Are you interested in finding ways to offer more benefits to your employees? If this is you, consider leveraging the Tax Code to enhance your staffs’ well-being. As many companies have transitioned to a hybrid work-from-home environment over the last year, many employees have found themselves with added stress due to the change.
From increased utility payments, cost of work from home equipment, to trying to learn how to perform their position virtually, many staff have had to adapt to a new normal and you will want to remember to nurture them. In order to help alleviate staff burdens, you can leverage the Tax Code to help reduce the physical and financial stress and even receive some tax benefits for your company too.
The sections of the Internal Revenue Code to review are Section 125, 127, and 139, if you are interested in providing your staff with holistic well-being benefits. The following are some helpful tips to assist you invest to in your staffs’ wellness.
You can leverage the Tax Code and partner with benefit management companies as well as human resources to provide employees with resources they need to perform their jobs well. As an employer, ensure leadership is committed to making work a little easier for staff.
You can do this by outsourcing, delegating, eliminating tasks or updating processes to aid your employees to focus on their jobs as well as have a life outside of their position. Some examples of benefits you could provide include a flexible or health savings account, work-from-home stipends, birthday or life event gift cards, personal development stipends, and funds for physical activities.
By leveraging the Tax Code to provide staff with benefits, you may see less turnover and lost productivity, as well as reduced long term illness and burnout. You will see improvement in your staff’s more active lifestyles, the ability to seek mental health treatment, and improved financial wellness. Overall, there may be improvement in your organization’s reputation and become a more attractive employer.
If you are interested in offering your staff benefits and would like to leverage the Tax Code, consult with your accountant to discuss options you may want to provide. Assess what benefits would be best to meet your current employees’ needs and if they align with wellbeing objectives.