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Glossary of Human Resources Management and Employee Benefit Terms
Employee benefits and services are crucial components of a comprehensive compensation package offered by employers to attract, retain, and motivate employees. These benefits and services go beyond direct wages or salaries and include a variety of non-wage compensations. Offering a robust benefits package is essential in today's competitive job market, as it contributes significantly to employee satisfaction, productivity, and overall well-being.
Employee benefits and services are non-wage compensations provided to employees in addition to their normal wages or salaries. These can include health insurance, retirement plans, paid time off, life insurance, disability insurance, wellness programs, employee assistance programs, and more. They are designed to support employees' physical, mental, and financial health, and to provide a safety net in case of emergencies or life changes.
The most common type of employee benefits and services typically include health insurance, retirement savings plans, and paid time off (PTO). Health insurance is often the most significant and valued benefit, providing employees with access to medical care and reducing their out-of-pocket healthcare expenses. Retirement plans are also highly valued as they help employees plan for their future financial security.
Employers should offer benefits and services for several reasons:
The best practiced for employee benefits and services are as follows:
Given below are some common challenges faced:
Here are the 3 most important benefits employees seek:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
Following are some examples for employee benefits and services:
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