Now that summer is officially here, many businesses across the country will be giving employees at least some time off on Fridays that doesn’t count toward a vacation or personal time.
What are summer Fridays?
Summer Fridays are when employers allow employees either leave early or take the whole day off on Fridays. It can be every Friday, some Fridays, or whatever works for you and your employees.
Employees are more productive
By allowing your employees to start the weekend early, you could see big dividends. A study done by Ultimat Vodka showed 87 percent of employees enjoyed the benefit and felt it contributed to a healthy work/life balance.
And what’s good for employees is good for employers. About 76 percent of those surveyed said summer hours boosted productivity when they were in the office.
A Gartner survey found more than 40 percent of companies are offering the summer Friday benefit. According to the survey, morale has improved, along with productivity.
Since not every company offers it, summer Fridays can be considered a competitive advantage when trying to attract and retain top talent.
An old perk trending in businesses
Summer Fridays are not new. Advertising agencies in New York started the trend in the 1960s as worker productivity dipped at the end of the week. Employees wanted to get a jumpstart on the weekend and head to the Hamptons.
Now industries of all types and sizes offer the benefit. However, A CNN poll showed that 14 percent of large companies offer summer Fridays while only 5 percent of larger companies do so.
If you’re looking for a benefit that will impress your employees, summer Fridays is a good one to offer. You can also help them reduce stress by offering them commuter benefits.
Commuter benefits allow commuters to have up to 40 percent on transportation costs. The benefit can be used for public transit, rideshares, and qualified parking.
It has significant benefits for employers too. Since employees are saving the money tax-free in their paychecks, your payroll taxes decrease. Employers can save $41 per month for each participating employee. If you have 50 employees participate for 12 months, you save more than $24,000 annually. With 75 employees, that number increases to $36,000 in annual savings.
If you want to learn more about commuter benefits, download the 101 Guide below: