It’s no secret that replacing an employee is expensive. A 2019 retention report by the Work Institute found that conservatively, employers can expect to lose around $15,000 with the departure of an employee. In 2018, nationwide turnover costs were an estimated $617 billion, and that’s not accounting for the (very necessary) costs associated with training […]
Benefits
9 Perks Your Employees Want and You Can Afford
It’s not just about health insurance and vacation time. Today’s best employees expect their employers to provide them with a slew of perks that make both their professional and personal lives better. If they don’t find it from their current role, they’ll look elsewhere—the average worker will switch jobs a whopping 12 times throughout their […]
These 3 Appealing Employee Benefits Can Slow Business Turnover
With unemployment rates hovering at or near historic lows throughout most of the developed world, it’s getting harder than ever for businesses to recruit the talented employees they need to thrive. Even when they find the right people, however, there’s yet another struggle ahead: retaining them over the long term. It’s a problem that’s even […]
Employees’ Fringe Benefits After Tax Reform
Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted by tax changes. These changes can affect both a business’s bottom line and its employees’ deductions. Benefits Impacted by Tax Reform Qualified Transportation Fringe […]
Wages vs. Perks: Millennial Startup Culture Meets Traditional Biz Practices
Hiring and retaining quality employees should be a core concern for any company. As the workforce shifts and unemployment drops, it’s especially important to consider both the wages and perks your business offers. Traditional business practices may not do the job anymore. With millennials now comprising a majority of young workers, it’s worth taking a […]
The Importance of Pensions to SMEs
For SMEs to remain competitive in the current economic climate, it’s imperative that they’re able to retain and recruit the best possible talent. This can be challenging, however, particularly with small businesses being relentlessly squeezed by soaring inflation, declining consumer confidence and incrementally higher interest rates. While fintech innovations such as P2P lending and invoice […]
You Could Be Taxed on That “Non-Taxable” Employee Benefit
A benefit frequently offered to employees is discounts on products or services that the company sells. Under the Internal Revenue Code, all benefits provided to an employee are taxable, unless they are specifically excluded from income or defers tax on the benefit. One example of deferring tax on the benefit would be employer contributions to […]
Why Workplace Health is an Employer’s Responsibility
One of the major healthcare controversies of the past few decades has centered around the role of businesses in paying for their employees’ health-related expenses. Although much of the debate has been centered around health insurance and who should pay for it, the role of employers in cultivating a healthy workspace has expanded in recent […]
4 Low-Cost Benefits That Majorly Boost Employee Happiness
Does your company offer free snacks in the lunchroom, long out-of-office lunch breaks, and gift cards to local restaurants as productivity rewards? If you answered yes, but can’t figure out why your employees are still dragging through the day without energy, enthusiasm or focus, then you might be interested to learn that those practices do […]
Lower Your Healthcare Costs with Employee Wellness Plans
The year 2017 has already started out rocky in the United States. With the new Presidential administration, the Affordable Care Act is on the chopping block, and many Human Resource professionals are wringing their hands waiting to see what happens. If the ACA is gutted, insurance companies could change their contracts drastically. But this could […]
