Gas Prices as a Retention Tool?

Gas Prices as a Retention Tool?

It is a strange time to be an employer. Who would have guessed that I would be getting questions like the one I got yesterday: “Should I give a gas stipend to help retain my employees?”

At first I laughed, but then after thinking about it, I think you probably should consider a gas bonus. This could be a great retention tool and a way to show empathy to your team. 

Watch my 4-minute video on why and how this may be a great idea for your team.

Here are the cliff notes if you do not have 4 minutes:

1.  Give it to everyone - Vary the amounts by the amount of miles they live away from the office.

2.  Don’t make it a policy to put in the handbook - Just say you are doing it for the quarter. If you want to do it for another quarter, then you will look like a hero. No need to make a promise that you might regret in the future.  

3.  This would be taxable - The payment of commuting costs by employers cannot be a tax-free benefit.

Our sales pitch - We do offer a full Retention Study for small businesses. This allows us to come in and look at the top 15 reasons people leave companies. We will look at what you do in each of these 15 areas and see if you have any areas of vulnerability. Then, we will give you ideas to help you increase those retention numbers! If this interests you, email me.