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Benefits hold strong amid economic volatility

Posted on November 28th, 2012 Read time: 1 minutes

The recent Verisight and McGladrey Compensation, Retirement and Benefits Trends Survey found benefits continue to remain a major factor in total reward decisions, with 47 percent of executives using the perks to attract and 48 percent to retain top talent.

Martha Sadler, managing director of Verisight, explained that in the aftermath of the recent economic downturn, businesses are juggling increased benefits costs and regulatory changes. Many executives are working with tightened budgets but want to maintain retirement and benefits programs for total rewards for workers.

"In general, leaders are being asked to do more with less and this directive is defining current practices in compensation, retirement and health and welfare benefits programs," added Sadler.

Human resources departments are being tasked with finding a balance between increasing costs of health coverage and retirement perks onto employees, without straining worker budgets and eliminating the upside of the benefits. Working with human resources experts can help companies select the most successful benefits package for current and future employees, while maintaining budgets and enhancing the bottom line.

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