Employee Benefits

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Planning and Developing Employee Benefits Name Institutional affiliation Date Planning and Developing Employee Benefits In the recent past, there has been an increase in the number of organizations that have adopted other employee benefit schemes apart from that are mandated by the government. Employee benefit plan plays an important role in the development of the employee’s welfare as well as that of an organization. Although organizations are obliged by the law to provide certain compensation and benefits to the workers, the companies can be motivated by other reasons into adopting various employees’ benefit schemes. The plans are used by organizations to motivate workers, to increase productivity as well as a retention strategy to discourage the employees from leaving the company (Plans, 2011). The benefit plans often vary, but there are common factors that should be taken into consideration when planning and developing these schemes. In planning and developing employee benefit plans, a company should take into consideration both internal and external factors. Internal factors include factors within an organization and all the benefits that the employer is planning to provide at his own discretion, for example, health cover and retirement benefits. Conversely, external factors, include the worker’s benefits that the organization is mandated by the law to provide such as social security and employee compensation. It is paramount that any benefit plan developed and implemented should align with the company’s goals and objectives. The plan must link with the mission of the organization. The aim of businesses that developing and implementing worker

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