The Tax Cuts and Jobs Act that has recently been put into action is an exciting thing for businesses and the workforce as a whole. Thus, several companies have begun reacting and implementing further benefits for their employees. How is this happening? Prior to January, corporate tax rates were up to 35%. The recent tax reform (which is valid until 2025) has lowered the rate to 21%. Ideally, such a difference should allow a company to better serve its employees.
Change Is Coming
In an environment where a lowered tax rate can lead to employee benefits of several kinds– from higher starting wages to 401k matching and bonuses– the desire to retain valued employees comes with a need to stave off other businesses that are competing for employees.
Take a look at this excerpt from a Starbucks strategy as it pertains to increasing the quality of life for their employees. Click the image for a link to the official statement.
As you can see, a good business that values its workforce, no matter the size, understands the need to present greater means of livelihood. Of course different businesses have different amounts of wiggle room when it comes to making various benefits available. Have you started initiatives to appeal to your internal customers? What are you doing to retain and grow your business from the inside-out?
Zip Time Clock as a Best Business Practice
In using Zip Time Clock as a key component to the way your business functions, we believe the benefits will be realized. If you aren’t already using Zip Time Clock as a cloud-based time clock solution for your company, why not take advantage of our free 30-day trial today? From its easy functionality, to encouraging healthy communication among staff, and keeping accountability in scheduling, we urge you to try Zip Time Clock. No software to download and startup is simple, plus we’re here to help you.
It goes without saying that the business environment is always evolving– Sometimes for better and sometimes for worse. A quasi-motivational graphic recently caught my eye that stated, ‘Life is 10% what happens to you and 90% what you do with it.’ As new challenges of all kinds present themselves this year, I must confess that this simple adage is especially significant. From personal life to business, perhaps it is best to adapt and identify ways to continue to grow and learn. As we know from experience, the business that stops growing is the business that starts dying.
Thanks for reading and we wish you the best this year.
A link to the law document from the House of Representatives can be found here.
Miller, Stephen (2018, Jan 29). Tax Law Is Prompting Enhanced Benefits and Pay, Companies Say. Retrieved from https://www.shrm.org
Disclaimer: Zip Time Clock is merely reporting on this subject because it is interesting, and does not claim to be an absolute authority on the matter. Furthermore, Zip Time Clock does not wish to have this writing construed as fool-proof business advice.