Compensation and Benefits: Essentials of Benefits

Abstract

Benefits are an important part of the overall rewards package and often require a long-term financial commitment by the organization offering them. Employers need to keep in mind that while benefit offerings and design are mostly local in nature, they still need to fit into the overall global rewards strategy, and the company must ensure appropriate governance and tax and legal compliance. Tax-efficient benefits, while beneficial to the company and employees alike, are often complex to administer for the company and not easy to understand for the employee. Companies can maximize the return on their benefit investment by engaging employees and making it easy for them to participate in the program.