Reasons for an Employer to offer Job Income Averaging
A happy employee is a productive one
Quality of life is very important for anyone who wishes to experience life to the fullest. Income averaging for a job is a very good concept that every employer should seriously look at offering when recruiting people for their company. It is equally important for the employee to look for this option when seeking employment.
So what is job income averaging?
Income averaging is having the option to take time off above and beyond the holidays that you have earned. It is prorated (divided proportionately) by the Human Resources department and averaged over one calendar year. For example, teachers spend about ten months in the classroom; however they are paid over a twelve month period. So their yearly salary is broken down to as many pay periods as specified by the department, over a twelve month period as opposed to a ten month period.
So what is job income averaging?
Income averaging is having the option to take time off above and beyond the holidays that you have earned. It is prorated (divided proportionately) by the Human Resources department and averaged over one calendar year. For example, teachers spend about ten months in the classroom; however they are paid over a twelve month period. So their yearly salary is broken down to as many pay periods as specified by the department, over a twelve month period as opposed to a ten month period.
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Employers seeking to retain employees for a long period of time should offer this option. There are a number of reasons why, among them; quality of life for the employee, cost effective for the department budget, a healthy reputation for the work place by offering such perks, which usually results in loyalty from the employees.
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If the employer has a staff of ten in their department, and everyone takes income averaging one month out of the year, the savings over one year is almost enough to hire another employee. This enables the department to possibly hire another person, or to use the money on upgrading equipment, or for profit. Should another employee be hired, it would allow eleven people to have the knowledge where ten did previously, enabling knowledge transfer and a more robust well rounded staff.
From an employer’s perspective, the staff will be happier, they can spend more time with their family and production will increase. A happier staff will mean a brighter future for the company, and the word will go out to your competitors that the place of work is coveted by
employees.
Employees seeking a job are looking for, among other things, benefits. One unexpected perk is having income averaging offered as an option to take. Income averaging allows employees to have a better life. They can take long vacations with their family or friends, plan building projects, or just take time off to relax. Most importantly it gives the employee a chance to reconnect with themselves and have a higher quality of life.
Income averaging will reduce stress levels in the workplace as well. It may mean less sick days from the employees, which results in a more positive, happy, productive environment
for the employer. In other words, the overall health of the workplace and the employees makes it a better place to work.
Think about it, if every company offered income averaging, it’s quite possible that the unemployment rate would spiral downwards. In simple terms, hiring one more person, without increasing the payroll, allows one more person looking for a job to get one. This allows that person a start in life with a company so they can gain experience, start a career and possibly have enough money to start a family.
Offering income averaging helps the carousel of life spin in a much more positive manner.
From an employer’s perspective, the staff will be happier, they can spend more time with their family and production will increase. A happier staff will mean a brighter future for the company, and the word will go out to your competitors that the place of work is coveted by
employees.
Employees seeking a job are looking for, among other things, benefits. One unexpected perk is having income averaging offered as an option to take. Income averaging allows employees to have a better life. They can take long vacations with their family or friends, plan building projects, or just take time off to relax. Most importantly it gives the employee a chance to reconnect with themselves and have a higher quality of life.
Income averaging will reduce stress levels in the workplace as well. It may mean less sick days from the employees, which results in a more positive, happy, productive environment
for the employer. In other words, the overall health of the workplace and the employees makes it a better place to work.
Think about it, if every company offered income averaging, it’s quite possible that the unemployment rate would spiral downwards. In simple terms, hiring one more person, without increasing the payroll, allows one more person looking for a job to get one. This allows that person a start in life with a company so they can gain experience, start a career and possibly have enough money to start a family.
Offering income averaging helps the carousel of life spin in a much more positive manner.