To attract and retain the top people in your field, you need an employee compensation and benefits package that sets your company apart. Today's professionals want more than paid vacation days and a retirement plan; they're also looking for incentives that encourage a work-life balance and personal and professional advancement. As important as being creative and relevant is, though, it's equally important to comply with the federal regulations regarding fair wages and benefits like medical and family leave.
Employee benefits industry resources can help you create a compensation and benefits package that encourages people to join, and stay with, your company, and that also meets federal guidelines. Through employee benefits reference materials, you can:
Stay current on the latest trends in benefits by keeping up with the employee benefits industry
Associations for third-party benefits providers can help you stay up-to-date on popular benefits and incentive products. Here, you'll find information on what's new, and what's working well for other companies.
I recommend: The website for WorldAtWork, a national human resources association, includes sections on
compensation and
benefits. The Employee Benefits Institute of America offers employee benefits and compensation guidance to employers through
manuals and
seminars.
Comply with federal regulations by researching legal employee compensation and benefits information
Much of what an employer includes in a benefits package is at their discretion; however, there are some benefits that are legally mandated. Many health benefits, for example, are required by law, such as Newborns' and Mother's Protection, or Women's Health and Cancer Rights Protections.
I recommend: The U.S. Department of Labor oversees fair compensation and legally required benefits, and can help you stay compliant; take a look at its
wages section. For up-to-date legal compensation and benefits information, subscribe to the
Benefits & Compensation Law Alert from HRhero.com
Find employee compensation and benefits information resources specific to your type of organization
Maybe your company can't afford compensation or benefits as impressive as that of a Fortune 500 company. Nonprofit groups or small businesses, for example, may have a smaller budget to work with, and may have to be more creative when putting together employee compensation and benefits packages. You can partner with a local health club to offer discounted memberships, or allow employees to do volunteer work during business hours, for example.
I recommend: Entrepreneur.com's compensation and benefits section includes ideas, advice and other employee benefits information for small businesses, including offering employee assistance plans, allowing employees paid time off to volunteer, and how to know if you should offer a 401(k) plan. and how to choose an employee incentive program.
Idealist.org includes a section on nonprofit compensation and benefits.
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