Employee Benefits

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What are Employee Benefits?

In employee compensation, employee benefits are the non-wage part of remuneration consisting of a broad range of special payments or benefits in kind. Typical Employee Benefits are:

• Insurance.

  • Sickness / Medical.

  • Dental.

  • Life.

• Pension / Retirement benefits.

• Income protection / Social Security.

• Maternity Pay / Daycare / Child care.

• Profit sharing / Employee Stock Ownership Plan / Employee Stock Options

• Holiday / vacation.

• Relocation assistance / benefits.

• Golden Handshake / Golden Parachute / Golden Hello.

• Legal assistance.

• Company car.

• Company computer / internet access.

• Company mobile phone, PDA.

• Membership of sport and health clubs / Leisure activities during work time.

• Education / Personal development.

• Staff discounts.

• Industry-related benefits, such as special mortgage rates (banks).

Also called Fringe Benefits.

Historically, many of these benefits were negotiated by unions through Collective Bargaining. Lately, there is a tendency away from these generic benefits to more individual or Flexible Benefits, where the employees have an element of choice over the particular benefits they will receive. A special form of flexible benefits is the Cafetaria Benefits Model, wherein employees can choose and buy benefits that suit their specific wishes, spending a sum of money or points.

Forum Forum about Employee Benefits. 🔥 Attracting Employees using Wage Differential A wage differential, also called "compensating differential" or "compensating wage differential" or "equalizing difference", is defined as the additional amount of income that a given worker must be o... 5   3 comments More Direct Compensation Instead of Employee Benefits If employees undervalue the cost of benefits, why should a company not drop benefits and simply add more direct compensation? Do you agree or disagree with this statement?... 4   2 comments Start a new topic about Employee Benefits Sign up for free

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Compare with: Incentives  |  Employee Compensation  |  Management by Objectives  |  CSFs and KPIs

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This ends our Employee Benefits summary and forum.