Re-evaluate benefits to increase employee engagement
TAX BLOG |
There is an abundance of information documenting the benefits a company receives from having engaged employees. These benefits may include lower turnover cost, higher employee productivity, and fewer employee sick days.
If you are seeking to better engage your employees, it is important to understand your workforce composition and look beyond salaries and wages at the entire benefits package or overall employee work experience.
According to Pew Research, millennials (individuals born between 1981 and1997) became the largest segment of the U.S. workforce during 2015, and their proportion will only grow as the baby boomers move into retirement. Much has been written about millennials wanting recognition for their contributions and to form positive connections at work; they are technologically savvy and ready to make a meaningful impact on the world.
Employers should re-evaluate how their employee benefits align with employee desires.
There are many no- and low-cost benefits employers can provide to create a total package that will engage employees. For example, mentoring programs can provide connections and help plan career paths, and cafeteria benefit plans can offer, in a way, a pick-your-own compensation package.
If designed properly, many employee benefits receive tax advantages. With thoughtful planning and careful consideration of the tax rules, your employee benefits can result in a win-win scenario for you and your employees.