by Kaerrie Hall | Jul 25, 2024 | Employee Benefits, Human Resources
While many employees leave a job for a better salary, some leave in search of better work-life balance. Perhaps they’re trying to leave a toxic work environment that is adding undue stress. Some may feel their employer doesn’t respect their time off or make them feel like they can take time off. Others don’t feel appreciated or that their work has meaning.
Work-Life Balance Matters
Whatever the reason for the disharmony between work and home life, the desire to find harmony is high. Results from a workplace health and well-being survey conducted by The American Psychological Association showed:
- 92% of workers said it is very (57%) or somewhat (35%) important to them to work for an organization that values their emotional and psychological well-being.
- 92% find it important to work for an organization that provides support for employee mental health.
- 95% said it was important they feel respected at work.
- 95% said it was important for their employer to respect the boundaries between work and nonwork time.
In the same survey, 33% of workers said they do not have enough control over when, where and how they do their work. 32% said they don’t have enough flexibility at work to keep their work life and personal life in balance. And 26% said their employer doesn’t respect their personal boundaries.
Strategies to Improve Work-Life Balance for Employees
To improve work-life balance for your employees, consider these options where possible:
More Time
- Shorter work days. Recent articles in Forbes and Time tout the benefits of working four days per week. Employees are often happier and healthier (thanks to factors like better sleep and more time for exercise). Companies are rewarded with greater productivity and employee retention.
- Generous paid time off opportunities. Create a workplace culture where rest and adequate time off is encouraged, supported and respected. The benefits of taking time off include improved productivity, lower stress and better mental health. And according to The Human Capital Hub, “When employees have flexibility with time off, they are less likely to call in unexpectedly, allowing for more consistent coverage of responsibilities.”
- Flexible work schedules/remote work arrangements. “A flexible working arrangement is a top three motivator for finding a new job,” reports McKinsey & Company. Their study found the most common reasons for job hunting were, in this order:
- A desire for greater pay or more hours
- Better career opportunities
- A flexible work arrangement (e.g., remote work)
More Resources
- Mental health/well-being benefits, whether as part of their healthcare package and/or as support programs. Offering such benefits has been shown to help the employee and the company. The World Health Organization estimates that for every dollar US employers spend treating common mental health issues, they receive a return of $4 in improved health and productivity.
- Stress reduction programs. According to OSHA, 83% of US workers suffer from work-related stress and 54% report work stress affects their home life. But the benefits of reducing stress in the workplace include improved morale, increased productivity, better focus, fewer workplace injuries, fewer sick days, and better physical health (e.g., lower blood pressure, stronger immune system). OSHA offers a Workplace Stress Sample Survey to help companies gauge what workers need to support their mental health and reduce workplace stress. They also provide a myth buster sheet employers can post to encourage workers to speak up about workplace stress.
- Learning opportunities and programs that incorporate strategies for improving employee financial, physical and mental health. Consider providing access to:
- Education on topics like personal finances (free credit counseling services, ways to save for retirement, how to budget effectively), healthy eating habits and maintaining work-life balance
- Smoking cessation and weight loss programs
- Incentivized wellness programs.
What Steps Are You Taking?
Improving work-life balance starts with offering a great employee benefits package. Did you know a Professional Employer Organization (PEO) can help you offer affordable benefits to your employees? Benefit offerings include health insurance, life, dental, vision, 401(k) and more. Ask the employEZ family of PEOs how we make it EZ!
by employEZ Team | Jun 19, 2024 | Employee Benefits
Attracting and keeping top talent is easier when you offer a competitive salary and health benefits. But don’t overlook another opportunity to boost employee interest and retention: adding a retirement savings plan like a 401(k) or multiple employer plan (MEP) to your employee benefits package. Here are just a few of the reasons taking this step benefits employees and your business.
1. In-Demand Benefits Attract Top Talent
Job seekers often prioritize retirement benefits when evaluating potential employers, viewing a retirement savings plan as essential to their overall compensation package. Offering a well-structured plan with employer-matching contributions demonstrates your commitment to employees’ long-term financial security and helps you build a satisfied, loyal workforce.
2. Tax Advantages
Both employees and employers can benefit from tax advantages through some retirement plans like a 401(k) plan. For example, contributions to a traditional 401(k) are made on a pre-tax basis, reducing employees’ taxable income and potentially lowering their annual tax bill. And employers may qualify for tax deductions or credits associated with offering retirement benefits. Discussing your options with a trusted accountant or other financial advisor is a good first step.
3. Employee Financial Security
Encouraging employees to save for retirement promotes financial security and peace of mind. Automatic payroll deductions make saving easy and convenient, fostering a habit of regular saving and investment. And employees who feel financially secure are likely to be more focused and productive at work because they’re less distracted by financial worries. Consider going the extra mile by providing employees with educational resources or access to professional training on personal financial planning and retirement savings.
What are Your Options for Retirement Savings Plans?
There are many types of retirement savings plans to choose from. Here is a list from the IRS with links to learn more:
Individual Retirement Arrangements (IRAs)
Roth IRAs
401(k) Plans
SIMPLE 401(k) Plans
403(b) Plans
SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)
SEP Plans (Simplified Employee Pension)
SARSEP Plans (Salary Reduction Simplified Employee Pension)
Payroll Deduction IRAs
Profit-Sharing Plans
Defined Benefit Plans
Money Purchase Plans
Employee Stock Ownership Plans (ESOPs)
Governmental Plans
457 Plans
Multiple Employer Plans
Help with Choosing a Retirement Plan
Interested in Implementing a Retirement Savings Plan?
If you’re interested in implementing a retirement savings plan but don’t know how or are worried about the administrative responsibilities and costs, here’s something to consider: Clients of the employEZ family of PEOs can access the employEZ Retirement Savings Plan. This plan allows you and your employees to contribute to the type of 401(k) plan today’s largest businesses offer, while easing the administrative burdens, fiduciary risk, and expense of establishing a quality program on your own.
by Kaerrie Hall | Feb 12, 2024 | Benefits of a PEO, Employee Benefits
A healthy workforce is a productive workforce. By offering health insurance to employees, businesses contribute to overall employee well-being, providing employees easier ways to take better care of themselves and their families and fostering early detection and treatment of illnesses. This proactive approach not only reduces absenteeism but also amplifies productivity, forming a symbiotic relationship between company and employee. Beyond the obvious value offering health insurance brings to employees, there are many ways offering health insurance is good for business.
Providing Employee Benefits Helps Companies Attract and Retain Talent
Establishing yourself as an employer that offers comprehensive employee benefits can create a competitive advantage, helping you not only attract great candidates, but avoid losing the talent and experience you already have on your team. With so many job candidates looking for more than a good salary, exploring your options for providing healthcare and ultimately lowering your turnover rates makes good business sense. Offering employee benefits can be easier and more cost-effective than you think when you work with a Professional Employer Organization (PEO). A PEO can leverage its size and purchasing power to negotiate far better rates for health benefits, workers’ compensation and more, and pass those savings on to you.
Good Health Can Boost Employee Productivity, Morale and Engagement
Caring for employees goes beyond a paycheck; it extends to their well-being. Offering health insurance helps alleviate the financial burden of medical expenses for your employees. Additionally, many health plans include support services to address mental health issues as well as programs that are proactive in encouraging preventive care and healthier living. This can help create a more positive work environment that significantly impacts company culture, morale, and overall performance.
Tax Advantages Create a Win-Win Scenario
Often overlooked, the tax advantage of offering health insurance under a cafeteria plan is a win-win scenario. Health insurance premiums, deducted pretax, reduce taxable income for both employees and employers. This strategic leverage helps everyone manage costs more effectively.
Offering Health Insurance Helps Larger Companies Comply with the ACA
For larger companies – generally those with 50 or more full-time equivalent employees – offering health insurance is essential for complying with the Affordable Care Act (ACA). The insurance offered must meet ACA standards and non-compliance can result in penalties. But it’s important to note that you do not have to be a large employer to offer health insurance to your employees. Increasingly, smaller companies are finding tremendous value in providing employee benefits and more opportunities to do so affordably thanks to the help of a PEO.
Ask Us About Employee Benefits
The experts at employEZ believe strongly that smaller companies and their employees deserve the benefits of larger corporations. Let us identify the right PEO and Fortune 500-level benefits for your needs. Our PEOs have already navigated the complexities of evaluating healthcare options and created partnerships that give you plenty of choice and value. Additionally, our HR specialists can help you administer employee benefits so you don’t have to keep up with regulations or handle the ins and outs of providing healthcare. Reach out here to learn more.
