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Employee Benefits
Describe the importance of employee benefits as a strategic component of fulfilling HRM goals.
Employee benefits are very important in today's highly competitive marketplace. They are function to meet a variety of their personal and family needs for employees and for that reason are highly desirable and sought offer. For human resource managers, they can serve to attract and retain the best and brightest personnel. There are legally required benefits and voluntary ones -- and each has its own associated costs to an organization and complexities. Popular benefits sought by today's skilled workers include health, dental and vision insurance, retirement plans, paid time off, stock options, tuition reimbursement, employee assistance and wellness programs, and all sorts of coverage extensions for family members and domestic partners.
Employee benefits are also important because they are expected. They can provide meaning and value to employees and impact work behavior. Poorly designed and inadequate...
By creatively designing benefit options, administrators can cost-effectively secure top talent for an organization. Benefits packages can complement salary packages and help create a better-rounded offer, particularly for senior level hires.
Explain how Genentech and Zappos are using employee benefits as a motivating tool.
Companies such as Genentech and Zappos understand the bottom line impact of high employee turnover and low morale. They creatively offer benefits as incentives for employees to stay with the company and focus on their contributions. In short, "cool" benefits can incite high productivity. For most employees, achieving an adequate work life balance is important. Benefits such as generous vacation and sick time, flexible working hours, on-site child care, and support for nursing and expectant mothers and fathers have paid off well for Genentech. They serve as attractive motivational…
Employees' Benefit Package Employee Benefit Package Employees' Benefit Package How Would you Handle the Selection of the Employees' Benefit Package? Selection of Employee's Benefit Package With high inflation rate and soaring prices of everything around us, attractive Employees Benefit Package play a vital role for the employees in making the right selection of a job. An employee compensation package consists of two components one is the fixed income in the form of basic salary and
Yes, employees are replaceable. However, that does not mean they have no value. Genentech and Zappos see the value in each and every one of their employees, and so they provide benefits that motivate those employees to stay with the company (Genentech, 2011; Zappos, 2010). Many of the benefits offered by these two companies are not offered at other companies, so employees want to stay where they are. That
Employee's do not have to sue the employer to get this compensation. It is normally paid through an insurance system that is financed through premiums paid by the employers. Workers' compensation premiums are based upon the accident and illness record of that organization. Obviously, larger numbers of paid claims results in higher premiums. The medical expenses are normally covered in full the under workers compensation laws. This is a
Despite offering such a comprehensive benefits plan, Microsoft has not always been in compliance with laws governing these plans. In the case Vizcaino v. Microsoft Corporation the court ruled that the company denied some of its workers benefits under its Savings plus 401(k) plan (SPP) and Employee Stock Purchase Plan (ESPP) based on the mistaken assumption that they were independent contractors and therefore not eligible for its benefits. Even though these
Employee Benefits and Services Employers still elect to offer their employees healthcare benefits despite the ever increasing costs. This they do as a result of; pressure from the labor market, the need to increase or enhance employee performance, etc. Some of the factors that affect employer spending on benefits include the financial health of both the company and the industry. Given the effects of the recent downturn in economic activity, I am
To address the issue of government mandated benefits it is important for the company to perform a regularly scheduled maintenance check to be sure the company is constantly in compliance. The rules and regulations for government mandated benefits are constantly evolving and changing, leaving even the best intentioned company in precarious positions at times. All it takes is one dissatisfied employee or former employee to lodge a complaint and if