Commuter benefits are fringe benefits that allow employees to set aside pretax money to pay for work-related transportation costs. Generally, for employees to use the benefit, their employer must set up a commuter, or transportation, benefits plan that meets the requirements of Section 132(f) of the Internal Revenue Code.
Should I Offer Commuter Benefits?
Employee turnover rate is the percentage or number of employees who leave a company and are subsequently replaced. Industry experts put the cost of replacing an employee at somewhere between 50 percent and 60 percent of the departing employee’s salary. This can take a toll on your profit margin, which is why calculating and controlling […]
A cafeteria plan is a written employee benefits plan that meets the requirements of Section 125 of the Internal Revenue Code. Most commonly, cafeteria plans come in the form of premium-only plans and flexible spending arrangements. Cafeteria Plan Provisions With a premium-only plan, employees pay their premiums—such as for health, life, and disability insurance—with pretax dollars […]
With millennials dominating the workforce and the next generation of workers gearing up to make their mark, employers are being forced to rethink their rewards and employee benefits strategy. They’ll need to consider a total rewards package. When we think “rewards,” compensation and benefits typically first come to mind—and with good reason. Research shows that […]
With the flattening of organizational layers, there are now fewer options for growing by moving up. Conversely, clients now expect their first point of contact to handle a broader set of requests. New avenues for professional growth emerged from the need for a breadth of expertise. So what are the advantages of lateral moves? A strategic […]