This website uses cookies to ensure you have the best experience. Learn more

Employee Benefits Essay

1588 words - 6 pages


Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.
Most view medical and dental coverage as the most important option within their benefits package. Medical coverage usually includes doctors visits, prescriptions, dental and eye care. Medical coverage allows an employee to visit a doctor covered under their health care package at an extremely discounted rate. A regular doctor's visit usually is around fifteen dollars and a specialist is slightly more ranging from twenty-five to thirty dollars under the plan. Employees also have a set rate for prescriptions included in the plan as well, prescription prices can range based on the type of drug and decreasing in price if a generic version is offered. Dental coverage consists of discounted trips to the dentist and a price tag amount for additional issues such as braces and more extensive procedures. Coverage for eye care varies for most companies; it usually covers one eye exam a year along with a credit for lenses and frames once a year. An employee will select a health care plan that fit their needs and cover what they believe will be needed for the upcoming year. (Sprint 2005)
Time away from work can be grouped into several categories including vacation time, paid holidays, sick time, FMLA, workman's compensation and other life changing events. The most popular form of time off is vacation time, this is typically a time that has to be scheduled off in advance and the time allotted is determined based on employee seniority. The amount of vacation an employee may receive is determined by many factors in the company such as the industry, organization size and locale. Companies tend to offer one to two weeks for employees after they have had a position for one year, and once the position has been held for five or more years the employee will receive an additional allotment of scheduled time off. Paid holidays are nationally observed holidays such as New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas; an employee would normally get this day off with pay or if asked to work would receive additional compensation for working on the holiday. Sick time is for the unexpected time of illness and is generally something that an employee would have to "call out" for, thus notifying their manager that they will not make it to work for that day. Sick time consists of one week or forty hours and can be scattered through out...

Find Another Essay On Employee Benefits

Employee Benefits Required by Law Essay

3231 words - 13 pages The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide.These benefits include employer contributions to Social Security, unemploymentinsurance, and workers' compensation insurance. Altogether such benefitsrepresent about twenty-one and half percent of payroll costs.Social Security.Social Security is the federally administered insurance system. Under current federal laws, both employer

Benefits of Employee Engagement in Organizations

1061 words - 5 pages brings to the employee, the customers and the company. Various scholars have listed these benefits, which can all be divided between an organisation-level and an employee level. On an organisational level employee engagement is said to contribute to customer loyalty, profitability, employee turnover (Hayes, T. 2002) stakeholder return, growth (Sask, A. 2005; Heskett et al, 2002) out-performing competition, employee performance quality (Seijts & Crim

Recognition and measurement of IAS 19 – employee benefits

2141 words - 9 pages , this concept comes with some surrounding issues, and this easy aimed to explore and discuss the issues surrounding the recognition and measurement of the particular item – employee benefits in the financial statements of British Airways plc, which is the UK’s largest international scheduled airline and one of the world’s leading global premium airlines (BRITISH AIRWAYS, 2011). The author planed to critically analysis three mainly employee benefits

EMPLOYEE BENEFITS, SAFETY AND HEALTH AT BHP BILLITON

2561 words - 11 pages also provides to its employee with the facility of Concessions based on their age. 2) Dental Plan The employee may take treatment under any licensed dentist or a PPO point of service option. They are the certain policies associated with it (i) $50 deductible, $3,000 annual maximum benefits (ii) Preventive – 100%, no deductible (iii) Basic – 90% after deductible (iv) Major – 75% after deductible (v) Ortho – 100%, no deductible, $2,500

Discussion of the effects of employee benefits on cost and workforce quality

2889 words - 12 pages I. IntroductionMost benefits are a form of non-taxable income to employees, providing them with such advantages as retirement provisions, paid personal time, insurance and health protection and various other employee services. Benefits are to increase an employee's feeling of security, happiness and wellbeing. The aim of benefits is to attract better, more skilled employees and be competitive in local market for most positions.The benefits

What benefits would Ritz-Carlton have from the introduction of employee participation in budgeting?

857 words - 3 pages It has been argued that employee participation in the budgeting process will improve firstly staff motivation and following on from this the quality of budget decisions and the efforts of individuals to achieve their budget targets. This does however largely depend on the culture of the organisation, the personality of the individuals involved and the nature of the task or budget process. Participation budgeting is not right for everyone and all

This paper is about different kinds of employee benefits. From health insurance to dental insurance and savings plans

1078 words - 4 pages The pathologists here at the Jeffersonian institute work very hard and are a necessity that this institute cannot exist without them. Pathologist need employee benefits such as health insurance, time off, retirement and savings plan. They also need a dental plan and long term disability insurance. If the pathologists that are employed here get those items the chance of them staying here for a long time is guaranteed. So this is my

HRM/300 Employee Training and Career Development Write a 1,400-word paper addressing the following: •Training in an organization’s development, •Describe different employee development methods and...

1518 words - 6 pages their daily job functions, employee training offers the opportunity to further develop the employee's attitude, skill set, knowledge, and reactions to possible stressors. When workers become open to new training techniques and become more experienced in performing new job requirements the company benefits along with the employee. Employee training aids in more viable production, and even though employee training can cost an organization

Employee benefits programs are crucial to the recruitment and retention of employees in any industry. Effective programs enable employees to better cope with the demands of home and the workplace

3898 words - 16 pages Abstract Employee benefits programs are crucial to the recruitment and retention of employees in any industry. Effective programs enable employees to better cope with the demands of home and the workplace. These same policies can also contribute to lower employee turnover rates, retention of qualified employees, and motivation of workers. The computer industry has become the leader not only in technology and business, but also in the need for

Family and Medical Leave Act

993 words - 4 pages have to be consecutive. To be an eligible employee an employer needs to have at least 50 employees within 75 miles of a worksite. An employee can work less then a full time schedule according to FMLA. An employee must pay portion of his or her benefits while on leave in order for the benefits to be maintained. After the employees leave is concluded he or she has the right to return to the same pay, position and benefits. An employee must give a 30

Advantages of HRIS

573 words - 2 pages date account of the decisions that have been made or that need to be made as part of a human resource management plan. The four principal areas of HR that are affected by the Human Resource Information System (HRIS) include; payroll, time and labor management, employee benefits and HR management. These four basic HR functionalities are not only made less problematic, but they are ensured a smooth running, without any hitch. A Human Resources

Similar Essays

Employee Benefits Essay

600 words - 2 pages Starting a business or company requires too many things like basic knowledge of the industry, funding sources, legal certification, etc along with capable employees or human resource. Ranging from SMEs to big corporate houses all need good employee to see their business growing. Good employees are the priceless assets of the company. Companies offer employee benefits in terms of health or life insurance policies as gratitude to the worker’s

Employee Benefits Essay

1164 words - 5 pages important to note that incentives and benefits are paid to specific employees whose work is beyond the standards. Employee benefits and services on the other hand, are available to all employee based on their contribution and participation in the organization. The purpose of such benefits and services is to retain people in the organization and to stimulate them greater effort and higher performance. There are various benefits available to

Employee Benefits Essay

1563 words - 6 pages Employee BenefitsWhen thinking about a job, considering the salary and the benefits offered by and employer is important. Many benefits play a critical role in the lives of employees and their families by assisting in health needs, future financial security, needed absences from work, and more. Benefits may include programs like paid time off, medical insurance, dental insurance, disability, life insurance, retirement benefits, family leave

Employee Benefits Required By Law Essay

6705 words - 27 pages Employee Benefits Required by Law       The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide. These benefits include employer contributions to Social Security, unemployment insurance, and workers’ compensation insurance. Altogether such benefits represent about twenty-one and half percent of payroll costs. Social Security