Business Commons^™

Staff Matters: How Can We Be More Creative With Our Benefits?, Jodi Schafer Sphr, Shrm-Scp

The Journal of the Michigan Dental Association

As open enrollment for health benefits approaches, this column discusses creative and cost-effective benefit offerings to attract and retain employees. The focus is on innovative benefits beyond traditional health, life insurance, and retirement plans. Suggestions include pet insurance, paid volunteer time, lunch and learn sessions, and flexible scheduling to accommodate employees' needs, particularly working parents and those with caregiving responsibilities. The importance of seeking employee input in benefit planning is emphasized for discovering practical, employee-desired options.

Staff Matters: Should You Create A Combined Pto Bank?, Jodi Schafer Sphr, Shrm-Scp

The Journal of the Michigan Dental Association

Consider consolidating separate leave banks into a combined Paid Time Off (PTO) system to simplify administration and boost employee flexibility. PTO allows staff to use their leave days for any purpose without providing a reason. While it fosters trust and personal accountability, it may lead to employees saving days for vacations and working while sick. A PTO policy should address availability, employee type, coordination, and communication to encourage PTO utilization, prevent burnout, and enhance work-life balance.

Staff Matters: Attracting Qualified Candidates, Jodi Schafer Sphr, Shrm-Scp

The Journal of the Michigan Dental Association

In the current competitive job market, dental practices face challenges in recruiting qualified staff. This Staff Matters column explores strategies to stand out and attract candidates, addressing the impact of the "great resignation" and the projected growth in dental openings. Suggestions include offering part-time positions for increased flexibility, considering evening appointments, providing additional benefits like childcare support, attending to the practice's image through positive online reviews and marketing, and building a future workforce through partnerships with educational institutions.

Behind The Student Loan Debt Crisis, New Benefits Solutions, Sarah Min

Capstones

Two years ago, when Scott Thompson took over tech startup Tuition.io as chief executive officer in 2016, he felt as though he had to educate his clients about his product — a new benefit, managed by his software company that allows employers to help their employees repay their student loans.

Today, he doesn’t feel that need. When he recently walked into a Fortune 20 company with a stack of documents, his prospective clients said they understood his pitch and hardly required the introductory material. “I don’t evangelize anymore. We very rarely educate any longer,” Thompson said.

When Tuition.io was founded …

Bang For The Buck: Understanding Employee Benefit Allocations And New Venture Survival, Jake G. Messersmith, Pankaj C. Patel, Christopher Crawford

Department of Management: Faculty Publications

Providing employee benefits is costly for new ventures, yet offering such inducements is often essential to developing human capital. While a broad combination of employee benefits could yield synergistic effects, adopting a large number of benefits may not be feasible for resource constrained ventures. To ensure survival, while limiting misallocation of scarce resources towards benefits that have lower returns, entrepreneurs must be selective in choosing the benefits that generate the most ‘bang for the buck’. Our study assesses the effects of employee benefit offerings on venture survival odds. Based on a longitudinal sample of 1012 US-based ventures from the Kauffman …

Quality Over Quantity: Reexamining The Link Between Entrepreneurship And Job Creation, Adam Seth Litwin, Philip Phan

Adam Seth Litwin

Although much has been written about the quantity of jobs created by entrepreneurs, scholars have yet to examine the quality of these jobs. In this article, the authors begin to address this important issue by examining nearly 5,000 businesses that began operations in 2004. They investigate the extent to which nascent employers provide what many think of as quality jobs—those offering health care coverage and a retirement plan. The authors find that because of small scale, constrained resources, and protection from institutional pressures, start-up companies do not provide their employees with either of these proxies for job quality, and their …

Employers Need To Do More To Help Maintain Careers Of Employees With Babies, Leandra Preston-Sidler

UCF Forum

It’s amazing how quickly humans adapt to changing circumstances. A few months ago I wrote about how incredibly challenging my first month of life was with a newborn—what many refer to as “baby boot camp,” a perfect term since that’s exactly what it was like thrust into a completely new state of being where life is organized around one thing.

Employee Benefits And Labor Markets In Canada And The United States, William T. Alpert Editor, Stephen A. Woodbury Editor

Upjohn Press

Alpert and Woodbury present a comprehensive set of explorations into the impacts that the provision of various types of employee benefits (or lack thereof) have on labor markets. And while there are, as the editors point out, substantial differences between the employee benefits systems of Canada and the U.S., these differences showcase the impacts of specific policies related to employee benefits on labor markets.

The Tax Treatment Of Fringe Benefits, Stephen A. Woodbury, Wei-Jang Huang

Upjohn Press

Woodbury and Huang use econometric models to investigate how changes in the tax treatment of fringe benefits can be expected to influence the level of benefits and compensation provided by employers, federal revenues, and income inequality.