What is the importance of employee benefits?
Credit:Jose Luis Pelaez IncBlend ImagesGetty Images
Q:

What is the importance of employee benefits?

A:

Quick Answer

Employee benefits are offered in order to meet state and federal compliance. Various kinds of benefits also serve to lure the best applicants to an organization and to retain existing workforce. It is important to maintain employee benefits as a means of loyalty and talent management.

 Know More

Full Answer

Employee benefits refer to programs that are aimed toward the betterment of workforce and support long-term care of personnel. These resources are split depending on whether they are required of businesses to enforce or enacted by compulsion.

Mandatory employee benefits are leveraged by the federal government. These resources include Social Security taxes, unemployment, disability insurance and workers' compensation. All of these programs require regular reductions in pay checks but provide essential assistance to citizens in times of need.

Voluntary employee benefits are those awarded by organizations in order to lure and retain talent. These options often focus on motivation and incentivization, combining employee empowerment with improved customer service. Popular applications include remote work options, mobile devices in the work environment, fitness programs and commissions for sales.

Health insurance is offered by state and federal organizations and is also administered by businesses. It is a required employee benefit but is enforced in a voluntary fashion thanks to public options.

Learn more about Managing a Business

Related Questions

  • Q:

    How should employee insurbodination be dealt with?

    A:

    Employee insubordination should be handled by first assessing the situation, issuing a warning, initiating a disciplinary process or termination of work, as noted by BizFilings. It is important to abide by the company's insubordination policy in order to ensure the matter is handled professionally.

    Full Answer >
  • Q:

    What is employee motivation?

    A:

    Employee motivation refers to the forces and reasons that inspire employees to engage in their work. Research shows that motivated and productive employees contribute to the company's profitability. Employers work to increase employee motivation because research indicates that motivated employees lead to increased work quality and improved attendance.

    Full Answer >
  • Q:

    How do you get a business license in Texas?

    A:

    Texas does not require an actual business license but does require proper permitting and tax identification registration on the county, state and federal level. Additionally, those hoping to open a business are required to apply for an assumed name and to ensure that the name is not currently in use.

    Full Answer >
  • Q:

    What does a compliance analyst do?

    A:

    The duties of a compliance analyst include finding and compiling information about regulations, getting approval for changes, making reports based on the information about regulations found, helping the company continue to meet standards and working to fix issues that arise. A compliance analyst needs to have strong research, math and communication skills as well as a thorough understanding of legal compliance and auditing.

    Full Answer >

Explore