Strategic values of Employees Benefits Programs - 100122

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  • Posted on: Thu 17 Oct, 2019
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Strategic values of Employees Benefits Programs Student’s name Course Instructor Introduction Employee benefits are an essential aspect of the lives of many individuals as well as their families. Obtaining and retaining quality employees can be an issue within many companies; therefore, many applicants seek out companies that offer a benefits package that suits their lifestyle. One way of attempting to solve this problem is to offer a competitive compensation and benefits package. Compensation can come in two different forms which include direct money and indirectly in benefits. A balanced combination of the two should result in attracting and retaining knowledgeable employees who will improve savings as well as increase profits for an organization (Biswas, 2014). There isn’t a mandated standard for offering a maximum amount of compensation and benefits, but there are factors internally and externally that affects developing and planning benefits package Variables for employee benefits program External factors External considerations that are outside determinations that self-determining to an organization but affects the employee’s benefits package. These external influences can include competition from other businesses, and the labor market. Another external influence to ponder is the labor market (which is the amount of work in parts of the number of available workers) and considering what other companies are offering their employees. As stated earlier in my paper, many potential applicants seek out companies that offer fringe benefits that suit their living conditions (Martocchio, 2018).  According to the U.S. Small Business Association, employee benefits play an important role in the lives of employees as well as their families. For that reason, the benefits you offer can be a deciding factor for a potential employee’s decision to work at your business. To remain a competitive edge and reduce losing employees, employers must sometimes consider best practices of other companies to retain and attract employees. Obtaining beneficial information from other companies can be attained by conducting surveys or by paying companies to share their information (Biswas, 2014). Offering to pay for information is not as important because if a company has a plan that is effec