Benefits And Benefits Of Employee Benefits Essay - 1422 Words

Believe it or not, when the phrase employee benefits is mentioned there are many different perspectives from various angles as to what exactly employee benefits entail. Some perspectives are, but not limited to, what is deemed an employee benefit, what benefits are required by law to be given to employees, benefits that employees might feel are superior, and whether or not benefits provide value to the employer. For clarification purposes Alison Doyle offers this, â€Å"Employee benefits are non-salary compensation that can vary from company to company. Benefits are indirect and non-cash payments within a compensation package. They are provided by organizations in addition to salary to create a competitive package for the potential employee.† (Doyle, 2016, para. 3). Essentially, this can be taken to mean that employee benefits may be in the form of monetary compensation or still compensation, but without monetary payment to the employee. Examples of employee benefits include, competitive compensation plans, pay for performance packages, flexible work hours policies, and medical leave, which is illustrated in the following scenarios. As an illustration of what some individuals might deem one of the most important components of employee benefits, surround the need to revamp a compensation plan for a franchised restaurant establishment. Paying employees fairly for the service provided is very important in a business’s ability to remain competitive. To yield this result a businessShow MoreRelatedBenefits And Benefits Of Employee Benefits1957 Words   |  8 PagesEmployee benefits are an important component of compensation for many US employees. Approximately 30% of worker compensation comes in the form of fringe benefits, and benefits have been linked to increased productivity and worker satisfaction, and reduced absenteeism (Artz, 2010). 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In fact, an employer’s total benefit package plays just an important role in attracting and retaining talent for organizations as monetary compensation, according to a recentRead MoreEmployee Compensation And Benefits Package Essay905 Words   |  4 PagesIntroduction – Employee Compensation and Benefits This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describeRead MoreEmployee Compensation And Benefits Packages Essay1245 Words   |  5 PagesEmployee Compensation and Benefits Organizations create compensation and benefits packages in order to attract the best talent. In today’s global economy it is imperative that organizations offer compensation packages that are competitive in order to recruit the very best talent in the world. However, in order to be successful, compensation packages must align with business strategies. Authors â€Å"Mathis, Jackson, and Valentine (2014) explain that an effective total rewards approach balances theRead MoreEmployee Benefit And Welfare Activities Essay1490 Words   |  6 PagesEmployee benefit and welfare activities The responses received are tabulated and analysis is done to determine the result. Table no: 4.01- Employee benefit and welfare activities Particular Percentage No. Of Respondents Yes 98.7 148 No 1.3 02 Chart no: 4.01- Employee benefit and welfare activities Analysis: The above table shows that 98.7% of the respondents accept that the organisation provides them with the employee benefit and welfare activities, which is one positive result for the study