Human Resource Benefits Management
Benefits management is an important part of human resource management, and something recruiters and other human resources professionals should definitely be knowledgeable about. In human resource benefits management, HR professionals analyze how various employee benefits affect employee retention, loyalty and performance, as well as costs to the client for benefits packages. HR benefits management may also include creating and implementing benefits plans for current employees or offering new plans to job candidates. Most benefits management programs are designed to cut costs for the client while giving the most value to job candidates.
What are common employee benefits?
Traditional benefits include disability, dental, medical and life insurance, 401K plans, paid time off and retirement plans. Other benefits can include gym memberships, paid professional organization memberships, tuition reimbursement, paid parking, discounts on auto and other types of insurance, as well as other fringe benefits and perks.
Why should recruiters understand benefits management?
Recruiters are human resources professionals, and they should be able to offer their clients services other than headhunting and screening applicants. When recruiters understand how employee benefits impact things like bottom line costs and employee retention, they can make better decisions about benefits packages and help negotiate job offers that make both candidates and clients happy. Often, a good benefits package can sway a job candidate that is on the fence about a position, and many candidates cite benefits as a more important concern than salary.
What do recruiters need to know about employee benefits management?
Recruiters need to understand the basics about how employee benefits packages affect employee retention so that they can effectively advocate for the benefits that will keep their new hires working. Recruiting professionals should also understand the particular benefits package offered by the client so that they can inform candidates during the interview process and prepare new hires during the onboarding process. Knowing how benefits packages compare to other packages offered by different companies can also help recruiters market employers and attract qualified candidates.
How do federal regulations affect human resource benefits management?
The US government regulates many aspects of employment in this country, and they are also increasing regulating benefits packages as well. Human resource professionals who specialize in benefits management need to stay on top of the latest government regulations regarding 401(k) plans, medical insurance and paid leave time. Part of the recruiters or HR expert’s job is to protect clients from fines and legal missteps during the hiring process, and benefits management can help make that happen.