Get Creative with Benfits

Alternatives can help both your employees and your company in this fragile economy

The national news is full of stories about how the rise in fuel costs is affecting the entire U.S. economy, leaving everyone searching for ways to cut down on expenses.

Airline tickets are more expensive, groceries are more expensive and, obviously, any kind of traveling on the roads is much more expensive. With gasoline prices averaging about $4 per gallon across the country, no one is immune to the pinch. As a result, the general state of the economy has businesses becoming more creative with their benefits in an effort to alleviate some of the pain for employees and also remain competitive in the talent search.

Creative offerings

A June 12 survey of 74 Denver–area employers by the Mountain States Employers Council, Inc., reported that almost half of the companies surveyed were attempting to help their employees with rising fuel costs. Some of the things they were offering included mass transit subsidies and incentives, telecommuting, carpooling and a four–day workweek.

According to Nick Meyer, HR Manager at Spectrum, about 75 percent of his company’s employees take advantage of the Denver–area mass transit system through the Eco Pass, an annual employee pass purchased by employers from the Regional Transportation District (RTD). For $26 per month, employees receive unlimited service on RTD’s bus, light–rail and Call–n–Ride systems.

Meyer said the Spectrum employees who don’t take advantage of the Eco Pass only do so because it doesn’t work for them—some may not have stops near them, while others may need to take their kids to and from school. For those who don’t use the Eco Pass, Spectrum offers a pre–tax parking plan that acts like a medical flex–spending account, with the money coming out of the employees’ paychecks before taxes.