Week 4 Project

Benefits and Services

So far, we have come to realize that salaries (or wages) and incentives are very important. The third important and major pay component to understand is employee bene�ts. The main topics associated with this are pay for time not worked bene�ts, insurance and retirement bene�ts, employees’ services bene�ts, �exible bene�ts, and ways to use bene�ts for improving engagement and performance, which is the completion of the overall employee compensation.

The Big Picture

In my younger days, the only thing that mattered to me was pay. How much money I could make was my motivating factor. Years later, I realized that the overall total bene�t package was as important as my rate per hour salary.

Ancillary Service Benefits

Outside of compensation, �rms also offer other competitive bene�ts with marginal, minimal, or no cost at all to the employees. There are several and too many to mention. Research about competitive bene�ts in order to gain some exposure to some of these bene�ts.

A �rm’s bulk of expenses fall in the realm of wages or salary and tips (vacation, sick time, personal time) and all the other federal, state, city and county tax deduction requirements and health or medical, dental and optical bene�ts expenses.

Firms seeking to establish a presence in the market and that are determined to be an employment of choice in the community are beginning to promote such additional services.

Total Compensation Package

HR Benefits and Practices

Developing a robust bene�t package is a monumental commitment to hiring and retaining long-term employees. Managers need to continue and survey the market and benchmark the positive qualities that the employees would appreciate while not affecting the �rms’ bottom line. Some �rms provide online surveys and ask employees to offer other service suggestions. With our changing demographics and the increasing population of employees, incentives are considered good to evaluate and offer.

Additional Materials

From your course textbook, Human Resource Management, review the following chapter:

Bene�ts and Services

From the South University Online Library, read the following articles:

Financial Incentives and Group Decision in Motivating Change (https://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp?



sch=suo&turl=http://search.ebscohost.com.southuniversity.libproxy.edmc.edu/login.aspx? direct=true&db=eue&AN=16488952&site=eds-live)

Does Pay-for-Performance Strain the Employment Relationship? The Effect of Manager Bonus Eligibility on Nonmanagement Employee Turnover (https://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp? sch=suo&turl=http://search.ebscohost.com.southuniversity.libproxy.edmc.edu/login.aspx? direct=true&db=pbh&AN=114491621&site=eds-live)

