Little information regarding the cost of employee benefits is published by Lowe’s. However, since Lowe’s provide competitive and market-related benefits packages to its employees, a broad look at benefits cost across companies should suffice.
Employee benefits are expensive, and it is a significant contributor to employee cost for an enterprise. Joseph Hadzima (2005), a lecturer at the Sloan School of Management at MIT, places the costs of employee benefits at approximately 25% - 40% of the cost of employee salaries. That means, the total compensation package for an employee who earns $50,000 per year, could easily amount to $62,500 - $ 70,000 annually when their employee benefits are accounted for (Yadzima, 2005).
When it comes to employee
Employee benefits are expensive, and it is a significant contributor to employee cost for an enterprise. Joseph Hadzima (2005), a lecturer at the Sloan School of Management at MIT, places the costs of employee benefits at approximately 25% - 40% of the cost of employee salaries. That means, the total compensation package for an employee who earns $50,000 per year, could easily amount to $62,500 - $ 70,000 annually when their employee benefits are accounted for (Yadzima, 2005).
When it comes to employee