I am an HR Student and I need help for a project. How do you design a benefits package? Strategy?

Question

With a limited benefits budget of $6000 and $1000 for bonus/incentive per employee per year. I have no idea how to design a benefits package and I have no experience with budgeting any help would be appreciated.

Answer 1

We recently did this in real life (for a new business with real budgets).

We first established the targets we wanted to obtain:

- hiring good quality staff

- retaining good quality staff

Then we tried to find out more about the lifestyle of our "ideal staffmember". An example:

- receptionists are lower educated people with possible having kids and family.

- junior management: are highly educated people without much management experience, most of them have graduated only a few years ago. They might have family but most of them do not have kids. They are interested in travel and various experiences.

- senior management: highly educated and experienced people, interested in culture. They most likely have teenage (or older) children and are worried about their pension.

Then we tried to make a benefits package that would be attractive for them.

- receptionists get a career that is easy to combine with family (less overtime) and tickets to pro sports (no museums)

- junior management: gets housing assistance (an expensive perk), assistance with paying college debts

- senior managements: gets various family friendly perks (tickets to museums, pro sports, ...) as well as financial support for tuition costs for their kids.

The key is to have an objective to attain and to develop a policy that can help in attaining this objective. (for us, making a happy place to work was impossible because it's a new business).

Answer 2

Go to the internet and search, youd be surprised.