Friday, August 7, 2009

Beyond The Salary - Perks that Count

By Rick Gould, CPA, J.D.

In recent months I have been performing an extraordinary number of Valuations of PR agencies, reasons being intended sale of the firm, buy-ins of partners, buy-outs of partners or simply to get a reading on the worth of the firm.

One of the areas I closely analyze are employee perks. I have compiled a list of perks from firms I have reviewed.

Feel free to use it as a checklist in comparing your firm’s compensation package, beyond the salary.

You may even consider, as an option to your staff, offering some of these perks as an alternative to a raise. If the perk costs you the same amount and you get a write-off and it is tax-free to the employee it is a home run.

The P- List:

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Therapy for work related disorders
  • Life Insurance
  • Long-term Disability Insurance
  • Short-term Disability Insurance
  • Health Club Membership
  • 401K Plan
  • Direct Deposit
  • Flexible Spending Account
  • Credit Union Membership
  • Travel Allowance
  • Theme Park Discounts
  • Store Memberships
  • Legal Assistance
  • Tax Assistance
  • Financial Planning Assistance
  • Personal Leave (Sick, Bereavement, ill relatives care etc.)
  • Maternity Leave
  • Paternity Leave
  • Additional Vacation days
  • Extended Holiday weekends
  • Reduced work week
  • Education and Courses

Please email me if you have any perks that are not on the P-list I will than re-blog the list at a future date.

Please do not include corporate cars, motorcycles, limos, car services, corporate apartments, corporate yachts, corporate jets, baby sitters, nannies, daycare and dog walkers. The P-list should be perks offered to your professional staff. “Executive” perks and abuses will be covered in a future blog.

My advice - If you do provide perks to your staff include a list of the perks and the value to the staffer at year-end either with their W-2, bonus check or annual review. It can only help the mindset of the staff in assessing their worth and perceived value to the agency by its management.

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