Accounting professionals can advise clients, and take our own advice, when it comes to leveraging the Tax Code to enhance employee well-being.
It has been quite stressful, to say the least, working from home for my consulting and education-related work. I have to fund my own lockdown costs. I did not receive any stipends or support for additional equipment, furniture, increased utility payments, food and personal effects needed to prepare for distance learning, conducting business in a completely virtual environment, and staying healthy and mentally sound during the lockdown. The university system I work for did not provide me with any equipment, and I ended up wearing down my cellphone as I used it as a second screen for virtual classes. The loss of school provided space for a change of scenery to grade and prepare lessons was a bit devastating. Luckily schools provide training for one’s mindset and mental health, and to convert courses to be taught virtually.
I can only imagine how people working in corporate environments who have never worked independently or at home before were able to adapt to working from home. As the year comes to a close, companies should remember that employees are stakeholders too.
A recent Robert Half survey found that a large number of accounting professionals feel burned out. Accounting is a demanding profession, filled with interdepartmental and client meetings and demands, constant deadlines, and often heavy workloads. The nature of work has changed. Well-being matters. The pandemic has shown us another side of what support and structure look like for sustainable success. Health care costs and healthy habits can be expensive, as can personal development and social activities.
Fortunately, employers can leverage the Tax Code to alleviate some of the physical and financial stress employees feel and receive tax benefits too. Sections 125, 127 and 139 are a few parts of the Internal Revenue Code that can help employers provide employees with holistic well-being benefits for modern-day life and pandemic demands.
Here are some tips for accounting firms to advise their clients and internal teams to invest in employee wellness:
Organizations should strive to create safe spaces and structures where people can work in peace, not in pieces. Employers should leverage the Tax Code and work with benefit management companies and HR to provide employees with all the tools they need to complete their work and perform well. Those in governance, leadership and management should commit to making work work for everyone. Companies and departments should outsource, automate, delegate and eliminate tasks, processes, etc., so employees can focus on their work and have a life outside of work.
Solopreneurs and boutique firms can work with companies such as Gusto and see what firms such as the Summit Group are doing to set up programs for the wellbeing and support of staff.
Cost savings and benefits include less turnover, burnout, absenteeism, lost productivity and long-term illness. Sitting is the new smoking, and working over a certain number of hours a week diminishes productivity. Companies can benefit from better workplace satisfaction results and reputation, improved effectiveness and efficiency, and lower costs associated with attracting and retaining new employees. The Great Resignation has shown us just how much employees value their well-being over chump change and status.
Imagine a workplace where employees have active lifestyles, mental help treatment, support, personal development, financial wellness, time with loved ones, social lives and community engagement.
What are some benefits that can help employers provide such quality of life while leveraging the Tax Code? Below are a few items:
- Flexible savings account and health savings account contributions;
- Personal development stipends;
- Work-from-home stipends;
- Funds to set up ergonomic home offices;
- Funds for physical activities of choice;
- Birthday and life event gift cards; and
- Virtual meeting meal gift cards.
Employees can use such benefits and perks during work hours with their preferred providers and vendors to engage in the activities of their choice, including therapy, acupuncture, functional medicine consultations, business coaches, and business development communities and retreats. They can also use the benefits for faster student loan repayment, certification courses and fees, books and classes, and healthy, hearty, nutrient-dense meals.
How will all this benefit the employer? Healthier, happier employees add more value to all stakeholders. The organization's reputation may increase and make it a more attractive employer. Communication and interaction between team members and stakeholders may become better.
Do we really need a business case for why we should do everything within our power, and as the Tax Code and our resources allow us, to make work work for everyone and support the people who make our organization’s success and results possible?
The benefits you and your clients are providing employees may need to be accessed and adjusted to better address current employee needs and to ensure that benefits align with wellbeing objectives. Flexibility and choice for personal lifestyle goals matter. The benefits truly outweigh the costs.
We can be well as we excel and there is a Tax Code for that.
