Employee Benefit Plan Development : Employee Benefits Essay

1508 WordsSep 26, 20167 Pages
Employee Benefit Plan Development “Understanding your employee’s perspective can go a long way towards increasing productivity and happiness” – Kathryn Minshew, founder of The Muse. In today’s highly competitive and robust job market, benefit programs have become an integral aspect of an employer’s total compensation package. In fact, an employer’s total benefit package plays just an important role in attracting and retaining talent for organizations as monetary compensation, according to a recent Glassdoor survey (Chamberlain & Tain, 2016). Given the important role benefit plans play in attracting and retaining talent as well as their impact on employee engagement and happiness it is critical that employers empower their benefits specialists to design a total benefit package that functions in such a way that it ensures the organization is not only in compliance with legal guidelines, but also gives the company a competitive advantage within the labor market it competes in. Furthermore, they should be responsive to the organization’s employee’s needs, as well as any changes in the organization’s competitive environment. Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,
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