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1 year ago

Describe the importance of employee benefits as a strategic component of fulfilling the goals of hrm?

Business

1 answer:

Tanya [424]1 year ago

7 0

Employee benefits have become more significant and diverse

Employee benefits

Typically, membership-based incentives are provided to recruit and retain staff.
Although they have no direct impact on a worker's performance, insufficient benefits make workers unhappy.

The Price of Offering Employee Benefits

The cost of benefits and services is around 40% of an organization's payroll expense.
When significant wage and salary increases are not possible, benefits become the main topic of discussion with employees.

Community Security

Funded by equal contributions from the employer and the employee, based on a percentage of wages.
Offers retirement income, income for disabled workers, and money for surviving dependents.
offers Medicare some health insurance coverage.

Unemployment Insurance

Employers who pay both federal and state taxes on the taxable wage base provide the funding.
Tax rates vary depending on an organization's history with unemployment.

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Answer:

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