Employment Resources

Your company probably already offers employees a variety of benefits. However, there are also several uncommon employee benefits that are appreciated and affordable. Consider offering them as you attract and retain top talent and improve morale.

Common Employee Benefits

A 2003 small business poll found that several benefits are commonly offered by employers. These benefits and the percentage of small businesses that offer them include:

• Paid Vacations: 75%

• Health Insurance Plan: 61%

• Paid Sick Leave: 59%

• Disability Insurance: 41%

• Education Reimbursement: 39%

• Pension Plan: 30%

• Life Insurance: 29%

• Dental Insurance: 24%

Uncommon Employee Benefits

Take care of several uncommon needs when you offer these atypical employee benefits.

Parking Privileges: Designate spaces near the office for employees or pay for a parking garage or city transit pass.

Company Discounts: Allow employees to buy products at a discount or offer employees first access to new products.

Education Plan: Most employees welcome the opportunity to learn new skills and improve their ability to do their jobs well. Offer tuition reimbursement or schedule free classes.

Direct Deposit: Funds clear faster and are thus available sooner when they’re directly deposited into your employees’ bank or credit union account. You typically save money when you offer this benefit, too.

Wellness Program: Encourage your employees to make health changes when you offer fitness opportunities and challenges, nutrition classes, smoking cessation tips and stress reduction advice. Employee productivity and satisfaction will improve, and you’ll cut health care costs.

Child-Related Assistance: In addition to maternity leave, consider providing adoption assistance, breastfeeding or pumping accommodations, on-site childcare and an on-site family room with kids’ toys and activities.

Sabbaticals: Offer both paid and unpaid sabbaticals based on years of service. With this benefit, employees can pursue advanced education, take mental health breaks or care for an aging parent.

Computer Loan: Let your employees take home their laptops or set up a payment plan that allows them buy their computers interest-free. You can arrange for automatic payroll deductions and sign a formal agreement to ensure you recover the full cost of the computer.

Community Hours: Reward employees who choose to volunteer with regular pay that covers the community hours. You can also pay the entrance or sponsorship fees for community events in which your employees wish to participate.

Title and Business Cards: A level of professionalism and pride is associated with a formal title and business cards.

Religious Holidays: When employees wish to observe religious holidays that fall on a work day, offer to provide a day off with pay.

Your employees work harder and smarter when they receive a healthy benefits package. In addition to the common benefits, consider offering unusual benefits that raise morale and retention.

Workers’ Compensation is a form of insurance offered by many employers. It covers employee wages and medical benefits if they are injured or become ill while on the job. In exchange, the employee cannot sue the employer for negligence except in certain circumstances. As an employee, you may be eligible for Workers’ Compensation benefits in several instances.

Workers’ Compensation Eligibility Requirements

There are usually three basic requirements an employee must meet before he or she can be eligible for Workers’ Comp.

1. The company for whom you work must carry Workers’ Compensation insurance or be required by law to do so.

   State laws vary, and your employer may be exempt from carrying Workers’ Compensation insurance depending on the number of employees, business type and type of work employees perform. Examples of companies that may be exempt include those that employ fewer than three people and certain charities.

1. You must be a legitimate employee.

   In most cases, independent contractors and volunteers are not eligible for Workers’ Comp benefits. Consultants, freelancers and other independent workers are examples of ineligible employees. Check your classification as an employee to be sure you are eligible for Workers’ Comp.

1. The injury or illness must be work-related.

   Hurt your back while lifting boxes at work, develop carpal tunnel because you type reports or become ill after you’re exposed to hazardous chemicals, and Workers’ Compensation should cover your medical treatment. You may even be covered if you trip on the sidewalk while picking up sandwiches for your boss or if you injure your knee while playing softball for your work team. However, injuries or illnesses that occur when you’re off the clock or performing duties that aren’t related to your job will not be covered by Workers’ Compensation.

Special Rules for Certain Workers

Certain employees may fall into special categories that make them ineligible for Workers’ Comp. Those employees include:

• Domestic workers in your home, including housekeepers, landscape specialists and babysitters

• Casual or seasonal workers who work intermittently, sporadically or only during certain times of the year

• Agricultural and farm workers

• Leased or loaned workers: Depending on where you live, you may be covered by the Workers’ Comp laws of the state in which your employing agency resides or the state in which you do the work.

• Undocumented workers: Nearly a dozen states cover undocumented workers with Workers’ Compensation. Several do not provide coverage, and additional states are undecided. If you employ undocumented workers or are one, check local laws to verify your Workers’ Compensation eligibility.

Workers’ Compensation is important coverage. Find out today, before you get hurt or become ill, if you meet eligibility guidelines.

Telecommuting offers both employers and employees several benefits. It increases productivity and morale, reduces turnover and is convenient, cost effective and eco-friendly. Before you suggest telecommuting, though, understand the potential legal risks.

1. Wage and Hour Issues
   
   The Fair Labor Standards Act establishes strict rules for hourly wages and for overtime pay. Employers could be in hot water if they fail to follow the rules.

   Ensure compliance by:

   • Require telecommuting employees to sign a written agreement that outlines their work day hours and overtime details.
   • Require telecommuting employees to clock in and out with an online or paper time tracker and agree not to answer emails, return phone calls or perform other work-related tasks when they’re off the clock.
   • Limit telecommuting to exempt employees who are salaried, earn at least $23,600 per year and perform exempt job duties.

1. Employee Privacy

   Even though an employee works from home, he or she is still subject to employee monitoring. It ensures employee safety and compliance with company policies.

   Potential telecommuting employees should realize that their email could be monitored to ensure productivity. Likewise, an employer may check internet history, limit time spent on certain websites or block certain websites during work hours. Telecommuting employees may also be required to prove that they use only company-provided technology and an ergonomic office chair.

1. Confidential Information

   Telecommuting employees must maintain confidentiality. Any breach of privacy could result in a lawsuit for the company and employee.
   Have telecommuting employees sign a nondisclosure agreement that enforces confidentiality. They should understand that they are at risk if they share confidential information about a client, share company secrets or otherwise breach the confidentiality agreement.

   They should also:

   *Log out of their computers or employee accounts when they leave their desk.
   *Use secure Wi-Fi only when working.
   *Receive limited access to confidential information.
   *Not allow anyone to see confidential client files.

1. Employer Liability

   If a telecommuting employee is injured in his or her home office, uses a company-issued computer to download child porn or sends harassing emails to a co-worker while clocked in, the employer could be liable. Write a policy that addresses these issues as you limit employer liability.

1. Discrimination

   Be careful that all employees receive the opportunity to telecommute. It can’t be a perk given only to young men, mothers or employees of a certain nationality. Employers must also follow the Americans with Disabilities Act (ADA) and provide reasonable accommodations.

Telecommuting is beneficial for employers and employees, but it does have several legal risks. Make arrangements to address these risks. Your precautions limit liability and protect everyone.

As many as one-fourth of employees report that their jobs are stressors, and job problems If you experience job stress, learn how to handle it so that you can stay healthy and happy at work.

Side Effects of Job Stress

Infrequent job stress is uncomfortable but usually doesn’t cause long-term problems. However, chronic job stress leads to more health complaints than financial or family problems. You could experience headache, tension, fatigue, short temper, upset stomach, insomnia, decreased productivity and low attention span because of job stress, and it has been known to cause cardiovascular disease, impaired immune function, ulcers, cancer, psychological disorders and workplace injury.

Identify the Causes of Job Stress

Numerous challenges contribute to job stress, and conditions that bother you may not affect your co-workers. Before you can find a solution for your job stress, identify the triggers, which could include:

• Tight deadlines
• Heavy workload
• Staff shortages
• Poor morale
• Personnel conflicts
• Difficult clients
• High performance expectations
• Long hours
• Insufficient instructions or micromanagement
• Infrequent breaks
• Poor communication
• Job insecurity
• Few opportunities for advancement or promotion
• Rapid policy, staff or leadership changes
• Unpleasant or dangerous working conditions

Learn Coping Skills

Once you identify that you’re experiencing job stress, don’t ignore it. Learn coping skills that help you address your specific job stress in an effective manner. Meditation, assertiveness, time management or walking away from conflict could reduce the stress you feel. Your company may also offer a stress management program that includes trainings on how to deal with personnel conflicts, communicate more effectively or reduce anxiety.

Take Care of Yourself

Exercise, a balanced diet and meditation are three ways you can care for yourself and resolve some of the daily stress you feel. You may also visit your doctor for more stress management tips and talk to a trusted friend or therapist as you reduce stress.

Talk to Management

You’ll also want to address the root causes of stress, which may include poor management or staff shortages. Brainstorm ways to reduce your excessive workload or expectation conflicts with your supervisor or HR manager as you attempt to decrease job stress for you and your co-workers.

Perform Regular Job Stress Assessments

You’ve learned how to handle stress and talked to management, but that doesn’t mean your job stress disappears. Perform regular assessments that identify when and why you’re stressed and what you can do about it. Continue to take steps toward improving the things you can control and addressing or letting go of what you cannot control.

Even if you love your work, you will probably experience job stress sometimes. Take action to deal with it appropriately so that you stay healthy.

Equal opportunity employment laws prohibit workplace discrimination and harassment. There are federal, state and local laws that ensure equal opportunities, and these laws apply to potential and current employees in companies with four or more employees. Discover several examples of equal employment opportunity laws as you evaluate your workplace.

Equal Opportunity History

The Equal Employment Opportunity Commission was founded because of the Civil Rights Act of 1964. It prevents discrimination because of race, color, religion, sex or national origin. Since then, additional acts have been passed that prevent discrimination because of pregnancy, disability, age, sexual orientation or veteran status, and they all fall under the umbrella of protected statuses.

Job Applications

Your employer cannot discard or fast track applicants based on protected statuses. You have the right to apply for any job no matter who you are.

Job Vacancies

A company must advertise job openings to everyone. However, management can hire internally if the current employee is the best applicant for the job.

Advancement

A company cannot deny an employee advancement based on protected status. Performance should be the only factor in whether or not someone gets a promotion.

Training and Development

Employees appreciate professional training and development opportunities that improve their current skills, provide new tools and set them up for success. These opportunities can include conferences, seminars, job shadowing and mentoring and must be available to everyone, regardless of their status.

Wages

Everyone in the company must be treated equally when it comes to payday. An employee can’t receive lower wages because of his or her protected status.

Segregation

Companies may not segregate employees based on protected status. Your color, sex or disability may not be considered when you are assigned office space, tasks or projects.

Layoffs

Many companies base layoffs on seniority and use last in, first out (LIFO) to determine which employees are laid off. This guideline can be considered discrimination if the newest employees are the most talented, the youngest or the oldest. A better system is laying off the lowest-performing employees first.

What to do if You’re a Victim of Discrimination

If you think that your employer is discriminating against you, write down your evidence. It could be a joke, derogatory slur, statistical evidence or other proof. Discuss your concerns with your supervisor or HR manager. Your company should handle the situation seriously. You may proceed to court if you feel like your compliant is not being heard or if no action is taken.

Equal opportunity employment laws protect employees from unfair discrimination. As an employee, check to see that your company is treating everyone fairly, and if you’re an employee, be sure to follow the law.

Retirement savings is probably the last thing you think of when you’re between jobs. But your future retirement doesn’t disappear because you don’t have a steady income. Consider the pros and cons of saving for retirement even if you aren’t currently employed.

Don’t Dip Into Your Retirement Savings

Nearly half of all workers withdraw funds from their retirement plans when they change jobs. You may also be tempted to do this, but it’s a mistake. Spending your nest egg now means you may end up postponing retirement. You’ll also pay 20 percent in federal taxes and a 10 percent early withdrawal penalty on the retirement savings you withdraw if you’re not 59.5 years of age or use the money for an unqualified expense.

Switch to Low-Fee Retirement Accounts

Check your retirement fund statements and look at the administration fees. You may be able to save money by switching to a different company that charges less to manage your money.

Transfer Your 401(k)

You can typically roll over your retirement fund to an IRA after you change jobs. Perform a direct rollover, and you won’t be taxes on the funds. If you decide to have the money paid to you directly before you invest it into another retirement account, you will pay up to 20 percent in taxes.

Open an IRA

You can’t contribute to your 401(k) after you lose your job, but you can open an IRA with as little as $10. Your bank, accountant or investment advisor can assist you in opening this retirement account. Since there are no minimum contribution requirements, you can save as little or as much as you want until you start a new job and can begin saving aggressively again.

When opening an IRA, compare Roth and traditional options. Traditional IRAs give you tax savings now, and Roth IRAs allow you to take tax-free contributions when you retire, which could yield greater savings in the long run.

Think Small

Maybe saving a dollar a week sounds ridiculous to you. True, it’s a small amount, but small amounts grow interest, and creating a habit of savings is also good training that you can keep up once you land a new job with steady income.

Add Windfalls

When you get back unemployment benefits, a tax refund or other windfall, invest all or a portion of it into your retirement fund. That money will grow for your future.

When you’re unemployed, you may hesitate to make retirement account contributions. It can be a good idea, though. Follow these tips and talk to your former HR manager, accountant or financial advisor as you decide what the right move is for you.

Workers’ Compensation pays for your medical treatments and care when you’re injured or become ill because of you work. It also provides additional benefits if you’re disabled or killed while on the job. Learn about several types of Workers” Compensation as you understand your benefits package.

Medical Care

When you’re injured at work, you need to see a doctor. He or she will evaluate your injury and prescribe treatment. You may even need to visit the hospital for medical care or undergo surgery. Workers’ Comp will cover these visits, and it could also cover medically necessary equipment, including crutches, braces or a wheelchair. Your coverage may also pay for chiropractic treatment, acupuncture or counseling. In most cases, your Workers’ Comp will not cover experimental or investigative treatments.

Rehabilitation

Serious injuries may require rehabilitative services such as physical therapy that help you recover. Workers’ Comp can pay for this rehabilitative therapy. It could also cover any rehab you need to regain skills or abilities required for your job. If your injuries prevent you from returning to your former job, take advantage of your Workers’ Compensation benefits that can pay for evaluations, tuition, retraining and other expenses required to train you for another position.

Disability

Worker’s Comp disability coverage pays you for the wages you lose while you’re recovering from your illness or injury. There are four types of disability it can cover.

*Temporary partial disability prohibits you from performing certain duties of your job for a limited period of time.
*Temporary total disability prevents you from working at all for a limited period of time.
*Permanent partial disability describes permanent impairment that partially hinders your ability to work.
*Permanent total disability means you will never return to your current or a similar job.

The amount of Worker’s Comp money you receive for a disability depends on how much you earned before your injury or illness occurred. It’s typically capped at two-thirds of your wages. Additionally, there’s often a waiting period before you can receive disability payments, and you do not pay income tax on this income.

Death

The death benefit in your Workers’ Comp plan covers the financial contributions you make to your dependents. It is paid to your spouse, parent, child or sibling and could total a percentage of your earnings. The death benefit of your Workers” Comp coverage may also pay for your funeral and burial expenses.

Every state offers a slightly different take on Workers’ Compensation, so refer to your company’s benefits for details on the types of Workers’ Comp you are eligible to receive. For more details, talk to your Human Resources department.

Writing a help wanted ad can be a daunting task. It needs to be concise and to-the-point and descriptive. It also has to be completely free of any language that’s considered discriminatory. Use these tips about what you should avoid as you write an attractive and engaging help wanted ad for your company.

Protected Status

Title VII discusses diversity in the workplace and prohibits discrimination based on gender, national origin, race, age or religion. Sexual orientation is also protected in some states. Don’t include any words in your help wanted ad that indicate your preference for or against applicants based on their protected statuses. An attorney can preview your ads to make sure they’re compliant with the law.

Gender-Specific Language

Unless the open job can only be filled by a certain gender, avoid using gender-specific words like waitress or mailman in your help wanted ads. Opt instead for gender-neutral language like server or mailperson.

Vague Job Description

You may wish to attract a variety of candidates for the job, but a vague job description could attract dozens of unqualified candidates. Write out a list of specific duties for the job, choose the top five and then write a clear ad that expresses what a potential hire will be doing.

Missing Requirements

Let’s say the open job requires heavy lifting, a real estate license or advance training. Include these details in the help wanted ad as you create an accurate ad that attracts applicants who meet your requirements.

No Hours

Include whether the job is part-time or full-time and if nights or weekends are required. This information is important for applicants who may only be available during certain hours.

Personality Preferences

Of course, you want someone on your sales staff who’s outgoing and charismatic. Put those personality traits on your help wanted ad, though, and applicants will act the part to get the job. Your ad should focus instead on the job, and you can use the interview to get a feel for the applicant’s personality.

Inaccurate Contact Information

Even if you write a killer help wanted ad, you won’t get any applicants if you don’t include accurate contact info. Based on the job and your preferences, tell applicants if they should apply via mail, in-person, fax or email, and ensure the information is accurate.

Spelling or Grammar Errors

Show applicants that you’re professional when you check your ad for spelling and grammar before you publish it.

Your next help wanted ad can attract quality applicants thanks to your writing skills. Be sure you know what not to say as you look to fill the open positions in your company.

As you approach retirement, you may realize that you haven’t saved enough. Up to one in three adults between 55 and 64 years of age haven’t even started a retirement fund. Before you panic, consider several tips that allow you to boost your IRA savings without compromising your emergency fund or cash reserves.

Move Savings to Your IRA

Maybe you have an emergency fund or savings account that’s earning minimal interest. As long as you have enough money for emergencies, move some of your savings into your IRA.

Invest Tax Returns

The money you get back from your tax return could do more than pay for a vacation. Invest it into your IRA where it earns interest and grows until you need it.

Withdraw CD Interest

Withdraw money from a CD that hasn’t matured yet, and you’ll incur fees. However, the interest that has accrued typically can be withdrawn without penalty. Use that money to boost your IRA savings.

Access an Annuity

An annuity that’s not associated with a retirement account can become a great way to boost your IRA account. First, check the insurance benefits associated with the annuity and compare fees for the annuity and the IRA. This way, you know for sure that you’re gaining rather than losing money.

Delay Withdrawals

Once you reach 59-1/2 years old, you can take penalty-free withdrawals from your retirement accounts. Consider delaying those withdrawals as you grow your funds for the future.

Reinvest Retirement Funds

If you don’t have a choice and need to take withdrawals, reinvest those funds into your IRA. This savings strategy protects your savings for the future.

Downsize Your Home

While you may not be ready for your retirement home, you may save money by downsizing. Sell your home and rent a condo or apartment. Invest the money from your home sale and the monthly money you save can be invested into your IRA.

Take on a Renter

Selling your home may not be an option, so take on a renter. Invest the rent minus expenses into your retirement fund.

Get a Second Job

The end of your working career is in sight, and getting a second job may be the last thing on your mind. However, you have a vast wealth of experience and can turn your skills, talents and abilities into extra income thanks to a second job.

Saving for retirement now gives you peace of mind, and every little bit helps. Even if you’re close to retiring, you can make some tweaks to your daily spending as you increase your IRA fund. Discuss the details of your retirement with your financial advisor today.

A Health Savings Account (HSA) allows you to save money tax-free for medical expenses. It’s a good idea for people of all ages, including you if you’re over 55. Here’s why.

What is an HSA?

An HSA accompanies your high deductible insurance plan. Not only will you pay lower premiums for the high-deductible insurance, but an HSA allows you to save money tax-free for medical expenses. You’ll also pay fewer taxes with an HSA since you contribute pre-tax money into it, withdraw money tax-free and don’t pay taxes on the accrued interest. You can make contributions to your HSA until you’re 65 and enroll in Medicare. After 65, you can continue to withdraw funds tax-free for qualified medical expenses.

How do you Qualify for an HSA?

You’re eligible for an HSA if you purchase your own health insurance, are self employed or have an HSA option from your employer.

How do you use an HSA?

Money in your HSA is used for eligible medical expenses, including:

*Acupuncture
*Chiropractor care
*Dental treatments
*Diagnostic services and lab tests
*Doctor and hospital fees
*Hearing aids and batteries
*Podiatrist visits
*Prescription medications
*Psychiatrist and Psychologist visits
*Substance abuse treatment
*Vision care

If you withdraw money from an HSA for non-eligible medical expenses, you’ll pay income tax on the withdrawn amount. Because you’re under 65, you’ll also owe a 10 percent penalty tax.

Understand the Math

To find out how much money you can save with an HSA, do the math.

Without an HSA, Adult A pays $596 a month for a health insurance policy with a $1,000 deductible. He pays 20 percent of all medical expenses until the $2,500 out-of-pocket maximum is met. In one year, he will pay $7,152 in premiums alone or $9,652 if he has medical expenses.

With an HSA, Adult B pays $349 in premiums each month and has a $5,500 deductible. Her medical expenses are paid 100 percent after she reaches her deductible. In one year, she’ll pay $4,188 in premiums, and she can contribute up to $3,350 to her HSA account. If she has medical expenses, she’ll pay her premium and deductible, which totals $9,688.

While both adults spend about the same amount of money for medical care, the person with an HSA also has funds set aside for her future medical care.

An HSA is a wise investment if you’re over 55, especially if you’re in good health and don’t engage in risky behavior. Talk to your insurance agent about your needs as you learn more about why an HSA is a good fit for you.