Give your employees the gift of convenience: payroll deduction.
Creating a payroll-deduction program can provide your employees with a convenient way to both save and spend--and may even keep them around longer. Why? Because in today's business environment, convenience is king. A gesture on your part that saves employees time and trouble won't be forgotten.
You can use payroll deductions for deposits into savings and investment plans, or to pay for traditional benefits such as group health, life or disability insurance. You can also offer your employees the convenience of using payroll deductions for automobile and home-owners insurance, loan payments, prepaid legal services, and even mortgage payments. Certain benefits, such as 401(k) plans and flexible spending plans that allow employees to pay for such things as child care and medical expenses with pretax dollars, are designed to function within a payroll-deduction structure.
According to Robert Stevens, president of Workforce Solutions Inc., a professional employer organization in Salt Lake City, employers have a variety of options for setting up a payroll-deduction program. If you outsource your benefits program, the company that administers it should be able to handle payroll deductions. Your company's insurance agent can help you deduct homeowners and automobile insurance. And check with your bank: Stevens says most banks can easily handle fund transfers.