Benefits Package
This article covers meaning & overview of Benefits Package from HRM perspective.
What is Benefits Package?
An employee benefits package includes all the financial benefits & incentives provided by an employer. Employers have to provide some type of employee benefits like worker compensation, disability and unemployment.
The other benefits given by a company are medical insurance, accidental insurance, family member (dependents) insurance, personal leave, paid leave, sick leave, free medical treatment, retirement plan, child care, maternity leave, hotel stays, allowances and incentives because they feel socially responsible to their employees and to their families.
Objectives:
• To attract Good Employees
• To maintain competitive position
• To improve morale of the Employees
• To enhance organization’s image
The above chart shows how employees get benefits.
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