Question

In designing a benefits plan, what are the most important considerations for an employer? Keep that in mind when designing the plan, what is important to a millennial may not be important to a baby boomer.

Answer 1

There are a lot of components that go into designing a benefits plan for your company. It must meet the needs of the organization as well as create a pleasurable environment for the employee. The company must consider their staff's demographics and make sure that they are being compensated based on their education and experience with the company as well as their skills and ability to perform the task. The second component to consider is the cost for the company to provide compensation for their employees. Managers should stay within the company's / department's budget when designing a benefits plan for each employee.