Description

With the Great Resignation effects still mounting, retention of employees has become imperative for business continuation. The potential costs of advertising for, hiring, and onboarding new employees bring the importance of keeping existing employees into sharper focus.

Managing employee benefits is an important and costly endeavor for employers. Though most employers are required to provide mandatory benefits such as Social Security contributions, worker’s compensation insurance, and unemployment insurance, most other benefits are voluntary and determined by the employer.

Benefits programs vary greatly, but typically they include medical insurance, life, and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs. Benefits selection and design are critical components in the total compensation costs.

In some cases, benefits account for 40 percent or more of total compensation costs. Due to the employer cost investment and the importance of employee benefits in recruiting and retaining, employers should have a well-thought-out benefits plan design that meets both employee needs and employer objectives.

Now is the time to strengthen employee benefits and offer solutions to the issues your employees have; issues that keep them from planning a robust retirement. Preserve your company’s important resources by being creative and taking the few steps discussed in this Webinar.

Key topics covered in this course:

• Identifying the puzzle pieces and stakeholders
• Benefits essentials
• HR metrics and capital management
• Behind the great resignation
• HR and employee focus