Retain Your Team and Save Money: ERC Remains!

As a business owner, one of your biggest priorities is to retain your team members. After all, they are the backbone of your company and contribute significantly to its overall success. But retaining employees can be a costly endeavor, especially during times of economic uncertainty. Luckily, there is good news: employee retention credits are still available! Not only will this help you keep your team together, but it will also save you money in the long run.

Keep Your Team Together and Save Money

Employee turnover is costly for businesses, requiring time and resources for recruitment and training. Losing experienced staff can also result in lost knowledge. By keeping staff, a business can save money and strengthen the team.

One way to retain your employees is by offering competitive salaries and benefits. Make sure you are paying your employees what they are worth and providing them with perks such as paid time off and flexible scheduling. You should also invest in your employees’ professional development by offering training and career advancement opportunities.

Another way to keep your team members happy and engaged is by fostering a positive work culture. Encourage open communication, recognize and reward good work, and create a sense of community within your organization. By making your employees feel valued and appreciated, they will be more likely to stay with your company for the long haul.

Happy News: Employee Retention Credits Still Available!

The Employee Retention Credit (ERC) was introduced as part of the CARES Act in 2020 to help businesses retain their employees during the COVID-19 pandemic. The ERC is a refundable tax credit that can be used to offset the cost of employee wages and benefits.

The good news is that the ERC has been extended through the end of 2021, so businesses can continue to take advantage of this valuable tax credit. To qualify for the ERC, businesses must have experienced a significant decline in revenue or been forced to partially or fully suspend operations due to COVID-19. The total refund of the credit is up to a maximum of $26,000 per employee. Qualified CPAs partnered with DAC are available to help determine your eligibility, and file your credits even if you’ve received other types of funding. *Deadline to apply is 4/15/2025

Remember, retaining your team members is crucial for the success of your business, but it can also be expensive. By offering competitive salaries and benefits, fostering a positive work culture, and taking advantage of the Employee Retention Credit, you can keep your team together and save money at the same time. So, don’t wait – start investing in your employees today and watch your business thrive!