Elements of a Competitive Employee Benefits Plan

Recruit and retain employees with a smart employee benefits plan

Creating a convincing benefits package is crucial to the recruitment and maintenance of high quality labor within the ranks of one’s company. Also, it is often a requirement under the law – depending, of course, upon which state one is doing business in – that employers provide certain benefits such as unemployment insurance and veterans’ benefits. Employee benefits management professionals need to distinguish themselves with a powerful skillset. Here is what you should know.

So when an employer is constructing an attractive benefits package to offer to potential recruits, it may be easy at first to want to design a plan that includes all of the bells and whistles that catch the eye of high talent employees who demand the best conditions as a prerequisite to accepting any job. Before adding in all of the frills, however, it is important that the basic requirements be taken care of.

Workers’ compensation, for example, typically involves costs that should be factored into the equation before the employer goes ahead and promises a sweeping and comprehensive health plan for every individual in the workforce.

One of the most important of these basic benefits requirements can involve an employer contribution to unemployment insurance. In the event that a worker is laid off, quits his or her job or leaves for personal reasons, it is often the case that they will apply for and be accepted for a government unemployment benefits program. Based on tax contributions oftentimes paid by both the employer and the employee throughout the term of employment, this benefits provides the unemployed individual with regular checks for up to a year that represent a portion of the initial salary.

Veterans’ benefits are also another important requirement for employers. Among other benefits, recently passed federal law requires that companies give their employees a certain amount of job protection should they serve a tour of duty in the armed services. In other words, they can come back and likely find their job still waiting for them.

So when considering the implementation of a benefits package, keep in mind that veterans’ benefits indeed require certain budgeting based on intelligent conjectures by human resources professionals concerning which employees might claim them.

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