Getting a grip on employee benefits.
Business North Carolina › Vol. 15 Nbr. 3, March 1995
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Getting a grip on employee benefits.
If executives think the amount of money they contribute to employee benefits will shrink any time soon, they had better think again, says John Hood, vice president of the John Locke Foundation, a public-policy think tank in Raleigh. "From the workers' or employees' perspective, there's an incentive to demand noncash benefits that are free of taxation. Benefits have become a popular thing for businesses to do."
In fact, government regulations coupled with corporate competitiveness have made nonsalary benefits essential for attracting and retaining top-flight employees. On average, benefits command a whopping 40% of payroll expenses. To keep these folks happy, executives must craft benefit packages to be as competitive - not to mention cost-effective - as possible. Insurance companies, the health-care community and other benefit providers have responded with a dizzying array of options. Never before have human-resource officers been faced wit...See the full content of this document
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