Traditionally speaking, and since the 1940s, American employees held the general expectation of receiving health care through employment. These expectations are quickly fading as younger generations are remodeling the job market and the way we work. The increasing stability of the gig economy has also influenced the shift in the job economy. Because of this, […]
Benefits
Offering Retirement Plans for Your Employees
The number of small businesses operating in the US is growing fast. Small businesses employ 47.5% of American private-sector workers, and that number keeps increasing as more people move away from corporate life. Although small businesses are popping up on every corner, they still face challenges from tight budgets and sparse resources. With that comes the need […]
How to Keep Good Employees: Pay and Development Trump Benefits
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 […]
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 […]
