How to set up an equipment stipend:
1. First determine how much you want to offer your people, within what timeframe.
Look to the examples above if you need inspiration.
2. Decide how you’ll manage the process.
Most common options include:
- Managing the process manually.
If you choose this option, be prepared to set up a process to track purchases, receipts, balances, approval and paid-out perks, as well as rejections or ones which need further review. Consider using Google forms to track submissions, excel or Google sheets to track progress, and be sure to create a process to track the nontaxable vs taxable (for IRS compliance).
- Select an expense software to manage it.
Expense software solutions like Expensify and Concur are largely meant for business expenses like this and can be very helpful for an equipment stipend.
If using this option, make sure every employee has access to your company's expense software option.
This is the ideal option if your IT team is managing the process.
- Or select a perk expense software to manage it.
Perk stipend solutions have become more common over the past few years and now essential as companies extend their remote work options into the foreseeable future.
This kind of software can be especially helpful if it communicates your program to your team members, track their balances and spending.
This option is helpful if your organization is planning to work remotely for an extended period of time and you consider bringing your on-site perks online so you can continue to support and serve the needs of your people.