As you’ve probably heard through the ol’ HR grapevine, the new tax law is saving companies a ton of money this year.
Before your CEO can spend it on new conference room chairs or a break room shave-ice dispenser, seize the moment: ask her to consider investing in better benefits and better benefits education—the sort of employee gift that’ll keep on giving long after the new tax law is old news.
#1. Add (or upgrade) a paid family and medical leave policy
Not only will your employees feel more financially (and emotionally) supported during their stressful times, your company could get tax credits for wages paid to employees taking leave…up to 25%! See how to qualify for this new-for-2018 “cash back” bonus.
#2. Increase your company’s 401(k) match
It may not be as sexy as a bonus check, but in terms of pure value, a match increase is likely to be the better deal, long-term. It also might be the nudge many employees need to get serious about retirement, and help your employees stressed about the future feel a little more at ease.
#3. Increase your company’s HSA contribution
If you offer an HDHP, consider asking for permission to offer a bigger company HSA contribution. If and when your CEO agrees, remind everyone of the tax benefits of using and contributing to that HSA when you share the good news.
#4. Upgrade your benefits communication tools
If you offer fantastic benefits but your employees don’t realize they’re fantastic, all your hard work is for naught.
So whether or not you bulk up your employees’ benefits this year, consider investing in benefits communication tools that will help employees understand and make the most of your offerings.
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