Guide to Employee Compensation and Benefits Information Resources

To attract and retain the top people in your field, you need an employee compensation and benefits package that sets your company apart. Today's professionals want more than paid vacation days and a retirement plan; they're also looking for incentives that encourage a work-life balance and personal and professional advancement. As important as being creative and relevant is, though, it's equally important to comply with the federal regulations regarding fair wages and benefits like medical and family leave.

Employee benefits industry resources can help you create a compensation and benefits package that encourages people to join, and stay with, your company, and that also meets federal guidelines. Through employee benefits reference materials, you can:

1. Research employee benefits by industry.
2. Find out what laws govern benefits and compensation.
3. Keep up with the latest trends in benefits and compensation.
4. Discover what kind of benefits and compensation employees want.
5. Read employee benefits industry reports.

Action Steps
The best contacts and resources to help you get it done

Stay current on the latest trends in benefits by keeping up with the employee benefits industry

Associations for third-party benefits providers can help you stay up-to-date on popular benefits and incentive products. Here, you'll find information on what's new, and what's working well for other companies.

I recommend: The website for WorldAtWork, a national human resources association, includes sections on compensation and benefits. The Employee Benefits Institute of America offers employee benefits and compensation guidance to employers through manuals and seminars.

Comply with federal regulations by researching legal employee compensation and benefits information

Much of what an employer includes in a benefits package is at their discretion; however, there are some benefits that are legally mandated. Many health benefits, for example, are required by law, such as Newborns' and Mother's Protection, or Women's Health and Cancer Rights Protections.

I recommend: The U.S. Department of Labor oversees fair compensation and legally required benefits, and can help you stay compliant; take a look at its wages section. For up-to-date legal compensation and benefits information, subscribe to the Benefits & Compensation Law Alert from HRhero.com

Find employee compensation and benefits information resources specific to your type of organization

Maybe your company can't afford compensation or benefits as impressive as that of a Fortune 500 company. Nonprofit groups or small businesses, for example, may have a smaller budget to work with, and may have to be more creative when putting together employee compensation and benefits packages. You can partner with a local health club to offer discounted memberships, or allow employees to do volunteer work during business hours, for example.

I recommend: Entrepreneur.com's compensation and benefits section includes ideas, advice and other employee benefits information for small businesses, including offering employee assistance plans, allowing employees paid time off to volunteer, and how to know if you should offer a 401(k) plan. and how to choose an employee incentive program. Idealist.org includes a section on nonprofit compensation and benefits.

Tips & Tactics
Helpful advice for making the most of this Guide

• If you want to know what employees want in compensation and benefits, go straight to the source - your current staff members. A simple survey can tell you what parts of your compensation and benefits package employees like, and what they'd like you to change.

The official source of Employee Compensation and Benefits Information Resources is
the Employee Compensation and Benefits Information Resources page at Business.com