For employees and their families, benefits provide important assistance and support essential areas of their lives including health, future financial security, time off, and more. Benefits are also an evolving part of the workplace, responding to the changing needs of the workforce and society as a whole. Benefits are a significant cost to employers but also assist the organization in many ways. Effective employee benefit programs are a fundamental part of most organizations, large and small, and in any industry. They are especially important in today s workplace as tight labor markets challenge employers ability to attract and retain the best employees.
Benefits also play a role in employee productivity, an important factor in bottom-line success.
In today s workplace, two of the most important issues involving both employers and employees are benefit costs and flexibility to accommodate individual needs and situations. Because of the significance of benefits, government is also involved in terms of enacting legislation and monitoring programs. Legally required benefits include unemployment insurance, workers compensation, Medicare and social security. In addition, government also sets requirements for programs such as family leave. This is the follow up to the original 1997 report based on the 1996 survey.