Human Resource Management - Putting Together a Benefits Package
Putting Together a Competitive Benefits Package
That Will Attract and Keep Quality Talent
Within An Organization
Abstract
In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position that offers a lower salary as long as benefits are part of the employment package. Be that as it may, it behooves the hiring firm to closely review their benefits package to be sure they are offering the best they can with the dollars available. With a competitive benefits package, a firm is more likely to hire and retain quality talent. In doing so, the firm also positions themselves to find success in their line of business. The question, then, that many business owners face is whether a benefits package is affordable and the best use of funds. For every business, the financial aspects can vary dramatically and the final results can look very different, but it is possible to put together a benefits package for your business.
Putting Together a Competitive Benefits Package
That Will Attract and Keep Quality Talent
Within An Organization
In 2012, the success of an entrepreneur is measured in many ways. Those include the number of new ideas launched, the revenue and profits earned, and the ways in which he or she serves an industry or a community. For many entrepreneurs, one of the most rewarding aspects of running their own business is how they are able to impact others – not only those they are serving in their
That Will Attract and Keep Quality Talent
Within An Organization
Abstract
In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position that offers a lower salary as long as benefits are part of the employment package. Be that as it may, it behooves the hiring firm to closely review their benefits package to be sure they are offering the best they can with the dollars available. With a competitive benefits package, a firm is more likely to hire and retain quality talent. In doing so, the firm also positions themselves to find success in their line of business. The question, then, that many business owners face is whether a benefits package is affordable and the best use of funds. For every business, the financial aspects can vary dramatically and the final results can look very different, but it is possible to put together a benefits package for your business.
Putting Together a Competitive Benefits Package
That Will Attract and Keep Quality Talent
Within An Organization
In 2012, the success of an entrepreneur is measured in many ways. Those include the number of new ideas launched, the revenue and profits earned, and the ways in which he or she serves an industry or a community. For many entrepreneurs, one of the most rewarding aspects of running their own business is how they are able to impact others – not only those they are serving in their
References: 10th Annual Study of Employee Benefits Trends [Electronic version]. (2012). Bram, T. (2011, July 19). How to a Create Benefits Package for your Small Business. In Outright.com. Retrieved November 4, 2012, from http://outright.com/blog/how-to-a-create-benefits-package-for-your-small-business/ How to Build a Competitive Benefits Package (2010, April 26). In Inc.com. Krumrie, M. (2003, April). Employee Benefits: Select benefits [Electronic version]. Upsize Magazine. Lapowsky, I. (2010, August 27). 10 Things Employees Want Most [Electronic version]. Inc Magazine. Rothberg, A. (2012). Competitive Employee Benefits Packages. In CFOEdge.com. Retrieved November 4, 2012, from http://www.cfoedge.com/resources/articles/cfo-edge-competitive-employee-benefits-packages.pdf Women at Work (2011, March). In Bureau of Labor Statistics. Retrieved November 17, 2012, from http://www.bls.gov/spotlight/2011/women/