Compensation and Benefits
Noncash or an indirect reward offers employees in regards to recognition and exchange for performance of their jobs. In compensation plan, employee benefit program is an basic part of an organization. Benefits are categorized into two types of benefit programs are legally mandated and voluntary.
Main purpose of benefits is to explore HR professionals working with senior management and mix benefits retain the type of employee required by the organization to achieve goals.
Legally mandated benefits are relatively straightforward which includes social security medicare, unemployment insurance, family and medical leave.
Voluntarily provides significantly complicates, which provides,
• Deferred compensation
• Health and welfare benefits
• Long-term care insurance
• Work-life balance and other voluntary benefits
• Disability benefits
• Survivors’ Benefits
Employee Benefit Plan