Question

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

Answer 1

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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