Employee Benefits

Essay by RectifierCollege, UndergraduateA-, June 2004

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Employee Benefits

When thinking about a job, considering the salary and the benefits offered by and employer is important. Many benefits play a critical role in the lives of employees and their families by assisting in health needs, future financial security, needed absences from work, and more. Benefits may include programs like paid time off, medical insurance, dental insurance, disability, life insurance, retirement benefits, family leave, education and training programs, bonuses, commissions, and stock options. Why offer employees benefits? Some of the reasons to offer employer's benefits are:

· To attract and hold capable people

· To keep up with competition

· To foster good morale

· To keep employment channels open by providing opportunities for advancement and promotions as older workers retire.

A combination of benefits programs is the most efficient means of meeting economic security needs. For many employers, a benefit plan is an integral part of total compensation, because employers either pay the entire cost of a benefit plan or have employees contribute a small portion of premium costs for their coverage.

A serious illness or injury can be devastating to an employee and his or her family. It can threaten their emotional and economic well being, thus adequate health insurance is important to employees and is a part of the solid group plan.

Group health plans help attract and keep employees who can make your business a success. They relieve your employees of the anxiety of health care costs by providing the care they need before illness becomes disabling, thus helping you avoid costly employee sick days. Group health plans usually cost less than purchasing several individual policies with comparable coverage. More over there are tax advantages to offering health care benefits: your contribution as an employer may be deductible and the insurance is not taxable...