Every company wants to make sure their employees are well-compensated for a job well-done. Jennifer Paterson of Britain’s Employee Benefits magazine hints of a possibility that the compo may be enhanced:
“Nearly one in six (59%) respondents plan to change their benefits strategy in 2014, according to research by Edenred.
Its Benefits insight: trends for benefits in 2014 research, which surveyed almost 100 HR and reward professionals, found that 69% plan to increase the number of benefits they offer in 2014.
Nearly three-quarters (72%) of respondents said benefits budgets would be static, while only 7% have been asked to cut back on benefits.
Almost half (49%) said pensions auto-enrolment was the biggest driver of change in their benefits strategy, while 43% cited the cost of living.”
The same may ring true for companies across the Atlantic, especially in Virginia. The state’s proximity to vital business and government centers makes it a viable area for other individuals and organizations to set up shop as well. However, with the competition being all too fierce, the potential for employees leaving for supposedly greener pastures is damaging; this will warrant getting a more lucrative compensation package with the help of VA employee benefits services like Financial Brokerage Services, Inc.
The study’s other items do provide clues for non-respondent firms to consult a benefits specialist about improving their packages. For instance, 49% of respondents noted that reducing the benefits coverage can hamper recruitment efforts, especially if a company intends to expand its work pool. Some 74% agree that installing a benefits package allows for better employee inputs in the organization affairs.
Every Virginia group benefits and perks plan should follow guidelines set forth by the Employee Benefits Services Administration. A company such as Financial Brokerage Services will be the perfect avenue to ensuring that every employee will get their due and then some.
(Article Information and Image from Employers plan benefits strategy changes in 2014, Employee Benefits magazine, January 13 2014)