HCW Benefits Blog

This is a guest blog post from our HR partner CAI.  CAI is a trusted resource for N.C. employers for HR, compliance and people development.

The cost for almost everything — gas, food, insurance, etc. — is currently rising. Unfortunately, due to the sputtering economy and other business factors, employees’ paychecks are not increasing at a rate to offset the higher cost of living. As an employer, there are several ways to help your workers keep money in their wallets. Helping your employees save money will increase their job satisfaction and the company’s retention rate.

Here are some pointers to help staffers cut down their expenses:

1. Carpooling
Today’s gas prices are fluctuating around $3.50 across the country. Help workers save money at the pump by encouraging them to carpool with their coworkers. Put a signup sheet in the office break room to make others aware of those interested in carpooling.

2. Flexible Schedule
Thanks to technology, there are multiple ways to adjust the traditional “9 to 5” work week. To help employees avoid traffic, allow them to arrive earlier or later and leave earlier or later. Additionally, agreeing to let employees work from home at least one day of the week could help them save a few hundred dollars in gas per year.

3. Staff Lunch
Although your organization might be unable to provide daily lunch for all staff members, offering a free meal a few times per month will be appreciated. Ordering in for your workers will help them save money on lunch and on gas.

4. Pre-Tax Accounts
Health Saving Accounts (HSA) and Flexible Spending Accounts (FSA) allow employees to put money away in pre-tax accounts for healthcare services and goods. Offering this benefit will assist employees in the long run because it will help them take advantage of their earnings and increase their savings.

5. Retirement Plans
It is never too late to help your employees invest in their retirement. If a 401(k) program is available at your organization, ensure that all eligible staff members know the advantages of opening an account. The contributions made for 401(k)s are pre-tax dollars, and the interest on the accounts are compounded to make greater profits.

For more information on helping your employees save money, as well as strategies to retain your top talent, please contact a member of CAI’s Advice and Counsel Team at (919) 878-9222 or (336) 668-7746.