Benefits – Why are they important to you?

The benefits in the business are one of the aspects that employees take into account when they choose a job. Some of them are acquired immediately after signing the contract, while the others come with the progress of the employee’s career. Many people think that the benefits are only related with health insurance, but the truth is that they include many more things that can be used for.

Compensation time
Compensation time is any excess working time. We can say it is occurred with redistributing working time. Employers often use this benefit in the last time, and in turn they give financial compensation or the possibility that an employee is absent from work some other day.

Flexible time
Flexible working hours is free access to the working hours. That means that you don’t have at the disposal eight hours per day nor 40 hours per week. Actually you already have deadlines that need to finish. So, in this concept the focus is on the result rather than the process and the time you have to finish it. In some cases, when the job permits, there is no place where the work has to be performed. It is not necessarily important, so you can walk in the park and work out.

There are variations on this theme, so some hours on the work can be fixed (due to the necessary contacts with clients who do not have working hours like this, for example), while the other half stays flexible.

Health insurance
The employer shall ensure the employees from injuries, occupational diseases and diseases related to work, to ensure compensation for damage.
The employees are ensured from:
– Death due to accident
– Permanent loss of working ability (disability)
– Inability to work (which receive a daily fee)
– Health problems that requires medical attention (treatment costs and hospital days)
Employees must be provided during the performance of work, on the workplace and outside of it. They are mostly provided on the way from home to work and back, as well as on the business trips. Health maintenance organizations receive a fixed premium each month, and in exchange offer a range of services. And the companies choose which package they will take.

Many companies involved the other insurance, such as mental (for the employees who need to get free of pressure and stress, but also the difficulties that they face with) or, for example, dental and even ocular. It all depends of the job for which they are specialized.

Job resources
Many companies are trying to ensure that their employees have the best possible conditions so that they can perform their jobs more productively. Therefore, they provide various types of resources that they can use outside of work. Some of them are equipment, office space, personnel, budgets, software, policies.

Life and disability insurance
Life insurance is necessary especially in high-risk jobs. It is the long-term solution to financial problems in old age, but also it is a form of protection of the family in the case of death. There are variants in which the employer can buy additional coverage for employees and their families in addition to those basic.
Disability insurance provides a percentage of lost wages in case the employee is unable to work due to a non–work-related injury or illness.

Phased retirement
This includes the introduction of employees in the retirement and their transaction of job to the others. Gradually responsibility and obligation of these people are reducing, as well as their working hours. Until their retirement they will prepare younger collegues to do their work and gain knowledge they possess.

Professional development programs
These programs consist of organizing a series of workshops and lectures that will introduce a job or supplement the knowledge of the employed. Lectures and workshops can even refer to things that are not directly associated with the transaction (like course of foreign language is). It shows that the company is prepared to invest in a personal development of its employees.

Sick, personal, and parental leave
This benefit is used in case of illness of a family member or the birth of a child. Many people first use their vacation and sick leave. There are also states like California that allow six weeks of leave.
One option that can be used is paid leave while some companies give a certain sum of money until the employee returns.

Tuition reimbursement
Many companies are taking care about employee’s continuing education. They organize different lectures and make plan about his/her development. Also can make a plan with family members of their employees.
There is also a lot of them who made a deal with universities about education of students, their practice and further work in the company. The company assigns a specific scholarship and prepares students for that. After graduation students could doing the job without difficulties.

Vacation time
This is one more benefit that employees can use. It is paid holiday. But also in some companies, the employees can use unpaid days. And of course free days are for state holidays. The vacation can be used in the year that lasts or the days can be collected and used later. It’s all on you!

Stock Options/Restricted Shares/ESOPs
This benefit is increasingly occurring in the companies and allows its employees to buy shares or restrictive shares for the price in the market or to use something called ESOP, or Employee Stock Ownership Plan. The stock purchase is often free of broker commissions or fees. The employees can sell or buy it in greater number and thus make a profit.

Others reimbursements
There are different types of benefits that the company enables to their employees. If the company does not have own parking place, it may happen that it take certain number of it for staff. There is also the option of providing different services like car service is or benefits for shopping at different stores. Perhaps the most common benefit is to enable business phone and its networking with colleagues that can be accessible to each other. Certain companies also pay private bills for their employees.




Accounting and Finance Job Board

Accounting and Finance Related Blogs

Staffing and Recruiting

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s