benefits

Examples of benefits in the following topics:

• Non-Monetary Employee Compensation

  • ., benefits) are essential in recruiting skilled employees and maintaining a satisfied workforce.
  • Non-monetary benefits are essential to attracting a productive workforce.
  • Benefits can be a key element in addressing the lowest level of Maslow's needs hierarchy.
  • The largest category of non-monetary compensation includes benefits.
  • Some governments mandate benefits such as retirement savings matching, but organizations can offer additional retirement benefits through a matching plan.

• Employee Benefits Management

  • Employee benefits are non-wage compensations designed to provide employees with extra economic security.
  • These benefits ensure that employees have access to health insurance, retirement capital, disability compensation, sick leave and vacation time, profit sharing, educational funding, day care, and other forms of specialized benefits.
  • Benefits play an important role in maintaining high levels of satisfaction.
  • In most developed nations there are laws that govern benefits and agencies to enforce them.
  • The Employee Benefits Security Administration (EBSA) is the agency in the United States responsible for administering, regulating, and enforcing many of these benefits.

• The Importance of Fringe Benefits

  • Hiring and retaining employee talent is a critical factor in success, and providing fringe benefits can be an effective tool in this process.
  • Common benefits include the following:
  • Another key benefit for top talent is the offering of stock options.
  • Health care, due to poor management of the industry, is a leading cause of poverty in the U.S. and is a crucial benefit companies can offer employees.
  • Identify the critical importance of providing strong benefits packages, particularly in light of current external factors (e.g., health care costs)

• Employee Compensation and Benefits

  • Compensation and benefits is the subdiscipline of human resources that deals with employees' remuneration.
  • Compensation and benefits (C&B) is a subdiscipline of human resources that is focused on policy making for employee compensation and benefits.
  • Employee compensation and benefits can be divided into four general categories:
  • A benefit plan is designed to address a specific need and is often not offered in the form of cash.
  • Outline the strategies employed by human resources to compensate employees with pay and benefits

• Management in Different Types of Business: For-Profit, Non-Profit, and Mutual-Benefit

  • A mutual-benefit non-profit corporation can be non-profit or for profit.
  • However, mutual benefit corporations are usually formed for nonprofit purposes like managing a condo association, a downtown business district, or a homeowners association.
  • Managers in mutual benefit organizations are, therefore, more concerned about improvements in human and environmental well-being than maximizing profits for external shareholders.
  • This strategy cannot work for a non-profit or mutual-benefit corporation.
  • In those cases, management must either appeal to the employees' sense of duty to the mission of the non-profit or to the benefit they would receive from a well-run mutual-benefit corporation.

• Advantages of Teamwork

  • The benefits of teamwork include increased efficiency, the ability to focus different minds on the same problem, and mutual support.
  • The primary benefit of teamwork is that it allows an organization to achieve something that an individual working alone cannot.
  • This advantage arises from several factors, each of which accounts for a different aspect of the overall benefit of teams.
  • While we might consider simply achieving a goal a benefit of teamwork, by taking advantage of what teamwork has to offer, an organization can gain a broader set of benefits.

• Types of Social Responsibility: Ecocentric Management

  • According to the ecocentric model of CSR, environmental protection and sustainability are more important than economic or social benefits.
  • It values environmental good above economic or even social benefits.
  • For this reason, ecocentric CSR activities, more than any other type of CSR efforts, are not expected to provide business benefits.
  • As a result, the ecocentric manager may argue against using ecologically damaging products, such as pesticides and nuclear power, even if these products benefit people.

• The Financial Value of Social Responsibility

  • Some CSR actions, such as investing in renewable energy, can provide tax benefits or lead to technology innovations that create competitive advantage.
  • Harvard professors Michael Porter and Mark Kramer introduced the notion of "creating shared value" (CSV) as a way of thinking about the benefits of corporate social responsibility.
  • In this way, the shared value model takes a long-term perspective on the financial benefits of corporate social responsibility.
  • Other financial benefits from CSR accrue directly to shareholders.
  • The benefits a company obtains from having a strong community and healthy environment may not generally be expressed in dollars, but these elements do have a financial impact on a business.

• Compensation and Competition

  • Compensation can come in the form of cash as well as benefits (e.g., health insurance).
  • The current trend for organizations is to compensate employees with a combination of wages and benefits.
  • Candidates often require a compensation package that includes benefits as a perk for employment, and may pass on a position with a higher salary if a competitor is offering a lower salary and a benefits package.
  • These benefits generally revolve around healthcare and dental coverage, employee discounts, retirement planning, educational benefits, stock options, and other forms of additional compensation.
  • On one hand, a high base salary and a lucrative benefits package can help an organization keep and retain high-quality employees.

• Benefits of Innovation