What is the crucial element in an organization that influences the attrition rate or helps to retain the best workforce? The answer is proper HR laws that translate to effective employee benefit plans and schemes.
PEO (Professional Employer Organization) offers customer focused employee benefits administration services for client organizations. PEOs offer you great options to attract the best professionals to ...
Congress passed the Employee Retirement Income Security Act of 1974 (ERISA) to address public concerns over the mismanagement and abuse of private sector employee benefit plans by some plan sponsors ...
This study examines the cost of the benefits that employers provide to their workers and how these costs vary with company size. It focuses on benefits that employers voluntarily provide: health ...
Best Employee Benefits Consultant Services
What is the crucial element in an organization that influences the attrition rate or helps to retain the best workforce? The answer is proper HR laws that translate to effective employee benefit plans and schemes. It is a known fact that every employee works for some kind of benefit from their company. These benefits can either be in cash or kind, but the aim is to facilitate the employee in some way or the other, so that he is encouraged to carry on with his work with a company.
Why should you have employee benefit plans?
There are numerous why a company must formulate appropriate employee benefit schemes. Apart from motivating the employee to perform better, there are other reasons as well. They are:-
Tax Credits If you are providing healthcare plans that includes dental or company-paid premium life insurance plans, these expenses come of help during tax time. Furthermore, for employees majority of healthcare plans and pre-tax programs is synonymous to deducting the employee's share of the premium. At the same time, state and federal taxes are subtracted depending on the subtotal.
Employee Packages When you are recruiting employees, they might not be enthusiastic initially or satisfied about their salary. By arranging employee benefits you can throw the expense the organization will be bearing into the overall employee compensation package to show them that the company is investing on their behalf.
Retirement Credits Based on your retirement plan, you can reap tax credit rewards and so can your employees. You can get in touch with a tax professional and enquire about the best retirement schemes.
Reduced Turnover Rate If you ask majority of the employees as to what is their desirable employee benefit, chances are there that most of them would talk about medical benefits. If you acknowledge the relevance of employee benefits you will witness less employee turnover and you can retain them too.
Eminent companies dealing in global HR solutions have realized these aspects and have come with efficient employee benefit schemes. These companies blend advanced technology with their dedicated service team. Hence, they are capable of assisting the delivery of your benefits working in a cost- efficient and highly manageable manner. Some of core employee benefit plans offered are:-
Benefits Consulting and Procurement
Healthcare Cost Management
Executive Benefit Consulting
Online Employee Center
Employee Service Desk
As your employee benefits consultants these companies have brought in certain methodologies that can be best described as "strategic simplicity." They form a one point contact for all the benefits management needs and efficient transactions. They offer information that is easily available helping your company to formulate the best employee benefit plans.
Read Also On: ERISA Compliance
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