The right employee benefit plan iskey to any organization. This benefitplan plays a substantial role in the welfare of the employees within anorganization. An employee benefit plancan be a driving force for the motivation of employees to be more productiveand also serve as a way to preserve and retain employees within theorganization. There are numerous thingsto contemplate when planning and developing a benefits package, these considerationscan be both internal and external. Internal considerations include things such as benefits that are not requiredfor an organization to provide such as retirement benefits, health carecoverage, the structure of organization, and budget. The external considerations are things anorganization is required to provide by law, such as social security and variousforms of worker’s compensation.
Thispaper is going to discuss what is most important in the planning process ofdeveloping an employee benefit plan and the least important consideration andthe factors that go into making these considerations. Consideration in Developing aplan There areseveral things to be considered when developing an employee benefit plan. One of the biggest things to contemplated bythe organization is how does or will this benefit plan mesh with the goals,mission, and objectives of the organization. Another consideration when developing the employee benefit plan for theorganization is will or does this plan offer satisfaction to the employee allwhile still meeting the overall objectives of the organization.