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Answers For The Workplace E-Memo

Employee Perks

The cost of having an employee around is usually a lot more than the salary or hourly wage. Most companies shell out an average of 30% extra in “employee overhead” – the cost of payroll taxes, unemployment insurance, health insurance, and other “hidden” costs that most employees never know about.

Using simple figures, an employee making $10 per hour is actually costing the employer $13 per hour to have around.

But since the employees usually never know about these costs, it’s easy for employers to get frustrated when they see lack of employee commitment. Crazy as it sounds, it’s not a bad idea to spend a little more on employees -- in perks that can go a long way to building employee loyalty and commitment.

Some perks, like health club membership or letting employees keep frequent flier miles for their own use, don’t require much out-of-pocket expense, but can go a long way to keeping employees wanting to stick around. Other inexpensive “goodies” can be movie passes or pizza in the office every few weeks.

Percentage-wise, these perks are very inexpensive. And if they’re used well, they create tremendous return-on-investment.
     

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