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Essential Employee Benefits and Incentives: A Guide for Employers and Employees

Understanding employee benefits and incentives is crucial for fostering a productive workplace. This guide explores various compensation forms beyond salary, including profit-sharing, incentive pay, paid vacations, sick leave, and wellness programs. Employers learn the importance of creating appealing packages to attract and retain talent, while employees gain insights into what to look for in potential jobs. Key topics include job security, bonuses, stock options, and employee services. Ensure your workplace thrives by prioritizing effective HR benefits.

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Essential Employee Benefits and Incentives: A Guide for Employers and Employees

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  1. Human resources Benefits and Incentives (What to look for as an employee) (what to offer as an employer)

  2. Standard/EQ • BMA-IBT-11 Examine basic human resources and the legal aspects of a business while incorporating the methods into business practices. • 11.4- Create a plan for recruiting, hiring, and retaining a new employee and the associated costs. • Essential Question: What are employee benefits and why are the important for companies?

  3. Benefits • Forms of employee compensation in addition to pay. 11

  4. ProfitSharing • Plan that allows employees to receive a portion of the company’s profits at the end of the year. • Incentive pay: • money offered to encourage employees to strive for higher levels of performance. • Example:MossieBucks Paid Vacations and Holidays • Set amount of paid vacation time • Earn more after each year you work with a company • Examples • Christmas • Thanksgiving • Fourth of July • Labor Day • Memorial Day

  5. EmployeeServices • Extras that companies offer in order to improve employee morale and working conditions. • Examples: • Free parking • Wellness programs • College course ChildCare • On-site child care services • Coverage of child-care expenses

  6. SickPay • An allowance of days each year for illness with pay • Example: • Teachers receive 10 days for sick pay. Leavesof Absence • Temporarily leave their jobs without pay for certain reasons • Job security • Examples: • Having a child • Completing education • Family illness

  7. Google • Google Life Video • http://www.youtube.com/watch?v=_QqT38QRA84 • (If it will not let you watch it on the computer, watch it on your iPads from the YouTube App) – • Search The 'Google' Life

  8. Insurance • Group Health Insurance • Group Life Insurance BonusesandStockOption • Bonuses -Incentive pay based on quality of work done, years of service, or company sales or profits. • Stock Option -Employees the right to buy a set number of shares of the company’s stock at a fixed price.

  9. Pension • Funded by employer • Vested-entitled to full retirement account after a certain amount of years • Savings Plans • 401K-private employers • 403b-government/non profit employers

  10. Travel Expenses • Provide a company car • Mileage allowance • Hotel • Meals • Company credit card

  11. Activity • Complete the assignment on the calendar: • Employee Benefits Brochure

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