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Complete 3 page APA formatted essay: Employee Benefits.Companies also offer these benefits as acts of appreciation in order to take care of the well being of its human capital. The purpose of this pap
Complete 3 page APA formatted essay: Employee Benefits.
Companies also offer these benefits as acts of appreciation in order to take care of the well being of its human capital. The purpose of this paper is to study different types of employee benefits and its how they can be utilize as part of a company’s strategic plan.
Two types of mandatory fringe benefits that employees working for companies receive are social security and unemployment insurance benefits. Companies match the 7.65% percent employees pay to the federal government for their social security pension plan and Medicare benefits. The unemployment insurance is an insurance the employer buys from a governmental agency that pays employees money in case the employee gets fired for up to year on a bi-weekly basis. Other mandatory benefits employees received from companies are a certain amount of sick days and vacation days per year. The typical approximate benefit of accumulated vacation and sick days is ten sick days a year ten vacation days per year.
The other types of benefits companies can offer are voluntary benefits to their employees. A benefit package a company can offer to their employees includes benefits such as health plan, dental plan, company cars, gas allowance, Christmas bonus, flexible time, tuition assistance, training and development opportunities, child day care, elderly care and credit unions among others. A total package of benefits is offered by companies for two main strategic reasons. These two strategic objectives are to enable a company to recruit top talent and in order to retain trained employees in the firm. Offering benefits such as child day care is a very valuable benefit for a single mother. It enables these women to work, while having the reassurance that their children are receiving a proper care which at times costs thousands of dollars a month. A health plan is a benefit that protects the health of the employees and provides the medical financial assistance needed in those times when employees
