9 Steps to Design a Solid Employee Benefits Strategy

A well-designed employee benefits strategy will help your organization navigate through an ever-changing candidate market. Attracting and retaining talent in your organization is one of the leading concerns for companies today. Not only is turnover costly, but when talent leaves, it affects the organization’s performance and may make it more difficult to keep other high-performing team members.  Understanding your employees’ needs and designing a crafted solution is one of the most critical aspects of successful HR management. Learn how to develop a customized employee benefits strategy in this article. ContentsWhat are employee benefits?Why does your organization need a strong employee benefits strategy?How to design and improve your employee benefits strategy What are employee benefits? Before we get ahead of ourselves, let’s first discuss what employee benefits actually are. Some HR managers like to differentiate between the terms ‘benefits’ and ‘perks’. In this case, benefits are non-wage compensation that pays for expenses an employee would typically have to cover with their salary. For example, child care, commuting costs, and saving for retirement. On the other hand, perks tend to be described as extra rewards or additional incentives, such as summer working hours, a pet-friendly office, or an onsite gym. These incentives