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Key Topics
Requirement
Research to benefits that are provided voluntarily by the employees such as health care, retirement savings plans, child care facilities and coverage for domestic partners.
Solution
Introduction:
Benefits provided to the employee include any perk in addition to their salary. The investment the organization makes in their employees benefits also deserve maximum returns. The organization should have an expertise so as to assess the employee benefits needs of the company and adequate resources for implementing a planned structures for the employees. The most common types of benefits that are being offered to the employees worldwide are (UC Davis Health System, n.d.):
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1. Medical, disability and life insurance;
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2. Retirement Benefits;
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3. Paid time off;
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4. Safety Benefits;
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5. Maternity Benefits;
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6. Fringe Benefits;
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7. Cafeteria Plan etc.
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These benefits provided to the employees are extremely crucial for the organizations in making the employees realize that they are being appreciated. Many primary surveys and studies have pointed that the flexible working along with valuable perks have helped in retention of the staff and some cases have been beneficial for considerable savings in the turnover costs. Further the organizations with such a flexibility are attracting career-oriented employees in a significant amount. These career-oriented employees reach out for the organizations that look out for his family, financially as well as health-wise. Similarly, the employers prefer providing more than the required benefits so as to maintain a healthier and a productive environment in the workforce and have helped in a decreased employee turnover rates. (Famulari, 1989).
Further many studies have reported that the family-friendly policies and perks have helped to reduce the absent rates (Smeaton, 2014). With these benefits, the employee gets ample of time with his family, a regular wellness checkup thus the probability of the downtime spent with family and home decreases considerably. The econometric evidence has suggested that these perks and flexibilities are benefiting the organizations, but these findings have not been very consistent. (Smeaton, 2014)
Despite the pros of the benefits being given to the employees, it has been seen that in some workplaces that some workers are being benefitted more than the other types. For example, higher pension contribution is provided to highly compensated employees. These inequalities have been providing inadequate results and are not favorable for the organization. (Famulari, 1989). Further problems raised by the benefits given to the employee include excessive expenditure along with the exorbitant amount of paperwork, maintenance of less productive workers in the organizations.
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While examining the pros and cons of the benefits being provided by the employers to his workers, it can be concluded that the when the company loses an employee or when the employee leaves the organization, both the ways the organization suffers a great deal of loss financially. The organization will suffer financially in the training of the new employee. Thus, it is more economical to provide benefits to more productive employees than to lose money in training new employees. Thus providing a great deal of services and benefits to the employees is it turn benefitting the organization financially. However, it is the responsibility of the organization to put together the benefits package according to the needs and comfort of their employees and the needs of the workplace.
Reference:
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Famulari, M. (1989). Employer-provided benefits: employer cost versus employee value. 1st ed. [ebook] Monthly Labour Review, p.26. Available at: http://www.bls.gov/mlr/1989/12/art4full.pdf [Accessed 28 Feb. 2016].
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Famulari, M. (1989). Employer-provided benefits:employer cost versus employee value. 1st ed. [ebook] Monthly Labour Review, p.28. Available at: http://www.bls.gov/mlr/1989/12/art4full.pdf [Accessed 28 Feb. 2016].
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Smeaton, D. (2014). Costs and Benefits to Business of Adopting Work Life Balance Working Practices: A Literature Review. 1st ed. [ebook] UK: Department of business innovation and skills, p.8. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323290/bis-14-903-costs-and-benefits-to-business-of-adopting-work-life-balance-working-practices-a-literature-review.pdf [Accessed 28 Feb. 2016].
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