Not sure if this is an acceptable question/post for this forum, not sure where else to ask, please remove if not allowable.
In a pretty neat opportunity where the small business I work for has a set number of employees (under 20) and we have a constant stream of contract work for the forseeable future. The owner has asked me to come up with a list of benefits that we would like to see implemented- they are very willing to share profits and keep the money in the hands of the people making it (us).
To start we all make great salaries, work from home, and the work is VERY controllable- most of the year we work 20hrs, a few months we hit 40. We all essentially are always at max PTO and use it just so we don't lose it (very flexible work conditions. For example- I only take PTO when I am physically traveling for vacation, or am so sick I'm staying in bed, anytime I have access to phone/computer is a working day). We all work from different parts of the country and are fully remote.
The current benefits are not bad at all, company pays 60% of health/dental/vision insurance costs (HSA option, silver plan, gold plan), 6% full 401k match vested day 1, above mentioned PTO (caps at 160hrs), annual bonus of around 8% salary, additional "health insurance bonus" of 2k annual, internet stipend, random "profit sharing" bonus' a few times a year (usually around 2k), $5,250 annual education repayment.
Some initial thoughts discussed were:
Company pays 100% insurance costs (this will most likely be happening for the long term employees)
401k company match 10% after 5 years of employment (sort of a long term vesting, you stay with company, you become "senior" and are rewarded, also discussed a 10 year increase as well. (Our team is pretty much all the same and hasn't changed much in a decade, every few years the contract grows to include an additonal person)
Vacation buyback- 40 hrs annually
Profit sharing in the form of dividends, we all recieve shares based on our positions/time worked and owner can issue a quarterly/semi/annual dividend which would be a long term capital gain event.
Pension was brought up - although the managerial costs for these are quite high for a small company
Obviously this can't be too one sided- the company must continue to function and make profits; however, there is definetly room to enact some new policies. The owner has expressed they prefer to do things that are tax advantagous for both the company and employees (noting that bonuses are typically not as advantageous).
I am trying to balance "greed" with, lets do some cool things for the employees while continuing to allow this company to grow and profit and keep us going.
What are some of the benefits you have seen that are just next level? What would you suggest I consider in my request?
In a pretty neat opportunity where the small business I work for has a set number of employees (under 20) and we have a constant stream of contract work for the forseeable future. The owner has asked me to come up with a list of benefits that we would like to see implemented- they are very willing to share profits and keep the money in the hands of the people making it (us).
To start we all make great salaries, work from home, and the work is VERY controllable- most of the year we work 20hrs, a few months we hit 40. We all essentially are always at max PTO and use it just so we don't lose it (very flexible work conditions. For example- I only take PTO when I am physically traveling for vacation, or am so sick I'm staying in bed, anytime I have access to phone/computer is a working day). We all work from different parts of the country and are fully remote.
The current benefits are not bad at all, company pays 60% of health/dental/vision insurance costs (HSA option, silver plan, gold plan), 6% full 401k match vested day 1, above mentioned PTO (caps at 160hrs), annual bonus of around 8% salary, additional "health insurance bonus" of 2k annual, internet stipend, random "profit sharing" bonus' a few times a year (usually around 2k), $5,250 annual education repayment.
Some initial thoughts discussed were:
Company pays 100% insurance costs (this will most likely be happening for the long term employees)
401k company match 10% after 5 years of employment (sort of a long term vesting, you stay with company, you become "senior" and are rewarded, also discussed a 10 year increase as well. (Our team is pretty much all the same and hasn't changed much in a decade, every few years the contract grows to include an additonal person)
Vacation buyback- 40 hrs annually
Profit sharing in the form of dividends, we all recieve shares based on our positions/time worked and owner can issue a quarterly/semi/annual dividend which would be a long term capital gain event.
Pension was brought up - although the managerial costs for these are quite high for a small company
Obviously this can't be too one sided- the company must continue to function and make profits; however, there is definetly room to enact some new policies. The owner has expressed they prefer to do things that are tax advantagous for both the company and employees (noting that bonuses are typically not as advantageous).
I am trying to balance "greed" with, lets do some cool things for the employees while continuing to allow this company to grow and profit and keep us going.
What are some of the benefits you have seen that are just next level? What would you suggest I consider in my request?
Statistics: Posted by Mongoose — Thu Apr 04, 2024 1:43 pm — Replies 0 — Views 20