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National Summary
Why are benefits important, and what should you consider when developing a benefits plan for your organization? Benefits are an ever-increasing portion of employee compensation costs, but having a competitive benefits package is vital to recruiting and retaining the best employees. The best benefit programs are those that align with an organization’s business strategy and compensation philosophy. For example, flexible benefit/cafeteria plans provide a means for employers to offer employees a customized benefit package while saving taxes for both the employer and employees. Employers also have to account for other certain major benefits, such as Social Security, Medicare, workers’ compensation, and unemployment compensation, which are mandated by law. While numerous other benefits are voluntary, once benefits are provided, complex compliance requirements come into play.
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