending on how many employees take advantage of the program.
13. Direct paycheck deposit
Offer employees this option to help them save trips to the bank. To add further value, employers can consider a split-to-save feature that helps employees increase their
personal savings.
Pros:
Benefits of direct deposit include convenience for employees, faster access to their paycheck, decreased costs of payroll processing, and less expenses associated
with printing and mailing paper checks.
Cons:
Not all employees may be able to receive direct deposit.
Your employees are your biggest asset. Offering benefits that indicate you value their
work can inspire loyalty and retain talent.
14. Career guidance services
This in-demand benefit offers employees the opportunity to work with an impartial counselor to help them map out the next stage of their career. Career guidance can
help workers decide which of their skills need further development and where to focus their efforts.
Pros:
Provides support to employees who are ready to further their career.
Boosts employee engagement and morale.
Cons:
4. External career counselor advice may conflict with internal HR or a manager's suggestions regarding career progression.
15. Employee discounts
Because businesses purchase technology products in bulk, suppliers may provide workers a markdown for personal computing equipment. You may also offer
discounts on company products to employees.
Pros:
Encourages pride in company and work.
Giving employees products with company label may provide a marketing opportunity.
Cons:
Discounted products can cut into profits.
16. Bring-your-dog-to-work day
This won't work everywhere, but small businesses can often accommodate well-behaved canine colleagues in the office. You may want to try this out for one day. If it’s
popular and goes well, consider making your office a pet-friendly workplace. Paychex senior HR generalist Victoria Whittaker notes that more companies are making
Fridays year-round a day to bring dogs into the workplace (with a policy in place to protect the employer, employees, and their furry friends, of course).
Pros:
Boosts morale.
Encourages employee camaraderie.
Cons:
Pet allergies may be a factor. If you’re considering this benefit, take into account health, safety, interpersonal, and cultural issues before allowing dogs into the
workplace.
17. Summer hours
Keeping employees motivated and productive can be a concern during prime vacation season. Consider closing an hour or two early on Fridays during the summer
months so everyone can take advantage of the extended sunlight.
Pros:
Morale boost for employees during a more relaxed time of year.
Cons:
Some employees may still need to work regular hours due to deadlines or their role in the business.
18. 401(k) plan
Although a 401(k) plan may not seem like one of the most creative employee benefits, small companies concerned about the costs associated with retirement benefits
can find innovative ways to offer this important plan for less. According to Shannon Anderson, Paychex senior HR generalist, "when an employer fully understands their
options, this can be a low-cost benefit. Employers do not have to offer a match to employees. The plan can simply be a vehicle to allow employees to save for
retirement tax-free." Plus, if an employee is saving money tax-free, the employer is also not paying taxes on the amounts saved, making the 401(k) plan a win-win for
both the employer and employee.
Pros:
Allows small employers to remain competitive with benefits of larger companies.
Excellent recruitment and retention tool.
Low initial investment.
Cons:
Administrative duties may be a factor, but experienced service providers can help to streamline the process.
19. Wellness benefits
Sponsoring wellness activities including fitness classes, lunchtime speakers addressing health topics, flu shots, online health assessments, health coaching services,
an office gym, and weight-loss and smoking cessation programs can show employees that you care about their well-being. Alternatively, you can reimburse employees
for all or part of health-club memberships, yoga classes, bicycles, and related items. Fitness wearables are a relatively recent trend in employee benefits, now offered by
15 percent of companies, as reported in the 2018 Paychex Pulse of HR Survey.
Pros:
Wellness benefits can serve as an important benefit for hiring and retention.
Group wellness or fitness programs encourage employee interaction from all levels of the company.
Cons:
Potential for low utilization if not communicated or marketed correctly, and assessment of the programs' success may be difficult.
Daytime classes may compete with productive work time.
20. Paid volunteer time
Offer to pay regular wages up to a certain number of hours to staffers who devote time to community service. This is a sought-after benefit particularly for millennials.
Pros:
Increased employee pride in their work and their employer.
Serves as an active form of corporate social responsibility.
Develops a positive relationship between your company and the community.
Encourages employee interaction at all levels when working together on company-sponsored projects.
5. Cons:
Lost work time and scheduling issues can be difficult for small companies.
As seen here, appreciating your employees doesn't require a significant investment. Creative employee benefits combined with personal recognition can increase your
reputation in the labor market. Even simple thank-you notes for people who have helped the company succeed add a personal touch, notes Chris Jankus, Paychex HR
consultant.
Your employees are your biggest asset. Offering benefits that indicate you value their work can inspire loyalty and retain talent. Learn more about how benefits and
perks play a critical role in retention.
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This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are
not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other
professional advice where the facts and circumstances warrant.
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