New Way for Companies to Save Money on Employee Costs

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Out of Time, LLC offers a new service to companies who need creative ways to attract, retain and reward employees in place of costly raises and bonuses.

Baltimore based business, Out of Time, LLC offers a new and cost-effective benefits option to employers in the form of personal assistant services. Personal assistants are often used by celebrities and executives to run errands, schedule appointments, research questions and complete other mundane tasks. "The service is considered a luxury but what most people don't know, is that you can have a personal assistant for as little as $15 a month," says Latoya Chaplin owner of Out of Time, LLC. For those employers who are aiming for a competitive edge in attracting and retaining employees, this affordable option can be the solution.

With increased pressure for employees to be more productive at work and most families requiring two working parents, lack of time seems to be a problem for most. Internet researching, personal phone calls, over-extended lunches from running errands and use of sick days to complete personal tasks are all common instances of inefficiencies that occur in many workplaces due to time-constraints. With personal assistants completing those tasks that keep employees distracted, employers can operate more efficiently and save money wasted on unproductive time at work.

Employers are usually shocked to hear the actual dollar amount incurred each year as a result of employee turnover. According to the U.S. Department of Labor, it costs one-third of a new hire's annual salary to replace them. For an employee making $8 an hour that can equate to $5,333. Latest Bureau & Labor Statistics show industries with the highest voluntary turnover include Food Services, Hospitality and Professional Business Services with rates of 56.4%, 52.2% and 27.8%, respectively. With an effective work-life balance program such as personal assistant services, an employer can mitigate some of these costs.

While most companies have invested in some form of work-life balance program, the commonality of the services offered has somewhat decreased its value. Typical work-life balance programs include onsite seminary and workshops or the more standard Employee Assistance Program and adoption leave. With many companies offering to match or exceed salaries for key candidates, employers know that their benefits options can be the decision maker in getting someone to join their organization. "What better way to show that you are the employer of choice then by offering a luxury service," says Latoya.    

Employees have come to expect their value to be expressed in the form of compensation packages -- salary plus benefits commonly referred to as "Total Rewards". Most employers rely on raises and bonuses as their method of retaining and/or rewarding employees. With current economic conditions putting a strain on employer spending, these usual methods are being re-evaluated. Some companies have chosen to put a freeze on financial incentives while others are offering rewards only for exceptional performance. Whether financial rewards are given or not, compensation experts suggest that by offering non-monetary rewards it will lighten the blow.

Personal assistant services offer an innovative way for employers to attract and retain employees while reducing annual compensation increases.

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Latoya Chaplin
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