Quantifying the benefits of any one program is more difficult than estimating is costs. It is also difficult to estimate the costs of failing to implement programs that would reduce absenteeism, turnover, and low productivity.
Yet employers will increasingly devote more attention to doing this as benefit options proliferate and as their costs increase.
Human resource managers in all areas are being asked to demonstrate how their programs and actions contribute to the bottom line. Nowhere is this more evident than in the management of benefits.
With adequate cost and effectiveness data for various benefit options, human resource managers are in a better position to make strategic decisions about which benefit programs an organization should have.
You May Like Also:
- Definition of fringe benefits
- Objectives of fringe benefits
- Types of employee benefit plans
- Steps for Benefits Plans
- Corporate Efforts to Measure Benefits
- Future Benefits Changes