As a small business owner, your employees can make or break your business. It’s not a secret that employees who feel valued and supported perform better in the workplace, and one way to show your support is through assisting your employees with ongoing education or development opportunities. Here are some great ways to encourage employee education and to support your greatest resources in their pursuit of knowledge.
1. Offer to Pay for Work-Related Courses: A great way to get your employees to continue their education is to offer to pay for work-related courses. This is a fully tax deductible option under the title of “working condition fringe benefit,” which can apply to any education undertaken in order to maintain or improve knowledge related to the employee’s current trade. As long as it doesn’t lead to a new business or trade, this is a great tax deductible option for your business and your employees.
2. Provide On-Site Training: Sometimes the most effective education comes to employees through the workplace itself. By providing on-site training, you ensure that your employees operate more safely and effectively on the job, and bringing in a trainer or an online course is fully tax deductible for your company.
3. Reward Graduates: If you’re not able to afford additional training or educational opportunities, rewarding those who continue their education on their own is a great way to show you value their dedication and appreciate their hard work. Consider offering a raise and/or a promotion, if the situation warrants it.
Employee education can be one of the biggest investments you will make for the success of your business and Telhio can help you finance this investment through business loans or lines of credit. Contact our business representatives today at 614-225-7800, to learn more about our business services.
For more information on tax deductibility and tips for educating your employees, read “5 Ways to Support Staff with Education and Development” on the Small Business Administration’s blog.
Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Marion, Pickaway and Union counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers – branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.