Employee Benefits
Employee Benefits
Theatric L. Ishmon
Upper Iowa University
Human Resource Management
October 19, 2012
Abstract
Employee benefits could possibly be one of the most important factors that employees look at when deciding on a place of employment. As employers are not legally required to grant all benefits, some voluntarily grant legally not required benefit as a way of differentiating their organization from their competitors. Because of the many forces that must be weighed and kept in balance for a benefits program to succeed, benefit program should be compatible with the organizations strategic compensation plan. Employee benefits can be important to both organization and employees. It could be assumed that organizations use benefit programs as of way of attracting and retaining talent. Also, it could be possible that benefit plans are important to employees as well for reasons such as balancing work-life or a sense of security.
Employee Benefits There can be an assumption made that the wage, or salary offered by employers is one of the top factors people look at when they apply or accept a job. But is this true? It could be assumed that some people feel that benefits offered by employers are more important. According to the Bureau of Labor Statistic, “Benefits are nonwage compensation provided to employees. The National Compensation Survey groups benefits into five categories: paid leave (vacations, holidays, sick leave); supplementary pay (premium pay for overtime and work on holidays and weekends, shift differentials, nonproduction bonuses); retirement (defined benefit and defined contribution plans); insurance (life insurance, health benefits, short-term disability, and long-term disability insurance) and legally required benefits (Social Security and Medicare, Federal and State unemployment insurance taxes, and workers’ compensation)” (U.S. Bureau of Labor Statistics Division of Information Services, p. 1).
Over the years there has been
Theatric L. Ishmon
Upper Iowa University
Human Resource Management
October 19, 2012
Abstract
Employee benefits could possibly be one of the most important factors that employees look at when deciding on a place of employment. As employers are not legally required to grant all benefits, some voluntarily grant legally not required benefit as a way of differentiating their organization from their competitors. Because of the many forces that must be weighed and kept in balance for a benefits program to succeed, benefit program should be compatible with the organizations strategic compensation plan. Employee benefits can be important to both organization and employees. It could be assumed that organizations use benefit programs as of way of attracting and retaining talent. Also, it could be possible that benefit plans are important to employees as well for reasons such as balancing work-life or a sense of security.
Employee Benefits There can be an assumption made that the wage, or salary offered by employers is one of the top factors people look at when they apply or accept a job. But is this true? It could be assumed that some people feel that benefits offered by employers are more important. According to the Bureau of Labor Statistic, “Benefits are nonwage compensation provided to employees. The National Compensation Survey groups benefits into five categories: paid leave (vacations, holidays, sick leave); supplementary pay (premium pay for overtime and work on holidays and weekends, shift differentials, nonproduction bonuses); retirement (defined benefit and defined contribution plans); insurance (life insurance, health benefits, short-term disability, and long-term disability insurance) and legally required benefits (Social Security and Medicare, Federal and State unemployment insurance taxes, and workers’ compensation)” (U.S. Bureau of Labor Statistics Division of Information Services, p. 1).
Over the years there has been