Why are benefits important, and what should you consider
when developing a benefits plan for your organization? Benefits constitute a significant 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.
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