Question

Human Resource Management | 16th Edition by Sean Valentine/Patricia Meglich/Robert L. Mathis/John H. Jackson

Identify four strategic benefit considerations.

Answer 1

Four strategic benefit considerations :
1. Design - Benefit design are a set of rules to generally administer insurance plans, e.g. compensation , return for each benefit, flexibility of a package,etc.

2. Competetive advantage - For an organization's stakeholders, having competetive advantages build brand loyalty and generates a better value.

3. Workforce attraction and retention - If an employee has better returns on what the firm promises, he feels more attracted to work for the firm. The same goes in cases of retention, where better benefit strategies generally mean, an employee would be more likely to retain his contract of work.

4. Cost control and measurement - Organization of cost management and budget for the firm is a crucial step to maximize its own returns at the end of a financial cycle.