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Human Resource Management Individual Assignment - Employee Benefits Table of contents What is a benefit3 How do employee benefits affect us3 The Employee Benefits concept3 What are Employee Benefits4 Employers challenge5 Why the use of employee benefits6 Three important factors influencing employee benefits7 Conclusion7 Bibliography7 What is a benefit A few examples from Webster 1913 dictionarys definition of the word Benefit 1An act of kindness a favor conferred 2Whatever promotes prosperity and personal happiness or adds value to property advantage profit 3To be beneficial to to do good to to advantage to advance in health or prosperity to be useful to to profit 4To gain advantage to make improvement to profit as he will benefit by the change 5financial assistance in time of need 6something that aids or promotes well-being for the common good How do employee benefits affect us In most industrial countries Government provided benefits eg Social Security and Medicare are by far the largest expenditure of the federal budget Government tax subsidies for privately provided benefits companies amount to hundreds of billions each year in most industrial countries The news talks about benefits and employee benefits nearly every day Its a subject of public interest The Employee Benefits concept The Employee Benefits concept first originated in the United States where in the 19th century there were brotherhoods that offered the private members provisions with regard to burial pension and sickness These organizations were succeeded by charitable institutions the precursors of the unions who offered benefits in order to attract members Today the concept of Employee Benefits is a part of businesses strategy to most companies worldwide This concept plays an important part in maintaining and achieving competitive advantage by retaining core employees What are Employee Benefits An employee benefit is a benefit provided or paid by the employer for the benefit of the employee or the employees family Benefits are generally included in the employees wage for tax
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