HRM Assignment Help On Rewards and Benefits for Employees
Rewards and Benefits for Employees
Nowadays, to attract employees and retain them for longer time period, it
has become vital for employer to offer maximum pool of benefits whether required by laws or not. So, by considering the widespread use and importance of employee benefits, there will be a discussion of employee benefits that should be used to attract, motivate and retain employees.
Types of Employee Benefits
As per business assignment help experts, there are two types of employee benefits: benefits required by law and benefits not required by laws. As an employer, following benefits should be provided to the employees to attract, increase applicant interest, employee motivation and employee productivity.
Employee Benefits Required By Laws: Following are benefits required by Federal Laws for employees to be offered by their employers:
Social Security: As per the laws, it is mandatory for employers to provide social security to the employees. It will help to attract, retain and motivate the employees.
Unemployment Compensation: Employers are entitled to offer unemployment compensation to their employees. It is a kind of redundant compensation that is also offered by Oracle to its employees (10 Working with Employee Benefit Statements, 2012).
Workers’ Compensation: It is also required by law to offer compensation to workers. Large companies like Oracle provide this benefit to its workers.
Total Rewards Plans: Employers are required to offer total rewards plans to employees. Under these plans, compensation, benefit, work-life, performance and recognition, and development and career opportunities are required to be offered to the employees. These rewards will help the employer to attract, motivate and retain the employees for longer period.
Family and Medical Leave Act: As per the laws, employers are also required to provide family and medical leaves to the employees. It will help the employers to attract the interest of applicants, increase employee motivation and employee productivity.
Consolidated Omnibus Budget Reconciliation Act (COBRA): In this law, employees and their family members who lose their health benefits have the rights to go for options to avail health benefits provided under group plans in specific conditions including job lose on voluntary or involuntary basis, transition between jobs, reduction in worked hours, divorce, death etc (Health plans and Benefits).
Health Insurance Portability and Accountability Act (HIPAA): According to this law, employers are required to protect the electronic health information that is developed under a covered entity of employees by maintaining integrity, confidentiality and security of data (HIPAA: Health Insurance Portability and Accountability Act, 2012).
Patient Protection and Affordable Care Act: According to this act, employers are required to provide break time to their employees to express milk for nursing their child after birth for one year time period. Along with this, they are also required to provide space apart from bathroom that is free from any intrusion or public, so that employee can express milk freely (Wage and Hour Division (WHD).
Employee Benefits Not Required By Laws: Following are benefits not required by laws that should be offered by the employers to employees:
Health insurance: Employers should provide health insurance to employees based on the company size and coverage capacity.
Accidental death and dismemberment insurance: Insurance for accidental death and dismemberment should be also offered by the employers to employees. These kinds of benefits generate applicant interest and motivate them to apply for the organization.
Retirement plan: Apart from insurance, employers should also provide retirement plans to the employees such as profit-sharing, stock option programs, 401(k) and employee stock ownership plans. All these plans develop a sense of social security among the employees that are good enough to attract, motivate and retain the talented employees for long time. There are several private companies that also offer benefits programs to address the changing needs of employees and their families. Like, Coca Cola a beverage company offers market competitive benefit programs to facilitate healthy lifestyle of employees (Benefits & Rewards, 2012).
Vacation and holiday pay: It is also vital for employers to provide vacation and holiday benefits in the form of paid leaves to the employees. It will help the employers to fulfill the social needs of employees that are directly related to their motivation.
Sick leave: Employers should also offer sick leaves to the employees, as sometimes, it become difficult for employees to join the workplace due to illness or other health problems.
Other services: Apart from the above benefits, there are several other services that should be used by employers to attract, retain and motivate the employees. For example, day care to employees, either free or at a reduced cost. Furthermore, the employer can also provide discounted services or products to the employees offered by the company itself. One day off, reduced working hours in terms of early off, free lunch including some extra-curricular activities etc are other benefits that should be provided to the employees. For example, Oracle provides its company titled jackets, t-shirts, caps etc to the employees to motivate them. Along with this, Oracle also offers bonuses as additional earnings and paid time off in the form of vacations or holidays to its employees that increase motivation and productivity (10 Working with Employee Benefit Statements, 2012).
10 Working with Employee Benefit Statements (2012). Retrieved from http://docs.oracle.com/cd/E16582_01/doc.91/e15091/wrk_emp_beft_statms.htm
Benefits & Rewards (2012). Retrieved from http://www.thecoca-colacompany.com/careers/benefits_rewards.html
Health Plans & Benefits (n.d.). Retrieved from http://www.dol.gov/dol/topic/health-plans/cobra.htm#.UJirvG83ttU
HIPAA: Health Insurance Portability and Accountability Act (2012). Retrieved from http://www.ama-assn.org/ama/pub/physician-resources/solutions-managing-your-practice/coding-billing-insurance/hipaahealth-insurance-portability-accountability-act.page
Wage and Hour Division (WHD) (n.d.). Retrieved from http://www.dol.gov/whd/nursingmothers/#.UJix1283ttU
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