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Employee Benefits Essay

1164 words - 5 pages

MemorandumDate: April 13, 2008To: Upper ManagementFrom:Subject: Benefits for Employees.Management is involved with alluring and retaining the employees, whose performance meets at least minimum level of acceptability, and at keeping absenteeism and turnover rates to tolerable levels. The plan of benefits and services can be and are essential in cultivating the employees and keeping turnover and absenteeism as low as possible.Introduction:It is 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 employees, which are important for the employees and organization, as discussed in the memo.Health Care Benefit Plan:Health care benefit plan can be defined as the benefits of contribution plans, which provides various pension and health care facilities to employees in their working period and after their retirement also.This plan includes the various benefits, which are as follows:I.Life Insurance Benefit.II.Medical Insurance, dependent care.III.Long term care benefits such as: vision, hearing, dental, Prescription drug etc.IV.Accidental Death or dismemberment pay.These benefits are supplied by the organization for its employees, regardless of whether it wants to or not. This plan provides physical security to employees, which results in the employee's working without the fear of an accident happening and not being covered by insurance.Advantages of Health care Benefits:- This plan provides a discount on the health care services to the employees of the organization.- It is an innovative approach, which reduces financial burden of health care upon the employees.- This type of benefit raises the morale and working capacity of the employees and influences them to work within the rules and regulations of the organization.Paid Time off Benefit Plan:Time off plan or benefits are those benefits in which an organization provides paid holiday packages or vacations, sick leave and personal time to the full- time employees. It is a benefit which supplements the employees' ordinary wages and which is of value to them and their families. In order to motivate them for work and to accomplish the organizational goals, paid vacation to the employees is the most frequent offer for the employees.This policy develops a pool of days, which an employee can utilize at their care and caution when it is necessary for employees to take care of themselves and if they want a break from work. In order to save the employees from a high load of work, it is necessary for a company to provide paid time off benefits.Advantages of Paid Time of Benefit:- An employer can behave as a mature person with those...

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