Employee benefits are offered in order to meet state and federal compliance. Various kinds of benefits also serve to lure the best applicants to an organization and to retain existing workforce. It is important to maintain employee benefits as a means of loyalty and talent management.Continue Reading
Employee benefits refer to programs that are aimed toward the betterment of workforce and support long-term care of personnel. These resources are split depending on whether they are required of businesses to enforce or enacted by compulsion.
Mandatory employee benefits are leveraged by the federal government. These resources include Social Security taxes, unemployment, disability insurance and workers' compensation. All of these programs require regular reductions in pay checks but provide essential assistance to citizens in times of need.
Voluntary employee benefits are those awarded by organizations in order to lure and retain talent. These options often focus on motivation and incentivization, combining employee empowerment with improved customer service. Popular applications include remote work options, mobile devices in the work environment, fitness programs and commissions for sales.
Health insurance is offered by state and federal organizations and is also administered by businesses. It is a required employee benefit but is enforced in a voluntary fashion thanks to public options.Learn more about Managing a Business
Compensation and benefits are two of the best tools for companies to recruit and retain quality employees. Enticing benefits and compensation also help existing employees stay motivated to excel each day at work.Full Answer >
Large employers are required to offer health insurance coverage to their full-time employees or pay tax penalties amounting to $3,000 per subsidized employee and $2,000 per unsubsidized employee. A business qualifies as large if it employs more than 49 full-time employees. The Affordable Care Act law considers employees working at least 30 hours per week, according to the CoveringHealthCareCA.com website.Full Answer >
Benefits of employee payroll services include convenience, accuracy, functionality and compliance, states AllBusiness.com. Small business owners who don't have the time or knowledge to handle payroll use employee payroll services. Before deciding on a payroll service provider, it's best to get a few quotes and ask other small business owners for recommendations.Full Answer >
Employee motivation refers to the forces and reasons that inspire employees to engage in their work. Research shows that motivated and productive employees contribute to the company's profitability. Employers work to increase employee motivation because research indicates that motivated employees lead to increased work quality and improved attendance.Full Answer >