4 Ways You Can Financially Support Your Remote Workforce
With a large portion of the workforce currently working remotely, it’s critical that employers are able to offer their employees the support that they need during this time.
If you are faced with an increase in your remote workforce, now is the time to think about ways that you can support them not just within their roles, but as respected individuals outside of the company as well.
When there is a lack of support present, employees may begin to feel resentment toward their job which can cause their morale and productivity levels to decrease. Because of this, managers should think about the unique needs of remote team members when making crucial decisions and find ways to support those needs.
In particular, the financial demands that a remote position requires can often be new and challenging for employees. To help with this, we’ve put together a guide on 4 ways you can financially support your remote workforce.
#1. Provide Relocation Assistance
Relocation assistance is a great initiative to offer team members who are moving to a new location to work from remotely. This benefit helps reduce the financial burden individuals are typically faced with when moving.
For employers, offering these services allows new employees to transition into their position faster, and for current employees that choose to utilize these services, it can increase their satisfaction with your company. A win-win for any company.
There are a variety of services that you may choose for this program to offer. Typically, the offerings include services such as moving assistance, temporary accommodations, or home buying and mortgage counselling.
For many first-time home buyers, having assistance in knowing which mortgage to choose and how much home they are able to finance can be attractive offerings for navigating unfamiliar territory. The best place to start is by investigating your competitors’ offerings in this space to see which selections will help you stand out to top-tier candidates.
#2. Offer Technology and Supply Stipends
Newly remote employees will need to set up a productive space in their home to work out of. The cost of a desk, internet and other equipment can add up quickly. Offering stipends to your employees, whether it be a one-time or monthly allowance, is a great way to ease the financial undertaking of creating this workspace.
You may also want to consider hosting specialized programs for your remote employees as well. For example, you could sponsor a discount program with a local office supply store or implement a dedicated remote IT staff member who can answer their questions and provide training.
These types of services and training programs will help solve the unique challenges they may be faced with working from home.
#3. Don’t Slack on the Employee Perks
Traditional office employees are treated to company-sponsored perks throughout the year. From lunches to company promotional items, to happy hour events, each of these can be fun for team members to experience. When they transition to remote employment, they may miss out on some of these perks.
In order to keep them engaged and happy, consider offering alternative perks that they can take advantage of. Something as simple as a gift card for a cup of coffee or a larger perk like a paid local gym membership can go a long way for employee satisfaction and retention.
#4. Educate Employees on Tax Breaks
Remote employees may be eligible for a tax deduction through the IRS for qualified home office-related expenses. Typically, these offers are deductible for one-tenth of the total expenses an employee can claim that year relating to their remote business expenses.
This deduction can apply to items such as large technology purchases, home internet and cell phone bills, or client-related expenses. Educating your employees on this tax benefit and helping them understand which items are qualified for deductions on their taxes can provide valuable assistance.
Tax breaks can be difficult to manage and this education can help them avoid inaccurate filing.
As you continue to manage this new style of work, it’s important to support your remote employees as they navigate these challenges. Supporting them financially by using some of the above ideas can help alleviate their stress and help you retain happy, well-engaged employees.
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