Benefits are profitable for employers and employees. Former recruit best talents and retain human capital, while later secure the future with professional and personal growth. However, without a well-design benefits strategy, all efforts and opportunities for fostering a connection with workers will be lost. Moreover, neglecting enough time for planning a benefits strategy will result in a loss of thousands of dollars for both a company and its workers.

We provide a detailed guide to discuss five crucial steps in benefits administration. But before getting down to business, let’s settle on the terms.

Benefits in a word

Employee benefits are non-wage compensations that a company provides to its workers.…