Importance and Roles of Employee Compensation

Employee Benefits: The Company should consider and perform a cost benefit analysis for offering better benefits for employees.

Employer-sponsored benefits reflect the culture and business of the organization, and plans should be crafted and selected accordingly. Think about your current (or former) organization's benefit plan. Did it help to improve the quality of your work as well as your personal life? Why or why not? Was it a generous benefits program or were there specific benefits you felt should have been included?

Offer a competitive benefits package that fits your employees’ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees and bonuses. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.

One of them is vacation days, which I like because I love going on vacations, sick day, and paid holidays. The job also have health insurance for them and their families. The job can also pay for some of the college if they go back to get a higher degree and the job offer they with vehicles like boats, car, or trucks, they need to use so they can get their job done. (“working condition”1)

There are a few benefits that employees will expect as standard. These benefits are usually seen as priority and can include pensions, medical, dental and life insurance and. Aside from priority benefits a number of companies need to add extra enticements. These employee benefits can include discretionary bonuses, performance related bonuses, profit sharing, gym memberships. Employers who then go the extra mile above standard employee benefits packages may be looking at some extra loyal employees. Innovative employee benefits are not the normal or standard benefits. They can sometimes be seen as unusual but can actually be very worthwhile. Examples of innovative benefits can include:

It is necessary to address profitability of the healthcare providers positions and positions requirements such as experience, certifications, and education requirement. Types of benefits an employer can add to the compensation package are insurance befits for the employee and dependents, professional benefits, life insurance, retirement packages and many other incentives like home loans, relocation expenses, practice setup costs, sick leave, retention bonuses and more (Health Professions Compensation, 2013).

Pay, paid vacation, personal days, health insurance and bonuses. In the year 2000 there were many jobs that people

Today’s workplace has expanded with a variety of men and women working for different businesses throughout the United States. The increase of working men and women has brought successful businesses to thrive and meet company’s needs and goals. Employers offer hourly or salary wages to his or her employees and may also include benefits. Every business must have insurance for the company just in case something was to happen, such as a fire, a break in, employee injury or accident. Companies also provide employees health benefits, but the company must choose and decide to work with a health insurance

My job gave a 401k plan, a retirement savings plan, and pension which is a different savings plan. The life insurance plan promised each person depending on how much I wanted per person. Then there’s community discount like coupons at grocery stores for 40% off my entire purchase or a free week of spa treatment. As much as I like these benefits, the job is a dangerous job that requires intense focus and

Employers have been coming up with innovative employee rewards to boost morale and acknowledge employee needs for creativity and personal goal accomplishment. This is a positive sign for both employers and employees because it brings a personal element to the work relationship. Employers are displaying signs of empathy via the acknowledgment of their employees’ needs. Additionally, employees will begin to feel a sense of trust and loyalty to the employer because of their demonstrated acts of compassion. A few of the most up to date employee benefits include use of the Internet during work hrs. for personal reasons; allowing employees to bring their pets to work; establishing a controlled napping policy, and sports and office betting pools.

Besides treating your employees to well-earned perks, offering a company benefits plan has many benefits for the company as a whole, including:

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.

The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide. These benefits include employer contributions to Social Security, unemployment insurance, and workers’ compensation insurance. Altogether such benefits represent about twenty-one and half percent of payroll costs.

The long list of employee benefits assists Google in keeping employee’s engaged, retained, satisfied, motivated, and productive to be able to reach their individual, departmental, divisional, and company-wide goals. All of the above mentioned benefits makes the employees feel valued and respected; therefore, they are more likely to be retained.