Employee Benefits

Employee Benefits have a significant financial and administrative impact on a business. The educated American work force has come to expect a comprehensive benefits program; the absence or inadequacy of such a program can seriously hinder a company's ability to attract and retain the best personnel. Designing the right benefit plan for your employees is a complex task that includes taxes, legal aspects, funding, and selection of vendors or administrators.

What Is An Emp. Ben. Plan??

An Employee Benefit plan protects employees and their families from exonomic hardship brought on by sickness, disability, death, or unemployment; it provides retirement income to employees and their families, and it provides a system of leave or time off from work.

A comprehensive benefit plan can inlcude health insurance, disability insurance, life insurance, retirement plan, flexible compensation (cafeteria plans), and leave from work. Broadly defined, a benefit plan can include other components such as bonuses, service awards, reimbursement of employee educational expenses, and other benefits appropriate to employee responsibility.

Why Offer Employee Benefits?

Here are some of the reason employers off benefits:

To attract and hold capable personnel
To keep up with the competition
To foster good Morale
To provide opportunities for advancement and promotion as older workers retire

A combination of benefit programs is the most effective and efficient means of meeting employees' economic security needs. For many employers, a benefit plan is an integral part of total compensation. Employers either pay the entire cost of a benefit plan or have employees contribute a small portion of premium costs for their coverage.

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