HR and Employment Law Topics
Benefits Overview
National Summary
Why are benefits important, and what should you consider
when developing a benefit plan for your organization? Benefits constitute
a significant portion of employee compensation costs, but having a
competitive benefit 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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