Help to paraphrase with the similar word count Employer advantages 1. Meeting Em
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Help to paraphrase with the similar word count
Employer advantages
1. Meeting Employee Needs: Having a diverse workforce regarding culture, age and personality has advantages and is becoming the norm in the workplace. With a diversity of employees comes a diversity of needs for employers to meet. Each employee is not like the other and neither, are their needs both inside and outside of the workplace. If an employer shows the effort to meet their employees’ needs, it can lead to greater productivity, improved employee morale, and reduced absenteeism. Additionally, if an employee has their specific needs met, they will be healthier, which will reduce sick time calls.
2. Recruitment and Retention: Businesses, especially small businesses, need to find a way to stand out to potential employees and encourage them to join the business. Flexible benefits tend to be something that potential employees are looking for right now, as it allows them to have more control over the issues that they have in their lives. Providing flex plans may be one way for employers to stand out amongst the competition and allow them to recruit top talent. Once employers find top talent, flex plans can help keep the talent. Turnover is a major expense that employers want to avoid and employees will be far less likely to leave a business when they are having their needs met in a practical way that does not require much effort on their behalf.
3. Financial Control: Flex plans allow for the employer to set a spending limit for each month, which leads to the business understanding of exactly how much they will be spending every year on their plan. This control helps with budgeting at the end of the year and becomes a constant and expected expense for employers. Additionally, these benefits are tax deductible. Your business will be able to save money through this process, showing that there are has tangible and intangible advantages to report.
Employee Advantages
1. Control of Benefits and Expenses: Flex plans give control to the employee that allows them to meet their own needs or their family needs. For example, one employee may be single and not benefit from a family health plan but another employee may benefit greatly from a strong family plan. The first employee would be given the option of choosing a family plan and would likely avoid it, saving them money. A traditional benefits plan does not allow for this type of choice, leading to most employees paying for a great amount more than they need.
2. Extra Cash In-Hand? Flex plans allow for employees to pay for their benefits prior to being taxed. This means that they will be saving money from their taxes at each paycheque and they will also save during tax season. Employees will end up saving more money and having more of their personal needs met, which is a win-win situation that is often not seen in business.
3. Better Plan, Better Life?While having a healthy and happy staff is an advantage for businesses, being happy and healthy as an employee is also advantageous. Supporting and providing for a family can be difficult and stressful for an employee so having a plan that helps them meet their needs alleviates a large amount of stress. While, in the past, they may have had to save money for some unexpected catastrophe, a flex plan allows for them to protect themselves and plan for the future. Reducing stress allows for employees to feel happy inside and outside of the workplace, improving their mental and physical wellbeing.
Explanation / Answer
Employer advantages
1. Meeting Employee needs: Considering the increase in diveristy of the workforce with respect to age, culture, gender, personality etc, the diverse needs of employees that the firm has to meet also increase as every employee is different so are their needs. By accepting the diversity, if the firms show effort to meet the needs of the employees, it resuls in a highly motivated workforce, greater productivity, reduced absenteeism, healthier workforce etc.
2. Recruitment and Retention: Businesses, especially small businesses, need to look out for recruiting skilled resources outside the organization. Increase in flexibility of the benefits and work culture in the workplace attract talent from outside as it provides better control for the employees over their professional and personal issues. Providing flex plans is a way that helps the employers stand out amongst the competition and help them recruit and retain top talent. Employee Turnover is a major expense that employers want to avoid and it can be reduced when the employees meet their needs by the employer.
3. Financial Control: Flex plans helps the employer to set up a spending limit on a monthly basis, which leads to the business understanding of amount spent every year on their plan. This control helps with budgeting at the end of the year and becomes a constant and expected expense for employers. Additionally, these benefits are tax deductible thus helping to save money through this process, highlighting both the tangible and intangible advantages to the firm.
Employee Advantages
1. Control of Benefits and Expenses: Flex plans give control to the employee to meet their needs as well as their family needs. For example, one employee may be single and might not require a family health plan but another employee may benefit greatly from a strong family plan. The first employee would be given the option of choosing a family plan and would likely avoid it, saving him money. A traditional benefits plan does not allow for this type of choice, leading to most employees paying for the not-so-required benefits.
2. Extra Cash In-Hand: Flex plans allow employees to pay for their benefits prior to being taxed which means that they will be saving money from their taxes at each paycheque and they will also save during tax season. Employees will end up saving more money and having more of their personal needs met, which is a win-win situation that is often not seen in business.
3. Better Plan, Better Life: Having a healthy and happy staff is an advantage for businesses as well as for an employee. Supporting and providing for a family can be difficult and stressful for an employee which can be eased out with a plan that helps them meet their needs alleviates a large amount of stress. While, in the past, they may have had to save money for some unexpected catastrophe, a flex plan allows for them to protect themselves and plan for the future. Reducing stress allows for employees to stay happy and healthy in and out of the workplace thus improving their mental and physical wellbeing.
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