Hiring talented millennial when you’re a startup (or SMB) is a challenging task. As an entrepreneur you want to hire the best employees for your company, and you want to do that without spoiling the economies of company. But millennial, who constitute half of Indian workforce, are lured by one thing: the amount of salary they can ‘take home’ – something you can’t offer a lot of. The interests of employees and entrepreneurs often collide.
However, just like any other problem there’re solutions to this one as well. You can significantly increase the take home salary of your employees by allowing them to easily opt for tax benefits. Let’s see how it can help.
The Current State of Tax Benefits
Tax benefit programs are one of the most under-utilized things by millennials. There’re more than 20 million millennial workers in our country, but only 1 million avail tax benefit programs. Why? Because majority of millennial don’t like spending their time filling forms.
How Can This Help You As An Employer?
Now you may be wondering… how can this help me in hiring millennials without spending a lot of money? Well, it can. If you can make availing tax benefits easier for your employees, you can use that as a bargaining chip when hiring millennials. And the best part is that you don’t need to spend a lot of money to make it happen. Let’s see two examples:
- Making Reimbursements Easier: The process of reimbursing your employees for different kinds of facilities can be digitized entirely. You can build up an an app in which employees can upload pictures of their bills and integrate the app with your HRMS payroll software. This can make reimbursement procedure easier not only for your employees but also for your HR staff.
- Digital Meal Vouchers: If you issue meal vouchers to employees, the process of sending them out can also be digitized. You can develop a system that’ll keep all meal vouchers stored, and whenever there’s a need to send out one to any particular employee, it can be done online from the system. The employees may also be allowed to utilize them just like they utilize the cash credited to their e-wallets or credit/debit cards.
Similarly, every other employee benefit can be digitized and made easier to avail for your “smart workforce.” And when you’ve done that, you can cite these benefits to future employees at the time of hiring.
Making tax benefits easier to avail can help you in easily increasing the take home salary of your employees, which can make hiring talented millennials much easier. Therefore, you should think carefully about implementing some digitization in your tax benefit programs.