Employee Benefits
Describe the importance of employee benefits as a strategic component of fulfilling HRM goals.
Employee benefits are very important in today's highly competitive marketplace. They are function to meet a variety of their personal and family needs for employees and for that reason are highly desirable and sought offer. For human resource managers, they can serve to attract and retain the best and brightest personnel. There are legally required benefits and voluntary ones -- and each has its own associated costs to an organization and complexities. Popular benefits sought by today's skilled workers include health, dental and vision insurance, retirement plans, paid time off, stock options, tuition reimbursement, employee assistance and wellness programs, and all sorts of coverage extensions for family members and domestic partners.
Employee benefits are also important because they are expected. They can provide meaning and value to employees and impact work behavior. Poorly designed and inadequate...
By creatively designing benefit options, administrators can cost-effectively secure top talent for an organization. Benefits packages can complement salary packages and help create a better-rounded offer, particularly for senior level hires.
Explain how Genentech and Zappos are using employee benefits as a motivating tool.
Companies such as Genentech and Zappos understand the bottom line impact of high employee turnover and low morale. They creatively offer benefits as incentives for employees to stay with the company and focus on their contributions. In short, "cool" benefits can incite high productivity. For most employees, achieving an adequate work life balance is important. Benefits such as generous vacation and sick time, flexible working hours, on-site child care, and support for nursing and expectant mothers and fathers have paid off well for Genentech. They serve as attractive motivational…
