As attracting and retaining employees continues to be a problem industry-wide, you may be wondering what else you can do to appeal to top talent and keep your current employees happy. Fringe benefits are a great way to attract potential staff and motivate current employees.
Consider offering traditional benefits such as health, vision, and dental insurance, life insurance, and retirement plans. These benefits provide employees with financial security and peace of mind.
Advisors can guide you through various options, ensuring you provide competitive and appealing benefits without overextending your budget.
Show your employees you care about their financial future by offering retirement options. Employer-sponsored retirement plans, such as 401(k) and SIMPLE IRA, are popular choices. These plans not only help employees save for the future but also demonstrate your commitment to their well-being beyond their tenure at your practice.
Matching contributions or profit-sharing options can further enhance the attractiveness of these benefits, encouraging employees to stay longer.
To encourage life-long learning, consider tuition assistance through an Educational Assistance Program (EAP). These plans are used to help further employee education and certifications but uniquely, through 2025, these plans can also be used to pay down student loans, limited to $5,250 per year, per employee.
This is a tax-free benefit for employees that also provides tax savings for the practice, a true rarity in the current tax code.
Thinking outside the norm and offering unique benefits tailored to your employees’ interests can enhance job satisfaction and loyalty.
As a vet practice, it’s safe to assume that many of your employees have pets of their own. Offering pet insurance can be a great incentive that attracts new talent, and something current employees will certainly appreciate.
Take into consideration a staff member’s personal interests and hobbies. For example, if an employee celebrating a work anniversary loves to garden, a gift of gardening supplies shows your appreciation and acknowledges their personal interests. Discounts on products and services or memberships for local activities are also well-received perks that can make employees feel valued and understood.
Understanding the tax implications of fringe benefits is essential. Many common benefits, such as health and life insurance, are not taxable, offering a significant advantage to employees. Company-paid insurance is a deductible expense, appearing as a pre-tax deduction from employees’ wages, which benefits both parties.
One-off recognition gifts and cash bonuses are also typically deductible expenses, making them a financially viable way to reward employees.
Differentiating your practice with a comprehensive and thoughtful benefits package can help you capture the attention of top talent and create a workplace where employees feel valued and motivated.
Make your practice stand out by offering fringe benefits that truly matter.