Packaging Benefits Packages

Abstract

Supplementary benefit packages and the level of support management gives the package varies widely from firm to firm. On average, consulting and design firms spend approximately 28.75% of gross annual payroll on benefits (excluding federally‐mandated contributions, which account for an additional 10–12%). Basic cost, legislation, perceived value, and company philosophy all play a role in determining the amount that will be spent for such a package. The supplementary benefit package, however, is not a static plan. It is a program that must be monitored constantly in order to control benefit costs as well as keep track of trends, policy changes, legal issues, and the overall quality of the plan. Enhancements should continuously be sought to keep the plan moving along a progressive path. The ultimate success of the plan, however, is determined by overall employee satisfaction which is generally demonstrated by length of service. This article also lists some of the more innovative benefits offered by McKim & Creed and offers analysis on future trends in benefits packages.