Benefits Information and Services
Employee benefits are forms of compensation or incentives apart from the normal wages or salaries that are provided by a business, often used as recruitment or retention tools within their workforce. The most common form of benefits have traditionally included group insurance plans, retirement plans, investment plans, vacation time (either paid or unpaid) and sick leave. In recent years insurance plans and retirement plans have been reduced or cut by many companies due to the need for cost controls. Other benefits that are not uncommon include company vehicles or a car allowance, daycare, tuition reimbursement and profit sharing.
Often these types of non-monetary forms of compensation are referred to as "perks", and may be given to employees based on performance, tenure with the company or rank. The movie caricature of the "executive washroom" is a typical example of a perk for higher-level employees, although more realistic examples might be company vehicles, lunch allowances, or access to company-owned or company-partnered amenities like golf courses, gyms, etc.
Some benefits will still fall under a taxable status as income, whereas others can be provided pre-tax protection as effective tax shelters for the employee. Examples of this kind of benefit may be a flexible spending account or health insurance benefits. Most employer-provided benefits will be tax-deductible by the employer, affording an even better incentive to provide them for employees. In some cases employers offer a cafeteria-style menu of benefit options from niche-service providers that the employees can choose from, allowing them to opt for the offerings that best fit their situation.
When comparing two jobs within one industry or within two different regions-including countries, it is of paramount importance to assess the total compensation package, including all benefits, and to be prepared for dramatic variations, e.g., between paid-vacation time in Europe and in the U.S.
A 2007 study by the CEPR (Center for Economic Policy Research) reported that "The United States is the only advanced economy in the world that does not guarantee its workers paid vacation. European countries establish legal rights to at least 20 days of paid vacation per year, with legal requirement of 25 and even 30 or more days in some countries. Australia and New Zealand both require employers to grant at least 20 vacation days per year; Canada and Japan mandate at least 10 paid days off."
Likewise, given their greater resources and revenues, large corporations are much likelier to have substantial benefits packages than small or start-up companies-benefits that can tip the scales when comparing and evaluating such different kinds of companies and their job offers.
Health Insurance - News, Information, and Insurance Regulations
Find information on health insurance for employees. Get updates about new governmental regulations, tax consequences, and resources for employers structuring benefits packages.
Supporting war veterans, as well as honoring them, is governmental policy among many nations around the world. In the U.S., which has been embroiled in wars for more than a decade, these recent years have seen disability rates of 25% among the 2.5 million servicemen and servicewomen who have served in Iraq and Afghanistan.
Disability Benefits - About Employer Benefit Plans for Disabilities
Find information about disability benefits for employers. Get news, updates, and articles about employee benefits plans and specialized programs that cover events that leave employees disabled or unable to perform their job.
Every job has its benefits, even those with horrendous associated costs, such as two-hour commutes or the opportunity cost in passing up a better job. Of course, no one who is rational will take a job whose costs exceed its benefits, but, given any benefit whatsoever from taking a job, loosely speaking, that job provides "employee benefits".
Master the art of closing deals and making placements. Take our Recruiter Certification Program today. We're SHRM certified. Learn at your own pace during this 12-week program. Access over 20 courses. Great for those who want to break into recruiting, or recruiters who want to further their career.Take Program Today
Career Research Tool
Use our career research tool to find more than just a list of careers - find the right long term career for you. Explore salary trends for each type of profession, read sample job descriptions, and find the professional and educational requirements for specific careers.Use it Now