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.
Summary for [Your State]