Hello Everyone
Today I am going to talk about Benefits and Services. "What are your benefits?" is the first thing many applicants ask. Benefits - indirect financial and nonfinancial payments employees receive for their employment with the company and which employers use to attract, recognize, and retain workers - are an important part of just about everyone's compensation. They include things like health and life insurance, pensions, paid time off, and child-care assistance. Employee benefits account for about 31% of total compensation.
For most employee, health benefits are the 800-pound gorilla of the benefits package. In one recent survey, benefits that people said they coveted most were health, dental, and vision benefits (88%), more flexible hours (88%), more vacation time (80%), and more work from home options (80%). Even human resource managers can underestimate benefits attractiveness. One survey concluded that many human resource managers erroneously assume that things like job security and autonomy are more important than benefits. They aren't.
Policy Issues - Employers therefore should design benefits packages carefully, and there are many policy decisions to make. These include what benefits to offer, who receives coverage, whether to include retirees in the plan, whether to deny benefits to employees during initial "probationary" periods, how to finance benefits, cost - containment procedures, and how to communicate benefits options to employees.
However, we will see that federal law still affects even voluntary discretionary benefits such as vacation leave. And employers must adhere to the laws of the states in which they do business. For example, California requires most state contractors to provide domestic partner benefits for employees.
Thank You
Regards
Shweta Gedam
People Operations | Culture and Wellbeing | Office Management | Startups | Growth companies
1moA question: when people have unlimited PTO, do you know roughly how much time off they take, say, in a year? Or how long in a row? Thanks!