A company’s ability to attract and retain top-level talent is based, in part, on the level and content of compensation and employee benefits relative to other employers who are competing for the same resources (people).
There are two distinct elements required to effectively manage employee benefits:
1. Knowing what the market and the competition are providing
2. Determining where you want your company to be positioned relative to the market and your direct competitors
Labor Market Assessment
Conducting an assessment of your labor market and competitor practices should be done annually and reviewed as part of the business planning process. Changes that are implemented, along with the resulting budget requirements, ...
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