How Can I Help Employees during Inflation?!
Inflation isn’t slowing down!
How can you combat this to keep employees on board?
You could give them a raise, but you might not be able to afford it, and they’ll get hit with more taxes. So here are a few tax-advantaged ideas to help everyone out!
Increase vacation hours (yes, it is important and less costly than high turnover).
This allows them a bit more time to recharge, spend with families, or whatever they’d like and shows consideration for them.
Consider hiring another person who is eligible for payroll tax credits (it’ll drop your payroll expenses substantially
Do you have a high-deductible insurance plan? Offer an HSA
The IRS just raised contribution limits for 2023 ($3,850 single, $7,750 for families)!
Tax-free contributions, tax-free distributions on medical expenses
No time limit to use it (or lose it)
Give them excellent equipment and software to use in the field (frustration=unhappy employees=high turnover)
When employees have to work with outdated software or equipment, it makes their jobs harder. Software not supported, lags or freezes, equipment breaking regularly, paper processes or inefficient processes, you name it.
We live in a society with a fast, often stressful pace. Make sure your team has the proper resources to do their jobs.
It’s tax-deductible to you!
Don’t hesitate to reinvest in your business. Many things worth putting into your business will not only show your team that you’re willing to provide them with what they need but they also have many tax advantages to them, your business, or both!
We have a great team of partners and specialists to help you help your business. Reach out today for a free consultation!