Employee Benefits, Essay Example

Either employee benefits can be in the form of cash or in kind, where several non-wage compensations are given to employees topping up on their salaries and wages. Traditionally, such benefits are still used as a form of employee motivation to get their maximum input, and increase the retention capacity of workers within an organization (Beam & Mcfadden, 2001). Some of the benefits extended to employees include daycare, retirement benefits, paid leave, education funding, social security, and health coverage schemes among others. The benefits have different values attached to them according to employees and the organization (Reilly, 2010). In my opinion, employees rank health and social security benefit with greater value in comparison to other benefits provided by the organization. The reason as to why they prefer health benefits is the important part that health plays in their ability to work and the high costs of accessing health facilities. Employees prefer social security schemes because of guaranteeing the sustainability of their lifestyle post employment. Employees desire to have a secure future devoid of financial constraints and this informs the high consideration placed on social security enjoyed after retirement or resignation from employment (Beam & Mcfadden, 2001).

For continuity at the place of work, organizations place high consideration on the provision of health benefits for their employees. Organizations provide different benefits to their employees at a cost (Reilly, 2010). The costs incurred by organizations are recovered through value addition, which might be intangible at time. The organization benefits through value addition in terms of commitment, loyalty, and an increase in the employee input and output. The organization can increase the value it enjoys from the benefits it provides its employees by ensuring that the benefits add certain amounts of value to the lives of employees (Reilly, 2010). Organization should take cognizance of the fact that not all benefits are deemed as necessary by employees and thus the benefits should address the needs of employees. Provision of benefits should be an inclusive process that accommodates and implements the suggestions of employees.

References

Beam, B. & Mcfadden, J. (2001). Employee benefits. Chicago, IL: Real Estate Education

Reilly, D. (2010). Employee benefits and executive compensation. Alphen aan den Rijn: Kluwer Law International