Compensation And Benefits Of Compensation Essay

769 Words Nov 14th, 2016 4 Pages
Compensation and Benefits – The area of Compensation and Benefits belongs to the most specialized areas in Human Resources Management. Youssef (2015) noted “Pay and benefits are critical factors in the attraction, motivation, and retention of talent” (p. 196). There are several reasons that an employer or organization will offer benefits and services to their employees. For example, Youssef (2015) noted, “According to the Bureau of Labor Statis¬tics, Organizations spend billions of dollars a year voluntarily providing their employees with numerous additional benefits in the hope of gaining a competitive advantage in attract¬ing, retaining, and motivating the right talent” (Youssef, 2015, sec 9.1 p. 222). In order to retain the best talent, organizations have to pay attention to the pay and benefits organizations offer to their employees. Federal and state governments mandatory benefits include unemployment insurance, workers compensation, social security, Employer-provided healthcare, Family and Medical Leave, Unemployment insurance, jury duty leave and military leave (Youssef, 2015, sec. 9.2, pp. 225-226). In addition to the benefits required by law, many employers provide other kinds of benefits voluntarily, such as, severance pay, pension plans, health, dental and vision plans, paid time off, insurance protection, retirement plans, life insurance, short and long-term disability, and various retirement programs. Some organizations even offer tuition reimbursement…

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