Concept and Brief Description: As part of the total compensation paid to employees, benefits serve as a function similar to pay. Benefits contribute to attracting, retraining, and motivating employees. The variety of possible benefits also helps employers tailor their compensation to the kinds of employees they need.
Emotional Hook: If you or an immediate family were sick, do you have the necessary cash on hand to obtain medical attention? Do you insurance to ease the financial burden placed on your family due to a medical crisis? Would health care be a deciding factor when considering employment?
Key Points:
Benefits Required by Law:
1. Social Security
2. Unemployment Insurance
3. Workers Comp
4. Unpaid Family Medical Leave
Optional Benefits:
1. Paid Leave: vacation, holidays, and sick leave. Organizations often provide paid leave for jury duty, funeral of family member, and military duty. Time off to vote or donate blood. D
2. Medical: Typically cover hospital procedures, surgical procedures, and visits to physicians. Plans can also include dental, eye, birthing centers, and prescription programs.
3. Flexible Spending Acct
4. Life Insurance
5. Disability Insurance
6. Long-term Care Insurance
7. Retirement Plans
a. Defined-benefit plans
b. Defined-contribution plans
c. Cash Balance Plan
8. Family-Friendly Benefits
a. Family Leave
b. Child Care
c. College Savings
d. Elder Care
9. Other Benefits
a. Tuition Reimbursement
b. On-site basketball, gyms, company-sponsored softball team
c. Meal tickets, weekend getaways, manicure,
d. On-site cafeteria
Facilitative Question: In a time when organizations are seeking to gain competitive advantage, do benefits beyond a typical salary matter to individuals?
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