The right employee benefit plan is
key to any organization. This benefit
plan plays a substantial role in the welfare of the employees within an
organization. An employee benefit plan
can be a driving force for the motivation of employees to be more productive
and also serve as a way to preserve and retain employees within the
organization. There are numerous things
to contemplate when planning and developing a benefits package, these considerations
can be both internal and external.
Internal considerations include things such as benefits that are not required
for an organization to provide such as retirement benefits, health care
coverage, the structure of organization, and budget. The external considerations are things an
organization is required to provide by law, such as social security and various
forms of worker’s compensation. This
paper is going to discuss what is most important in the planning process of
developing an employee benefit plan and the least important consideration and
the factors that go into making these considerations.
Consideration in Developing a
several things to be considered when developing an employee benefit plan. One of the biggest things to contemplated by
the organization is how does or will this benefit plan mesh with the goals,
mission, and objectives of the organization.
Another consideration when developing the employee benefit plan for the
organization is will or does this plan offer satisfaction to the employee all
while still meeting the overall objectives of the organization.