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EXECUTIVE SUMMARY
The strategic implementation of employee benefit programs attracts the best qualified candidates for employment. In order to be profitable, a company must provide viable cost effective compensation and benefit packages. The survival of any business depends on how ethically its administrators operate with the best employees as they seek to fill positions in a competitive job market. An organizational workforce plan will help achieve business goals for attracting, retaining and engaging talent. By strategically implementing and communicating a valuable benefits program, the success of the business will be determined by the way the business operates with satisfied talented employees.
Keywords: Benefits, Compensation, Total rewards, Employee retention
INTRODUCTION
In any company, financial incentives are linked to valued behavior and employee retention. Total rewards consists of five elements: compensation, benefits, work-life, performance and recognition, development and career opportunities. Benefits play an important part in the total rewards strategy. To improve the quality of personal and work lives of employees, employee benefits encompass an indirect form of compensation.
A benefit is an indirect reward or non-wage compensation given to an employee or group of employees in addition to their normal wages or salaries. Benefits are a vital part of an employee's total compensation and are increasingly seen as entitlements. Employers continue to enhance benefits packages to attract employees to fill positions in an increasingly competitive job market (Opiela, 2000).
FINDINGS
Research and studies have shown the major core benefits which attract and retain workers continue to be healthcare, retirement and work-life flexibility. Being creative, flexible and fully committed to engaging employees in the workplace can make a difference.
The scope of employee benefits is growing rapidly. For benefits to make a positive impact on an individual, the individual first needs to be aware of and understand the benefits their employer currently offers. Successfully communicating the advantages and potential impact of benefits presents a real opportunity for employers. Companies of all sizes need to be strategic in their approach to benefits communications.
Employers should select benefits that will reward and motivate employees. Employee benefits are a key driver of employee satisfaction, engagement and wellness. In turn, employees should be accountable for their health and take action to change their habits. Motivation is an important element in...