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Benefits: What you need to know

Why are benefits important, and what should you consider when developing a benefits plan for your organization? Benefits are an ever-increasing portion of employee compensation costs, but having a competitive benefits package is vital to recruiting and retaining the best employees. The best benefit programs are those that align with an organization’s business strategy and compensation philosophy. For example, flexible benefit/cafeteria plans provide a means for employers to offer employees a customized benefit package while saving taxes for both the employer and employees. Employers also have to account for other certain major benefits, such as Social Security, Medicare, workers’ compensation, and unemployment compensation, which are mandated by law. While numerous other benefits are voluntary, once benefits are provided, complex compliance requirements come into play.
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Getting the most out of a benefit program, especially in the long run, requires aligning benefit programs with an organization's overall business strategy and compensation philosophy. Benefit planning inevitably involves trade-offs between an ideal package and one that will maximize the desired impact at a price that can be afforded. The three most important factors that must be weighed are:
• What benefits can the employer afford?
• What benefits will best both attract and retain the employees needed to execute the organization's business strategy?
• What benefit vendors provide a quality and consistent product now and will continue to do so in the future?
Strategic planning allows employers to take the initiative in balancing employees' needs with a budget. It can involve taking advantage of new tools, such as ...

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Created by employment law experts, this unique and practical handbook provides prewritten checklists that help spot and correct compliance problems before they become costly lawsuits. You get checklists on HR policies, job descriptions, safety and OSHA, compensation programs, hiring practices, performance measurement, telecommuting, flexible work hours and much, much more. "
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Record retention is complex and time consuming. However, in addition to complying with various federal and state laws, keeping good, well-organized records can be very helpful in documenting and supporting an organization’s employment actions.
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This special report will discuss how you can ensure your records are in good order, and establish a record-retention policy.

Topics covered:
1. Hiring Records
2. Employment Relationships
3. Termination Records
4. Litigation Issues
5. Electronic Information Issues
6. Tips for Better Recordkeeping
7. A List of Legal Requirements

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