The Nature of Compensation, business and finance assignment help
NOTE: Just need to reply to the two discussions. Nothing long just something short and straight to the point. Need to be around 250 reply per question.
The Nature of Compensation
I believe that companies offer benefits rather than providing compensation through salary because it can be an essential and beneficial asset for a company. While salary considerations remain vital for many workers, an attractive benefits package can be a major factor when a potential employee is weighing his or her options. Some people might be willing to choose a lower-paying position with a company that offers a better family health insurance package over a significantly higher paying one that does not provide good health insurance benefits for its employees and their dependents. (“Employee Benefits – advantage, type, cost, Income protection benefits,” n.d.) I think the health care option is the most essential benefit of all the benefits. (Human Resource Management) This benefit is important to me because I don’t ever want to be in a situation where I can’t take care of my health issues. I have seen it happen in my family where a family member don’t see a doctor because they do not have insurance and can’t afford to pay out of pocket. It’s also very important that as we get older that the health insurance is available even after we retire.
Employee Benefits – advantage, type, cost, Income protection benefits. (n.d.). Retrieved from http://www.referenceforbusiness.com/small/Di-Eq/Employee-Benefits.html
Human Resources Management. (n.d.). The Saylor Foundation
Employers provide employee benefits rather than compensation in pay because they are required by law to do so. It ensures that employees get what they need.
“1.Workers Compensation offers insurance benefits to employees who become ill or are injured at work.
2. Unemployment Insurance provides compensation to employees who lose their job for no fault of their own.
3. Social Security Taxes are required to be paid on employees.
4.Family and Medical Leave is a benefit that is sometimes confusing for employees.
5. COBRA Benefits are required for employers with 20 or more employees who are subject to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). COBRA allows the employee to maintain their insurance coverage at the employer’s group rates for a period of up to 18 months.” (Lotich, 2015).
These benefits are very important because every single benefits have a purpose to the employees. Also, it is required by the law. Employers also want every employee to feel appreciated and its a compensation package.
Lotich, P. (2015, November 06). 5 Employee Benefits Required by Law — The Thriving Small Business. Retrieved September 14, 2016, from http://thethrivingsmallbusiness.com/employee-benefits/