Assignment:
Q: Describe the types of work/life benefits that you believe employers should provide to their employees. Include specific examples and your reasons as to why these benefits should be provided
-Specific concerns that management has regarding benefits include meeting employee needs, providing a competitive benefits package, legal concerns, and significant costs.
The High Cost of Providing Benefits
According to a 2007 U.S. Chamber of Commerce study, employee benefits averaged 42.7 percent of payroll in the United States, or an average of $21,527 per employee per year. In contrast, in 1951, benefits averaged only 18.7 percent. To control costs, each benefit should be "costed" out to determine whether it is worthwhile for the employees.
Source: https://www.uschamber.com/
Shifting Benefit Costs to Employees
To reduce benefit expenses, employers are requiring their employees to pay a larger share of benefit costs. This new employer requirement is referred to as personal responsibility, share responsibility, or employer accountability.
Employee Benefits Required By Law
Surprisingly, the traditional benefits programs that employees expect are not a requirement for employers to provide. The following list highlights the only employee benefits that are required by law.
• Social Security Insurance
• Unemployment Insurance
• Worker's Compensation Insurance
• Consolidated Omnibus Budget Reconciliation Act (COBRA)
• The Family and Medical Leave Act (FMLA)
• The Older Workers Benefit Protection Act
Creating a Work/Life Setting
There are an increasing number of services designed to make life at work more rewarding and to enhance the well-being of employees.
Today, employers try to create a "work/life environment" by offering the following benefits to their employees:
• Employee Assistance Programs (EAPs) provide counseling, diagnosis, and referral for advice or treatment for a wide variety of problems confronting employees, including: alcohol, drugs, and marital and family problems.
• Counseling Services are an important part of EAP. Managers and supervisors should know about their company's EAP programs so they can assist and make effective, helpful referrals.
• Child and Elder Care benefits range from financial assistance, alternative work schedules, family leave options, and on-site child care centers.
The following list of services remains popular with employees and employers:
• Food services
• Onsite health services
• Housing and moving expenses
• Transportation pooling
• Purchasing assistance
• Recreational and social services
• Legal services
• Financial planning
• Credit unions
• Educational assistance
It is imperative for corporations to provide cost-effective and necessary benefits for employees. Offering sound benefits can give a corporation a competitive advantage.