Unique Fringe Benefits to Engage Employees - How to Reward Effort and Retain Valued Workers
OVERVIEW There are lots of ways to reward workers other than wages. Smart businesses understand the two-way importance of helping employees out with things like education, commute help, health and wellness, etc. The IRS also recognizes the economically stabilizing results of fringe benefits.They have categorized the many different types of benefits, and set limits on which the value does not have to be taxed to the worker. Specifically, IRS auditors are focusing on executive compensation. Stock options, golden parachutes, insurance and other perks are designed to keep your high priced executive talent in place. However, mismanagement of these benefits can subject you to not only payroll tax audits, but personal income tax audits. Being both knowledgeable and choosy about which benefits you provide will go a long way in keeping workers motivated without breaking either your company’s or their budgets. Staff Engagement Program WHY SHOULD YOU ATTEND Most payroll p...