Developing an Employee Benefits Program - By: Kylie Milan

Employee benefits are non wage compensations that go a long way in encouraging some of the most skilled employees to sign on with a particular company. The program for these benefits, if developed, implemented and communicated properly, helps keep employee turnover low because it can contribute to increased employee motivation and encourage employees to stay on.

Benefits for employees are intended to increase the economic security of those in the workforce. Some of these employee perks are mandated by federal or state laws and some are optional benefits. Large organizations typically have employee benefits like recognition and reward programs, employee discounts, employee surveys, employee contact center, employee self service and flexible work schedules and arrangements.

Benefits that are typically mandated by federal or state laws include social security, workers compensation and unemployment insurance. Benefits that are typically at the discretion of the company include dental plan, pension or retirement plans, flexible compensation, paid vacation leaves or vacation time, disability insurance, health care or insurance plan, sick pay or paid sick leaves, life insurance, food allowance, education reimbursement and clothing allowance.

A competitive benefits program for employees should be all about based on which benefits are most important for your employees. Easily on the top of that list is the health insurance or the health care plan. Coverage is typically just for the employees but in some companies, it may include the employee’s dependents. Specified tests, consultations or check ups and hospitalization up to a specified amount are usually included in the health care plan. A pension plan or a retirement plan is another top priority benefit for most employees.

Some benefits, however, are more important for certain groups or types of employees. A number of factors like sex, age, the nature of the job, economic background, and the like, come into play. For example, some would think of dental plans and disability insurance as bonus employee perks. But people who work in high risk jobs would naturally want disability insurance as one of their non wage compensations.

So it’s really important to get to know your employees well. Find out what benefits they consider important. Consult the human resources department. You can also find out what top factors or statistical data comprise the majority of your employees. The information will then help you create a benefits program that a majority of your employees will appreciate. Some companies have come up with non traditional employee perks like loans to buy computers and other similar equipment, parking privileges and fitness or wellness programs.

And don’t forget another key factor in developing and implementing an employee benefits program – communicate the program’s intentions well and across the entire company. It’s not enough to provide these benefits and cross them off your list. You sh0ould get the message across so you can keep employee engagement high. Communication should be constant, should give the employees a complete picture of the non wage compensation program and should be done through different channels including email, face to face, intranet, social media and maybe even in conventional letter form.

About the Author

Kylie Milan is a HR specialist, who manages HR administration such as recruitment, employees selection and payroll program. We render strategic human resource management parallel to companies culture, goal and workplace law.

Article Directory Source: http://www.articlerich.com/profile/Kylie-Milan/222520

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