Employee benefit

As the job market continues to climb, employers are faced with a job seeker 's market. This means that candidates with desirable work experience are able to be more selective than they were in years prior. Companies interested in courting candidates with phenomenal skill sets have to offer competitive compensation packages. Today, the importance of employee benefits is higher than ever before, as indicated in a recent Glassdoor study reporting 57 percent of respondents agreeing that benefits and perks were among their top considerations before accepting a job. With Gen Y comprising majority of the workforce, it 's critical that organizations focus on getting competitive with the benefits that matter most. Top employee benefits Interestingly…

types of benefits provided by employers over the past decade have been excessive. Benefits have always been used as a non-wage bargaining tool when recruiting workers for the company. They types of perks offered can make or break the company when competing for the workforce. From how benefits started out, to what they are now, and how they are improving the improvement can be see and help employees recognize if they are being appreciated. The use of employee benefits was slowly introduced…

Worksheet 38: Employee Benefits Checklist In this worksheet, I was able to ask my father questions pertaining to his employee benefits. It is necessary to comprehend employee benefits, because employee benefits are just as important as salary. He currently receives ten paid holiday days, 21 paid vacation days, and seven paid sick days. He also has a PPO group insurance plan paid by him and his employer, and Dental insurance paid in full by his employer. He has 401k defined contribution plan…

Employers in the United States provide compensation to workers who carry-out duties that benefit a business. Compensation is made up of wages and fringe benefits. Fringe benefits consist of health insurance and retirement benefits. Historically, employers and employees split the cost share of employer sponsored health insurance. Employers, often with the heavier burden, offer health insurance benefits to their employees at a pre-taxed amount. Employers have a vested interest in keeping a…

their success, they are also facing the challenge of hiring diverse and qualified employees effectively. Companies have changed the way they do business because globalization has transformed society and economy and many companies recognize now that having multi-cultural, diverse workforce is a key to success. Diversity symbolizes a new way of thinking and companies perceive those individual differences as opportunities rather than barriers, but how can they solve the problem of the difficulty…

INTRODUCTION: Benefits are over and above wages and salaries offering provided to employees as part of compensation. They can be called as fringe benefits, perquisites, non-financial benefits, and soft benefits. These have been offered since colonial times, but gained popularity during the World War. The government used it to attract people to join armed forces. Ever since then benefits have become integral part of compensation and have been used as a recruiting, retaining strategy for…

Compensation can be a strategic tool for organizations to attract, retain, and motivate their employees. More than a wages and salary earned by employee, compensation also includes benefits provided. An official statement specifying a company’s standpoint on compensation is known as compensation philosophy. According to the article, “It essentially explains the “why” behind employee pay and creates a framework for consistency. Employers can benefit from being transparent about their…

1) Bayer is a global enterprise with companies in almost every country around the world. They have been recognized globally for their dedication and commitment to their employees, the environment and charitable contributions. The profile I have highlighted is the Canadian sector. This company provides multiple employee benefits; tuition and family planning subsidies, and moving expense when employees choose to move to cities globally where new location are due to open. The extensive list of…

consider paid leave; employee wellness program, and life insurance. Offering paid time off makes the company more alluring, for many workers in today’s world, flexibility is an exceptional advantage. Majority of employees view paid time off as way to improve and increase their work-life balance. Offering paid time off can provide a sense of empowerment to employees. For example, an employee doesn’t have to give a detailed reason to their employers as to why they need time off; employees are…

A total rewards program consists of several different elements that an employee receives for being employed at that company. Most total rewards programs consist of compensation, benefits, work-life, recognition and development. “Total reward embraces everything that employees value in the employment relationship” (Armstrong, 2007). Geico is an example of a company who has excelled at creating a total rewards program for their employees. They focus on providing benefits that will help employees…