Benefits are any perks offered to employees in addition to salary. The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits. Show
Benefits can be quite valuable. Medical insurance alone can cost several hundred dollars a month. That's why it's important to consider benefits as part of your total compensation. Make sure you understand which ones you will receive. Medical InsuranceMedical insurance covers the costs of physician and surgeon fees, hospital rooms, and prescription drugs. Dental and optical care might be offered as part of an overall benefits package. It may be offered as separate pieces or not covered at all. Coverage can sometimes include the employee's family (dependents). Employers usually pay all or part of the premium for employee medical insurance. Often employees pay a percentage of the monthly cost. The cost of insurance through an employer Minnesota Facts:
Disability InsuranceDisability insurance replaces all or part of the income that is lost when a worker is unable to perform their job because of illness or injury. This benefit is not commonly offered. There are two main types of disability insurance:
Minnesota Facts:
Life InsuranceLife insurance protects your family in case you die. Benefits are paid all at once to the beneficiaries of the policy — usually a spouse or children. You can get life insurance through an employer if they sponsor a group plan. Company-sponsored life insurance plans are standard for almost all full-time workers in medium and large firms across the country. You can also buy it privately, but this is usually more expensive. Minnesota Facts:
Retirement BenefitsRetirement benefits are funds set aside to provide people with an income or pension when they end their careers. Retirement plans fit into two general categories:
Minnesota Facts:
Domestic Partner BenefitsSome employers offer benefits to unmarried domestic partners, while others do not. Check this list of Minnesota employers offering domestic partner benefits. Requirements to qualify vary from simply signing a form to showing proof of domestic partnership or financial interdependence. A common domestic-partner benefit is access to family health insurance, but that benefit is considered taxable income by the federal government. Paid Time OffPaid time off (also referred to as PTO) is earned by employees while they work. The three common types of paid time off are holidays, sick leave, and vacation leave. Most employees earn these as separate benefits. About 10 percent of Minnesota employers offer consolidated PTO. This combines sick leave and vacation into one account for the employee to use as needed. Minnesota Facts:
Fringe BenefitsFringe benefits are a variety of non-cash payments are used to attract and retain talented employees. They may include tuition assistance, flexible medical or child-care spending accounts (pre-tax accounts to pay qualified expenses), other child-care benefits, and non-production bonuses (bonuses not tied to performance). Tuition reimbursement can be an especially important benefit if you plan to take classes in your personal time. This can be a great way to advance in your career. Most firms offering tuition assistance require that courses are related to job duties. Minnesota Facts:
Source: 2005 Minnesota Employee Benefits Survey, Minnesota Department of Employment and Economic Development. How does HR management differ in small and large firms?The most significant difference between HR in small and big businesses is the internal and external perception of capability and positive influence. HR teams in small businesses can learn a lot about success from bigger, more experienced teams in bigger organizations.
What percentage of people in the United States work for small firms quizlet?10) Approximately one-third of people working in the U.S. are employed by small firms. 12) Human resource management activities such as training, appraisals, and hiring, are typically formal at small firms but informal at large firms.
Which of the following employee tasks does a professional employer organization normally handle?PEOs manage payroll, benefits, and other HR responsibilities for the employees of a client company. Typically, a PEO has a staff with extensive experience in HR, legal, tax, client services, and accounting.
What is the advantage to implementing human resource management practices in a small business?Partnering with an HRM expert can help you secure top talent, create a stronger onboarding process, improve employee retention, elevate employee benefits, deal with fewer compliance issues, access HR remotely and save valuable time and energy.
|