Running head: BENEFITS PACKAGE
For any employer, the ability to manage their employee benefits is an important aspect of
human resource management. There are some mandatory benefits that some employers may be
required to give their employees such as social security contributions but there are also some
voluntary benefits that the employer may opt to give their employees. The compensation package
of employees is a cost that the business has to be ready to incur and at the same time, it is an
important part of recruiting and retaining employees. There is a great need for employers to have
a well-thought-out plan on their benefits package. The benefits plan for a new employee should
have several components which will determine what is necessary.
The benefits package of a new employee is an important determinant of the
competitiveness of an organization. When deciding the items that are going to be in the benefits
package it is important to consider some factors. To begin with, the objectives or goals of the
organization's benefits package have to be determined (SHRM, 2017). The human resource...