Give Them a Cash Bonus

It may cost the most, but it is still the most effective straightforward employee incentive for motivation and morale.  44 percent of workers say they would quit their jobs to earn more money at another.  Cash incentives can persuade them instead, to stay through the holiday rush.

Extra Time Off – One Of Several Employee Incentives That Motivate

When workers pull overtime hours or an incredibly long shift, even more attractive than cash in hand might be time off their feet.  The employee incentive of additional time off after the holidays can make up for the crazy hours during the holidays. It at least lets them know you recognize the hardships they endured and appreciate them.  Some employers give an extra paid vacation day or two.  Others increase sick days or give more flex time. Of these, the most popular with workers is the flex time.  CNBC reports 72 percent of workers prefer a flexible work schedule over full time in-office work.

Throw a 100% Tax Deductible Party

Did you take your holiday party virtual in 2020 and then sort of left it out in 2021?  Here’s a thought:  Offsite Holiday parties are a great opportunity to help your team relax together and build a cohesive bond, and they are usually completely tax deductible for the employer prior to January 2023.  The food does need to be purchases from a qualifying restaurant, meaning a business that prepares and serves food and drinks for immediate consumption whether on or off-premises.  This is strictly limited to meals, not to entertainment venues.

If you are confused about when the 100 percent applies, you can find the details here or call Americore to learn more about where the savings are this holiday season.

New Equipment

There are programs that can help finance new equipment, and the productivity boost is not the only benefit you’ll enjoy.  Employees working through the holidays will be more enthusiastic about straining to reach goals with new efficient equipment.  Talk to your workers to find out what their concerns are before making the final decision.  They are on the machines, and could have valuable feedback to share.

Professional Development Opportunities

Offering workers employee incentives like the opportunity for professional development can help raise morale and motivation at work.  As a reward for working through the holidays, supply chain organizations, for instance, could offer choices of development paths.  Complimentary classes, training seminar attendance or the chance to temp in another department are various motivational options.

Recognition

There’s an old phrase, praise publicly and correct privately.  By recognizing a job well done, you raise at least one employee’s morale, and create a friendly competition that leads to better performance by others as well.  The praise can be on a Bulletin board, or “Wall of Fame” or announcement, a bonus, vacation day or material prize.

Benefits That Prove An Employer Cares

If your employees have a great attitude and are performing well this holiday season, let them know you appreciate it.  It doesn’t have to be as expensive as you think.  Ask Dennis Bays about how offering healthcare benefits can not only improve employee retention, but give you cash back too.

There are many ways to let your employees know you appreciate them.  They may add to productivity and morale, but some can also put cash in your pocket.  Contact us or call our Americore office at 747-224-8110 and learn which programs can save you money too.

Act Now to Get The ERTC Assistance You Need

The Employee Retention Tax Credit (ERTC) is a program offering assistance to businesses still hurt by COVID.  We can help you get what’s owed you, because we’re working with one of the country’s best recovery organizations.  Since the program is wrapping up, now is the time to act.  What follows are bullet points that outline the program.

• ERTC Program is part of the CARES Act of 2020
• Currently a business can get up to $28,000 per employee
• Business has to pay earnings by W2
• Businesses that took PPP loans ARE eligible now
• Gross Revenue for 2020 should be 50% less than 2019
• Gross Revenue for 2021 should be 20% less than 2019

Note: The August 2021 change allows for “No” decline in Revenue if a COVID mandate was in place. If you think this may apply, we need to have a detailed conversation to understand the business activity affected.

Who Can Qualify for Assistance 

While the current Employee Retention Tax Credit, or ERTC program ended on December 31st, 2021, it can be claimed up to three years from last tax filing or when program funds run out.  That means you are not too late to get the help you need.  Moreover, Traditionally excluded organization, like non-profit organizations may qualify to claim.  Businesses in the cannabis industry can qualify to claim.  Even if a company DID NOT SHUTDOWN, they can still qualify to claim.

Necessary Documents to Qualify for Assistance

There are required documents for full company qualification.  Since the documents are similar to what you need for any financing, you won’t be surprised.  We will need:

• Any PPP loan information such as the loan amount and dates covered
• 2019, 2020, 2021 Payroll reports broken into quarters and listed employees
• All 941’s – Payroll Filings
• Healthcare insurance costs by employee by month
• Stated Gross Revenue for each year

Startup Companies Specifics

Startup companies in 2020 and 2021 do not have 2019 information to compare to. Therefore they have a $1,000,000 gross revenue cap. If this applies to you, we should have a specific discussion based on industry. For Example: A tractor sales location representing multiple brands may sell five units and reach the one-million-dollar revenue. We would only count the “Gross Profit” of the item, not the Total Revenue.

How the Process Works

Once the documentation is completely submitted, the analysis is typically completed in three to five business days. Clients will be required to sign an agreement prior to completion and pay for the submission to be filed with the IRS. The submission fee is only $300.  Our service will verify with IRS that the file was accepted and closed out before invoicing for the service.  You will have verification that the checks have been sent to you before you are invoiced for the service.

None of the process is conducted blind.  Contact your Americore representative for details or to schedule a discovery call with a program advocate.