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Employee Benifits

1/1/18       
Wood Dust

Happy New Year everyone . I hope itís prosperous for all.

I searched the database on here but didnít really find a good thread discussing what employees in our field are receiving for benifits.

I know this will vary greatly by the size of a given shop . But I am curious what you all give to your guys and gals. In my case , were a relatively small shop. 8 full time employees . If I could afford to give them the same benifits as the corporate world gets I would . But itís simply not feasible for me.

What I do offer is

-401k with profit share (we do not match )
- A good health plan where we cover 50% of the employee
-4 paid holidays
- Vacation days that cap out at 10 days
- Year end bonuses
- Also overtime pay for any travel time (while sitting in the van )

What do you offer your employees to keep the balance of keeping them happy and the business profitable ?

As you can imagine , this question is being raised because we have some asking for more vacation time and sick time .

Thank you everyone , happy new year !

1/1/18       #2: Employee Benifits ...
Alan F.

20 employees
401k, we match max % (this puts money in the owners pockets too so makes sense)
health we pay 100% of employee.
seed HSA plan every year, employee pays for better plans if they want.
disability that pays 65%
6 paid holidays, up to 2 weeks paid vacation based on length of employment.
year end gifts.
OT over 8hrs, or over 40hrs.
safety awards

1/2/18       #3: Employee Benifits ...
james e mcgrew Member

Website: mcgrewwoodwork.com

I want to hear more as well, Had a fellow come thru recently, he had overstated his qualifications a bit and at one month walked in and quit, said other shop had certain benefits and he needed to move on,, in his initial interview he did not need insurance as his wife had both covered, so i asked him to consider some differences in shop policies and check it out over the weekend, he came in monday and and done his homework and found he wanted to stay with Us, we let him go as he had initially quit without giving Us a chance, not sure what he was wanting but another good Vet walked in needing a good job.

1/2/18       #4: Employee Benifits ...
Alex

Be Careful.
Overtime pay and travel pay is not a benefit if it is required by law. It is compensation due.
Travel pay is sometimes required by law if it is not "commute".
(but Professionals already know this) :o)

1/2/18       #5: Employee Benifits ...
Rich Kuban Member

Website: http://closetexperts.com

Not an answer to the original question, but an idea that may prove useful. Employees generally think solely in terms of take home or hourly pay.

I used to provide an annual recap sheet to employees of total compensation and employee cost to the company. Included would be all benefits as well as employer contributions/profitsharing to 401Ks, employer paid FICA/Medicare, and worker's compensation. This is usually a real eyeopener for employees. You can also use it in comparison to revenues per employee.

My wife and I just discussed her 2017 job compensation by adding in employer 401K match and profit sharing and converting it to gross hourly compensation per actual hour worked. As a result, when also factoring dress code and travel time, she will bite her tongue and continue to be a good employee in 2018.

1/10/18       #6: Employee Benifits ...
David Waldmann Member

Website: vermonthardwoods.com

We start off by paying what I feel is a very good wage. That seems to be the "benefit" most employees appreciate the most. In addition:

For 12 employees:
- 2 paid sick days per year. These do not expire.
- 8 paid holidays per year.
- 1 week of vacation during the first and second year.
- 2 weeks vacation after 2 years.
- 3 weeks vacation after 10 years.
- 4 weeks vacation after 20 years.
(up to 5 days vacation can roll over to next year, all other unused expires)
- 2 days bereavement for immediate family members.
- Fixed contribution towards health insurance premiums, $310-928/month depending 1-2 person or family.
- SIMPLE IRA retirement plan - we match up to 3%.
- Safety shoe reimbursement, up to $125 per year.
- Shirts/sweatshirts, plus personalized jacket after 10 years.
- 20% discount off wholesale material prices (what we charge wholesale customers, not what we pay).
- Use of shop equipment for personal projects.
- Year end party, gifts, monthly lunch provided at staff meeting.
- Safe work environment and a great boss!

We also have a report that we generate at the end of the year that shows total compensation versus actual hours "worked" (not including those two fifteen minute breaks a day). That number is often an eye opener.

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