Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Contractors: What are some no-cost and low-cost benefits to attract employees?

Name: Painting Contractors: What are some no-cost and low-cost benefits to attract employees?
Uploaded: 2023-05-08T13:35:10+00:00
Duration: 55 s
Channel: Daniel Honan
Description: The video provides painting business owners with practical, budget‑friendly ways to attract and retain workers. It outlines three no‑cost perks that can…

8 May 2023 · 1 min

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The video provides painting business owners with practical, budget‑friendly ways to attract and retain workers. It outlines three no‑cost perks that can be administered through a payroll provider—cash advances, employee cash‑account debit cards, and paycheck splitters that help staff budget and save. It then describes several low‑cost options: retirement plans such as 401(k), SEP IRA, or SIMPLE IRA; a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) that offsets medical expenses without full insurance; and paid time off. The speaker emphasizes that these strategies can improve talent acquisition and employee loyalty without large financial outlays.

Chapters

In your painting business, you can reward and attract employees without spending too much. There are some no-cost benefits and low-cost benefits that you can offer. Some no-cost benefits are cash advances. A good payroll provider can easily manage this for you. Then number 2, you have cash accounts, which you can often set up with a payroll provider that provides employees a debit card for saving and spending. And then number 3, you can also set up a paycheck splitter, often done with a payroll provider that will help your employees budget and hit their savings goals. Additionally, there are some low-cost benefits that you can offer, like retirement plans such as a 401(k), SEP IRA, or a SIMPLE IRA. Then you also have health benefits such as the Qualified Small Employer Health Reimbursement Arrangement, which can help employees out with medical costs without the huge cost of offering full-fledged health insurance. And then lastly, another low-cost benefit is paid time off. Now you can use these ideas to attract and retain more talent in your painting business.