Скачать или смотреть Information Used in Strategic Benefit Planning

Companies review and interpret several types of information for strategic benefits planning. This process permits business professionals to understand their company’s standing in the market. Companies in stronger financial positions are better able to allocate resources toward funding benefits programs than those in weaker positions. Strategic benefit planning relies on both external and internal sources of information to shape decision-making.

Key external factors include industry prospects, economic forecasts, compensation and benefits costs, government regulations, and workforce demographics. .Positive industry and economic forecasts may justify expanding benefits to attract and retain talent, while negative forecasts may prompt cost-cutting. The U.S. Bureau of Labor Statistics (BLS) provides data on compensation and benefits costs that employers can use for benchmarking and budgeting.

Four main forces influence discretionary benefits: adequacy of legally required benefits, employee expectations, the cost of required benefits, and general economic conditions. Federal laws like FICA and FUTA impose employer taxes that support Social Security and unemployment programs, reducing available funds for discretionary benefits. Internally, workforce demographics shape benefit preferences and needs, often tied to life events and stages. Diverse workforces increase the complexity of designing benefit plans that meet a wide range of expectations.

Collective bargaining agreements directly affect benefit structures, and unionized employers typically spend more on benefits than nonunion employers. The National Labor Relations Act requires employers and unions to negotiate over mandatory benefit subjects like pensions, health insurance, and paid time off. Private-sector employers with unionized workforces spend more money on benefits per hour worked than do their nonunion counterparts.