From the course: Certification Prep: Professional in Human Resources (PHR)®
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Benefits programs
From the course: Certification Prep: Professional in Human Resources (PHR)®
Benefits programs
- Benjamin Franklin said, an ounce of prevention is worth a pound of cure. Providing health insurance and other benefits for employees allows them to take preventative measures to stay healthy and balanced, which in turn helps the employer. A healthier employee is less likely to cost the employer money through lost productivity. Benefits are also used by employers to attract new talent into the organization. But what goes into creating a robust benefits program? To determine what's best for your organization you should begin with a benefits needs assessment, also known as benchmarking. Benchmarking is comparing your company's benefits to similar companies in the external market. Another way to gather data needed to build a competitive benefits program is to simply ask employees what they want. If employees don't find the benefits offered to be of value then those benefits won't support the retention of high performing employees or the attraction of new ones. Finally, benefits programs…
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