In today’s competitive environment, it is essential that your benefit investment is aligned with your business strategy. As your corporate outlook changes, the benefit investment must adapt to new expectations and new realities. Employee benefits are a valuable component of the total compensation package. Realistically, benefits seldom lead the change process in an organization. Employee benefits are a barometer of the corporate culture, and must be consistent with all communications that you are sending to your employees and suppliers.
It is important that you identify key long term objectives for your benefit plan, including:
- Delivery of excellent service in the markets in which you operate,
- Balance between internal equities and competitive local practices,
- Manageable costs,
- Recognition of employee diversity, &
- Fit within the overall compensation structure.