Are you looking for ways to attract and retain the best talent in your industry? One of the best ways to do so is by providing employee benefits. The right employee benefits can help your company save money and keep your employees happy. In fact, according to Forbes, the right benefits package can reduce employee turnover by up to 140%. One of the best ways to offer employee benefits is through commuter benefits, which are required by law in many locations in the U.S.
As a top employee benefits company in the U.S, we understand that providing the right employee benefits package is essential for attracting and retaining the best talent in your industry. Our commuter benefits program offers a flexible set of products to help solve current employee commuting challenges, such as identifying eligible expenses before taxes, so your company and your employees receive tax incentives and are in compliance with IRS regulations.
How commuter benefits help attract and retain employees
Here’s how we can help you create a winning talent retention strategy through employee benefits:
Understanding the needs of your employees
The first step in creating the right employee benefits package is understanding the needs of your employees. At Edenred, we conduct a thorough analysis of your company’s workforce to understand their unique needs and the commuting challenges they face. We consider factors such as the cost of public transportation, parking availability, and the quality of life in the area to provide the best benefit resources.
Identifying eligible expenses
Commuter benefits are designed to help your employees pay for eligible expenses incurred while commuting to work. With your company, we work to identify eligible expenses and ensure that your employees receive pre-tax incentives. This not only helps your employees save money but also helps your company save up to $40 per employee per month in taxes.
Providing convenient options
We believe in providing a convenient and user-friendly experience for your employees. Our commuter program offers a variety of transportation options, including public transportation, micromobility, and parking options. Our program allows your employees to manage their benefits and expenses through our user-friendly app.
Compliance with local regulations
Commuter benefits are required by law in many locations in the U.S. At Edenred, we ensure that your company is in compliance with local regulations and that your employees receive all the benefits they are entitled to.
Relationship building
We believe that building a relationship with your employees is essential to have a successful talent retention strategy. We offer comprehensive training and support to help your employees understand and make the most of their benefits. We also offer ongoing communication and support to ensure that your employees are satisfied with their benefits package.
Attract and retain top talent with commuter benefits in 2023
Commuter benefits are a valuable incentive for attracting and retaining employees. According to a survey conducted by Willis Towers Watson, employers are turning to different methods to retain talent.
- 58% have broadened their emphasis on DEI to retain more talent, and over 26% are planning or considering doing so;
- 50% have increased the flexibility for remote work, and 25% are planning or considering it for the future;
- More than 40% have changed their compensation programs, and another 35% are considering changing them;
- Over 36% have made changes to improve their employees’ experience, and 45% are planning or considering doing so.
In today’s job market, it’s essential for employers to offer more than just a competitive salary. Commuter benefits are a valuable perk that can set your company apart from the rest. By investing in your employees’ commute, you’re investing in their overall wellbeing and job satisfaction. The result? A more motivated and engaged workforce that’s more likely to stick around for the long haul.
How commuter benefits help save your business money
Not only can commuter benefits help you attract and retain top talent, but they can also save your business money. For example, did you know that for every $1 spent on commuter benefits, your business can save up to $4 in payroll taxes? This is because commuter benefits are considered pre-tax deductions, which means they’re not subject to federal, state, or social security taxes.
| You may also be interested in: Helping Your Employees Save Plan in 2023 The Future of Commuting Philadelphia Now Requires Employers to Offer Commuter Benefits How Benefits Can Improve Company Culture Small Town, Big Benefits Everything You Need to Know About Commuter Benefits These links can help you learn how commuter benefits can benefit your company and your employees. |
Contact Us Today
Creating the right employee benefits package is crucial to attracting and retaining top talent. At our company, we offer a comprehensive commuter benefits program to help you achieve this advantage. Contact us today to learn more about how we can help you create a winning talent retention strategy through employee benefits.
