Benefits are any form of compensation that aren't part of an employee's basic pay and aren't tied directly to job requirements or performance levels.

Specific employee benefits today take a multitude of forms — from the basics that you find in every benefits package (Social Security, workers' compensation and unemployment insurance) to highly specialized offerings such as tuition reimbursement, child- or elder-care assistance and in-house concierge services.

Precisely which benefits you offer and what portion of your payroll expense goes to pay for these services will depend on your company's financial health, the competition for talent within your industry and your strategic business plan.