Employee benefits

BENEFITS AND HUMAN RESOURCE STRATEGY

Organizations have to find a balance between the benefits that they provide and their cost, trying to maintain employee satisfaction and also saving the company resources. The strategy of which ones are going to be the benefits for the employees depends on the kind of employees that the company has.

For example, if the major population of the company is from women or men who have children, the company strategy about benefits should be like, have some bonus or some alliances with daycares, where they can go there and sign their children up for a cheaper fee, also, provide a flexible schedule. All these benefits in exchange for offering little vary pay and only market-level base pay, and that will equilibrate the total expenses payroll for each employee.

The main reason to offer those kinds of benefits is to stimulate and retain their employees so they will be more competitive, also, try to avoid, losing employees knowhow and waste money and time, recruiting new members.

FINANCIAL BENEFITS

The employers offer a wide range of special benefits to provide financial support to employees. This is a strategy to attract and retained employees.

• INSURANCE BENEFITS: those are other kind of benefits, apart to the health-related insurance. The advantage for the employees is the in the majority of the cases the employer pays for those benefits or if he doesn’t, the employee has to pay less for the benefit because it is cheaper when it is selling to a large group of people.

• Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
• Disability insurance: provide continuing income protection for employees who become disabled and unable to work
• Long-term care insurance: these plans allow employees to purchase insurance to cover costs for long-term health care in a nursing home, an assisted-living facility, or at home. Though employees pay for the premiums, they may get cheaper rates through employer-sponsored group plans.

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