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Strategic role of employee benefit and legally required benefits (human resource management) - Essay Example

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They could be in form of paid vacation, medical insurance, tuition reimbursement, but often these benefits staggers. Any employer wishing to retain his employees should develop benefit…
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Strategic role of employee benefit and legally required benefits (human resource management)
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Roles of employee benefit Employee benefits are the compensations rather then the hourly wage or salary (Butler, 2009). They could be in form of paid vacation, medical insurance, tuition reimbursement, but often these benefits staggers. Any employer wishing to retain his employees should develop benefit strategies that perfectly fit the company and the staff. Business owners especially the small-scale businesses must carefully design the type of benefits to offer because money may be a limiting factor to such an institution (McFadden and Beam, 2010). The benefits offered should be attractive to the current and the prospective staff members. The roles of these benefits are many in the motivation process of staff members.
The most fundamental benefit is the health insurance benefit insurance where the employee can visit medical specialists whenever he falls sick. This serves as an encouraging factor to the employee enabling him to recover quickly and prevent the spread of the disease to the rest of the staff. An employer can offer a paid vacation for the employees to break the sight of the job in order to be more productive. The paid vacation provides a positive working environment and has different structures according to the employer’s designation (McFadden and Beam, 2010). The paid leave benefit also functions similarly as the health insurance benefit as it allows the sick person stay at home while recovering without the business jeopardizing the paychecks. They may be inform of maternity leave and paid sick leave. Retirement benefit plan allows employees prepare for their futures after they have aged. This motivates the employee to work harder and even spend over the business because his future has assurance.
Legally required benefits
Business organization must under legal obligation, provide certain benefits to the employees. These benefits have guarantee in the constitution. These benefits are like the social security and Medicare (Butler, 2009). The business in question should provide about 90 percent of the social security fund of any employee. This social security funds cover the medical bills, retirement benefits and the survivor benefits. Any employee is legally entitled for unemployment compensation, which also forms part of the social security funds (McFadden and Beam, 2010). The business according to this act should provide income to the employees during the periods of involuntary unemployment. Workers compensation is also a mandated to employees where the employees and their families should continue getting salary incase the employee in question dies or permanently injures in job place. Other forms of mandatory benefits are family and medical leave and disability insurance.
References
Butler, R. (2009). The Economics of Social Insurance and Employee Benefits. New York: Springer
McFadden, J., and Beam, B. (2010). Employee Benefits. Chicago: Dearborn Trade Publishing. Read More
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