Patrick has more than 15 years of people operations and organizational development experience. This, of course, speaks to more than just the employee’s paycheck and required benefits. The concept of total compensation speaks to all of the aspects of how the employee is remunerated. I want to make sure even starting out with just myself that my place of business offers full coverage benefits from health insurance to 401k. PEOs vary greatly in price from under $100 per employee, per month to thousands of dollars a year. Our HQ is in NYC, but that doesn’t mean you need to be. Employers may contribute or employees pay premiums. For example, for an employee making $35 per hour, the average employer pays an additional $13 per hour in employee benefits. When the employee is made to feel good and cheerful working with a specific association; it in turn has the pride and fulfillment of having a productive employee in its rolls. One of the most encapsulating ways that we like to review regarding benefits and employees, is that of generational preferences, and their differences, of workplace benefits. Employers not required to pay federal, state, and City payroll taxes. There are endless comparisons regarding what men and women prefer as most desirable benefits in the workplace. Essentially, this is a needs assessment—based on what the company can afford—and what is standard benefit offerings with employers. City of New York. Some employers pay for a fixed benefit amount, such as $50,000, providing an option for employees to purchase additional coverage. Under the law, for-profit and nonprofit employers with 20 or more full-time non-union employees in New York City must offer their full-time employees the opportunity to use pre-tax income to purchase qualified transportation fringe benefits. Gusto is also a great option for its benefits buying power — but it’s not yet in all US states. MTA eTix How to buy and use commuter rail tickets on your phone System Modernization The projects shaping the future of the MTA Transparency Our leadership, performance, budgets, financial and investor information, and more NYC Companies Offering Cross functional training encouraged. (Only if you want to get insider advice and tips), Find the best coverage, automate compliance, required to offer “acceptable” health insurance, https://fitsmallbusiness.com/best-payroll-services/, https://fitsmallbusiness.com/professional-employer-organization-peo/, https://fitsmallbusiness.com/top-zenefits-competitors/, Paid time off (vacation days, sick days, and holidays), Retirement savings options—generally 401(k) or 403(b), Flexible (FSA) or Health (HSA) Savings Accounts, Insurance (medical, dental, disability and/or life), IT reimbursements (if you use your home Wi-Fi, cellphone, person computer, etc., then those costs can be reimbursed). Only 36% offer paid time off in their benefits package. NYC’s Commuter Benefits Law took effect on January 1, 2016. Once your program is launched and you are ready to incorporate your benefits package into the employee experience, communicating what has been developed, how it was developed, and why it was developed are essential. Start a free trial today. Customer Service Phone Numbers. The costliest (and oftentimes most valuable to employees) are health-related benefits like medical insurance and health savings plans. DOE employees are eligible for many additional benefits, including commuter benefits, a college savings program, and employee discounts on everything from technology and media to travel and education. There are many helpful tips out there as it relates to building a solid employee benefits package, but ensure that you take these six tips and apply them to whatever decision-making paradigm you use. Here are price ranges to help you budget for each of the following employee benefit types: Recently released data from the Bureau of Labor Statistics show the various amounts that employers pay for different kinds of employee benefits. Legally required benefits are benefits that are mandated of all employers or of employers with certain headcounts (for example, if your organization has healthcare benefits and 20 or more employees, you are required to offer COBRA benefits when qualifying events take place). Sign up to receive more well-researched human resources articles and topics in your inbox, personalized for you. How much is monthly parking in NYC? 41% of employers offer healthcare benefits. Regardless of the types of benefits you provide, you’ll need to create a budget. United States, New York State, and New York City governments, including any office, department, independent agency, authority, institution, association, society, or other body of the state, including the legislature and the judiciary. Another common perk that is offered is retirement planning. NJ TRANSIT is the best way to travel to New York City from almost anywhere in New Jersey and can get you there from Philadelphia too! PEOs can help budget, manage, and administer benefits. NYC Companies Offering Company Equity. NYC’s Commuter Benefits Law took effect on January 1, 2016. It breaks down in helpful detail all of the many aspects of total compensation so that the candidate or employee can fully view, and appreciate, their total compensation (beyond their paycheck). (Source: SHRM). Employee benefit deductions are subtracted before tax withholdings are calculated on the employee’s paycheck (this can also reduce your payroll tax liability). Our tips for ensuring that you implement an effective communication campaign for your employee benefits program will help you cover the most important aspects of your employees’ experience as they absorb this news. Exception: If the employer has 20 or more full-time employees who are not covered by the CBA, the employer must offer these employees commuter benefits. If you participate in the New York City 401(k) plan please use the link below for more information about your options: NYC 401(k) Plan If you are having difficulty contacting your retirement plan vendor or have any other questions, please contact the University Benefits Office by phone at 646-664-2420 or email UniversityBenefits@cuny.edu . In the US, Justworks is a great option (it’s a professional employer organization). EMPLOYERS COVERED/NOT COVERED BY THE LAW, III. We like to refer to Harvard Business Review (HBR) for hard-to-pin-down-stats, and we have shared one regarding gender below. NYC Companies Offering Company Outings. If you think a PEO is the best option for your business but don’t know which PEO provider to use, take the quick four question quiz below. Only 13% of employers offer parental leave. Either employer or employee can contribute; subject to annual limits. Surveys can be shared in a number of ways, but their true attraction is the fact that employers receive valuable feedback from employees about what they want to see more of and employees can share their honest thoughts, feelings, and ideas anonymously. For most small businesses, trying to cobble together the confusing selection of benefits programs into one package can be a real nightmare. NYC Companies Offering Commuter Benefits. 88% said that paid time off is important. This was a great read. The pre-tax limit will remain at $270 per month for both transit and parking. DETERMINING NUMBER OF FULL-TIME EMPLOYEES, IV. Commuter benefits: Such as bus or light rail fare, carpooling, or bicycle maintenance Fringe benefits: Logo jacket, sporting event tickets, or a holiday party Work-life balance benefits: Such as flex time, remote work, or pets at work options We broke this statistic off from the others to focus on it specifically. Job Candidates: Benefits That Are Important. There are countless ways to carve up this topic in determining how and what you want to offer by way of employee benefits to your team members. If we look closely, we can see in this graphic that there is more in common between genders on when selecting what’s important in benefits. (Source: Digital HR Tech). Patrick Proctor, SHRM-SCP, is certified as a Senior Professional in Human Resources and has consulted and operated at the C-suite and executive levels for more than 15 years. Employers typically share costs with employees, such as 50/50. The goal for your organization should be creating your own sustainable version of an inclusive and dynamic employee benefits program that speaks to your customer base (in this case, your employees). We may make money when you click on links to our partners. 355 Lexington Avenue, 18th Floor For all MTA services, dial 511, the New York State transit and traffic line. (Source: Glassdoor.com, through Harvard Business Review reporting.). II. Thanks for this detailed insight Laura. As you work to narrow this gap in your own workplace, keep these three guiding principles in mind: Each of these three guiding principles are found with the six steps below. It’s really essential to nurture the employees. Kudos to you for wanting to provide benefits to your employees. Here are some articles to help you choose. My name is Shannon, https://fitsmallbusiness.com/professional-employer-organization-peo/ However, Boomers value 401(k) and healthcare a lot more than Gen Zers who desire skill development, work-life balance, and mobility. Below are examples of common employee benefits to consider offering (note that the list below differs from the one in step 3): If you are on the fence on deciding which benefits you would like to offer, visit our article on company benefits stats to see what other businesses are doing and also to determine which benefits might bring you the most value based on your employee demographics, company size, and industry. CPR, along with 50+ NYC, state and national organizations, have released 6 key demands to NYC Mayor de Blasio calling for a moratorium broken windows policing, zero tolerance for police abusive, and to shift resources to vital human services during the #COVID19 crisis. Millennials are more concerned about work-life balance, whereas baby boomers’ attention is focused on health and wellness. 2021 All Rights Reserved, NYC is a trademark and service mark of the City of New York. Click a "Log in" button below to connect instantly and comment. Hi Jim, Surveying your employees is the quickest way to get a clear understanding of what your employees are excited about in terms of employee benefits and their total compensation. Its dedicated account managers will provide compliance support and help your employees choose great low-fee options for their investments. Beginning January 1, for-profit and nonprofit employers with 20 or more full-time non-union employees in New York City must offer their full-time employees the opportunity to use pre-tax income to pay for their commute. Employers whose employees are covered by a collective bargaining agreement (CBA). The more employees who sign up for transportation benefits, the more the employer can save. But, from the employee’s perspective, benefits are a part of their total compensation package that they consider when taking a position. The IRS has announced that for the tax year 2021, there will be NO CHANGE to the monthly pre-tax limit for commuter benefits. The New York City (NYC) Transit Ordinance mandates that NYC companies with 20 or more full-time employees (working an average of 30 hours or more per week) MUST offer pre-tax transit benefits … For a 401(k) solution that your employees will love and won’t cost you a fortune, you may want to check out Human Interest. By the way really nice article. This was very informative. The Department of Consumer Affairs (DCA) enforces the law and coordinates the City’s public education and outreach campaign to help employers and employees know their responsibilities and rights when it comes to commuter benefits. Fringe benefits are benefits that you are not legally obligated to offer. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. I’m looking into starting my business next year in life coaching. WageWorks is a subsidiary of publicly traded HealthEquity. They also ensure your business stays in compliance with tax, state, and federal laws, like workers’ compensation and overtime. This study shows that health insurance and flexibility are the top two benefits employees care about. NYC 25x25 is a challenge to New York City’s next leaders to address the inequitable distribution of public space and the ongoing harm of car traffic to New Yorkers’ health and safety, our climate, and the New York City economy. Employers can also attract and retain employees by offering transportation benefits. THERE’S A BETTER WAY TO WORK with NYC’s Commuter Benefits Law. Hello I do not know who to speak with but I have a small business and I do wish to put my employees on a plan . To reach an MTA service, simply say (at any time) MTA or the service you are interested in: Subways and Buses, Long Island Rail Road, Metro-North Railroad, or Bridges and Tunnels. Select the newsletters you’re interested in below. https://fitsmallbusiness.com/best-payroll-services/ You can learn more about PEOs in our guide to the best PEOs. However, in the long run, they can save you money on health insurance and workers’ compensation rates. No, not all companies want “dog-friendly” workplaces or can offer free lunches every day, but there are creative ideas that are worth looking at that may fit within your benefits philosophy and that your employees will love. Many benefit options, such as the first five benefits shown below, are available as pre-tax options, lowering an employee’s overall taxable income. The only legal aspect to them is that if you offer these, you must offer them equally and fairly to all employees. When developing your benefits package, consider how employees (and job candidates) look at benefits and how employers look at benefits. Fit Small Business content and reviews are editorially independent. http://bit.ly/2zC3jqP. Here is an article on best payroll services — what makes many of these so good is they let you offer benefits to your employees as well. they are the backbone of the organization, everything that affects them inside or outside the workplace will affect their productivity and their productivity directly affect the overall productivity. The percentage that employers spend is well upward of 30% of each employee’s total compensation. In addition, scholarships, financial incentives, and other special … It will offer you a customized recommendation based on the responses you give. Register for the first time. EMPLOYEES COVERED/NOT COVERED BY THE LAW, V. TRANSIT COVERED/NOT COVERED BY THE LAW, VI. Under the law, for-profit and nonprofit employers with 20 or more full-time non-union employees in New York City must offer their full-time employees the opportunity to use pre-tax income to purchase qualified transportation fringe benefits. There are a number of ways to approach putting together and then maintaining a benefits package that current employees will love and job candidates will be attracted to. 2021 IRS Contribution Limits for Commuter Benefits. Monthly parking is an easy way to save tons of money on daily parking near home or work. With some remote staff and a home office in NYC, Fit Small Business uses a PEO to help us offer great benefits to our distributed team in the most cost-effective way. Answer a few questions about your business and we'll give you personalized product match. https://fitsmallbusiness.com/top-zenefits-competitors/, Nice reading ! For a company with 20 employees, it would cost $200 per month. It stands to reason that employees within the baby boomer generation and employees within the Generation Z will not want the same types of fringe benefits. Thank you for your level of effort in creating this. Total compensation is made up of all kinds of benefits that a company may offer. NYC Ferry operated by Hornblower, is the newest way for New Yorkers and visitors to “Work Live and Play”. So, obviously, there is a large divide between what employees and employers think about benefits. You can make the process much easier with an all-in-one HR, benefits, and payroll platform like Zenefits. Employees are reimbursed for commuter expenses; required in some locations. His expertise is featured across Fit Small Business in human resources and project management content. He actively maintains expertise within the worlds of human resources, organizational development, operations management, and corporate social responsibility (CSR). Statistics show that preferred benefits vary by pay scale within organizations as well. Hi Christy, NYC Companies Offering Continuing Education stipend. New York, NY 10017, California Privacy Rights | Privacy | Terms | Sitemap. This article is part of a larger series on Employee Benefits. We offer paid vacation so you have time for your other passions. Employers can save by reducing their payroll taxes. The numbers we are sharing break down the pay scales into three categories, Under $40,000, $40,000 to $70,000, and over $70,000. January 1, 2016: NYC’s Commuter Benefits Law takes effect. SETTING UP A COMMUTER BENEFITS PROGRAM, http://web.mta.info/nyct/fare/rfindex.htm, IRS Employer’s Tax Guide to Fringe Benefits, http://www.publictransportation.org/tools/carbonsavings/Pages/default.aspx. Commuter benefits. Employee surveys help you display this interest in your employees’ well-being in a way that they can personally experience. Although not many companies offer the benefits noted below, there is a competition, as previously noted, among companies to be creative, dynamic, and flexible with employee benefits. The law is based on the Internal Revenue Code that authorizes pre-tax commuter programs, which benefit employers and employees. (Source: GeisisHR). This mindset will set you on a path as you launch your business into the future. It offers health benefits packages from over 250 nationwide insurance carriers and lets you filter and compare plans based on deductibles, premiums, and more to help you find the right ones for your business. Nice Read. Can you direct me in the right direction. Do not double back on launched benefits, finance them on paper first, and check both what others are doing and what your employees are asking for (or would ask for if you bothered surveying them). On average, the monthly parking total in New York City is about $570, which breaks down to an average of about $19 per day. 90% of employers offer a traditional 401(k) or defined contribution retirement savings plan while pension plans are becoming a thing of the past. These benefits are voluntary in nature. WageWorks administers consumer-directed benefits and charges companies a fee for every participant in a company’s pre-tax commuter benefits plan, as well as other monthly expenses. Employees can lower their monthly expenses by using pre-tax income to pay for their commute. It can include the following: Total compensation document shown above. The fact is, the longer you look at research in this demographic, the more information you will find that does not entirely match up. MTA is committed to providing non-discriminatory service to ensure that no person is excluded from participation in, or denied the benefits of, or subjected to discrimination in the receipt of its services on the basis of race, color or national origin as protected by Title VI of the Civil Rights Act of 1964 ("Title VI"). Our work/life balance is important to us. The two most common ways of surveying employees that we have found to be effective are: Quantum Workplace reports that employees are 38% more engaged and 28% more likely to advocate for their employer’s organization and brand when they feel that their employer cares about their health and well-being. 66% reported that paid parental leave is important. Hosting employee surveys in-house, often led by HR. Many employers see that benefits are the “extra,” beyond pay, that employees receive. Benefits include: I employee aprox, 40 employees at my peak season 20- 25 on slower time. In order to attract and retain top talent within your industry, you will need to develop a strong, dynamic employee benefits program (and, no, you do not have to spend a fortune—you only need to make a thoughtful, strategic-minded investment). Paid Vacation. Enhanced Form NYC-208, Claim for New York City Enhanced Real Property Tax Credit Enhanced paper filing with a fill-in form. We offer commuter benefits whether you take a car, bike or train to work. Of course, there are plenty of overlapping examples, such as PTO or vacation time, paid holidays, and so on, as all employees want those benefits. Electronic filing is the fastest, safest way to file—but if you must file a paper Claim for New York City Enhanced Real Property Tax Credit, use our enhanced fill-in Form NYC-208 with 2D barcodes. I want to know what would be the best option for me??? Many companies have solid, creative, and engaging benefits packages, and they all look a little different. PEOs pool together small businesses to offer big-company benefits—like medical and life insurance—at a lower cost. Zenefits is another. Although we help you look at this topic from a few different angles, the most straightforward numbers to view are the ones that point to the most popular benefits to employees. Laura 88% of employees report healthcare benefits are very important when considering an employer. Employers typically contribute a dollar amount or percent, e.g., matching 2–5% of earnings. A PEO is an external organization that manages HR, payroll, and employee benefits for you. Edenred Commuter Benefits; 833.584.8109 Have a look at our breakdown below. The least expensive benefits are one-time items, such as a company T-shirt or an employee pizza party. NYC Companies Offering Company sponsored family events. These are strong suggestions that, if ignored, will often revisit decision-makers down the road if not considered at the outset. You must be logged in to comment. Best! NYC Ferry operated by Hornblower, is the newest way for New Yorkers and visitors to “Work Live and Play”. When talking to job candidates, as well as employees, it is really important to include all of the many aspects of compensation (or the company’s benefits package).

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