Guide to Employee Compensation and Benefits Organizations

Employee benefit organizations provide the human resources professional with valuable insight into the compensation provided by other companies. This knowledge improves employee retention, satisfaction and the company's profits.

Before you join a employee benefits association, it is important to choose an organization that is a good fit. Because most associations charge a membership fee, it makes sense to select the organization that will offer you the most value.

1. Does the employee benefits organization offer classes and conferences in your area? While online information is helpful, to receive the most benefits from a professional organization, you should plan to put in face time.

2. Does the membership of the organization reflect your interests? Even if the group is open to everyone, if the majority of members are in the accounting field, and your company is in manufacturing, it may not be a good fit.

3. In a smaller city, there may be limited opportunities to join employee benefits organizations. Even if the situation is not perfect, you can enjoy the benefits of membership, continuing education and networking. It is your decision on how involved to become.

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

Find a professional benefits organization that meets your needs

The advantages of belonging to employee compensation and benefits organizations are numerous. These groups typically offer educational programs, professional development classes and opportunities for networking.

I recommend: The International Foundation of Employee Benefit Plans is a nonprofit organization for compensation professionals. Your company may want to join the Employee Benefit Research Institute. This group compiles and distributes research, along with government policy changes, on a regular basis.

Update your skills with help from employee benefits associations

Employee benefit organizations often offer training classes and seminars to keep their members updated on new trends and technologies. While some classes may only be available to members, other groups allow anyone interested to participate.

I recommend: World at Work holds an annual conference that offers classes, forums and round tables on information of interest to the compensation professional, as well as offering a wonderful networking opportunity. Review available local benefit compensation organizations, also available at World at Work. The American Society of Pension Professionals and Actuaries provides many web based courses. These classes are open to benefits professionals and are an excellent way to remain up to date on changes in benefit policies.

Use information gathered by employee benefit organizations

If you cannot regularly attend meeting with local employee benefits associations, you can still benefit from their expertise. Many employee compensation and benefits organizations provide employee compensation and benefit information online or in report form, available upon request.

I recommend: Mercer provides compensation packages by industry. The Economic Research Institute provides a compensation tool that you can download. It contains data for various industries and you can provide your own details as well.

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

• The purpose of honing your skills as a compensation professional is to improve retention and productivity while at the same time maximizing profits. This is a delicate balancing act, and forging friendships with others in the same position will make you more effective.

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