Benefit Systems

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Benefit program selection and administration is one of the key tasks of the Human Resources department. HR software at the enterprise level typically contains modules for benefit system management and employee selection monitoring.

Benefit systems refer to the whole range of employee benefits that an organization offers. This could take several forms, such as financial types like the base salary, commissions, performance-based bonuses and stock options, or non-financial types which revolve around general staff welfare.

Employer-provided financial benefits are generally tax-deductible for the employer and non-taxable to the employee. Some examples are as follows:

* Annual leave
* Medical leave
* Maternity / Paternity / Compassionate leave
* Medical benefits which cover in-patient hospital treatment and associated charges, generally for the insured employee and his or her dependents
* Health insurance which covers key critical illnesses
* Dental insurance
* Life insurance, such as group life insurance for all the organization's employees
* Disability benefits
* Childcare services
* Meal allowances
* Employee savings and retirement plan

Most large organizations, including public sector agencies, are able to provide generous employee benefits, while smaller ones might find themselves financially constrained to do the same. Nonetheless, both realize the need to have a good benefit system in order to attract and retain good employees. Moreover, the provision of employee benefits also helps to improve the working environment and staff morale. Hence, one way to get around the financial constraints is to increase the non-tangible benefits such as better promotion opportunities, greater performance recognition with non-monetary rewards, provide a nicer office or a more collegial working environment. All these will go a long way in letting employees feel that they are appreciated by the organization and they, in turn, will also be more productive in their work and loyal to the organization.
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