The most basic relationship between an employer and a worker is money. The worker does a good job and is paid accordingly by their employer. It’s that simple.
In the corporate world, however, there are many other variables involved in this relationship. For the most part, there are standards that determine how much exactly a worker gets paid — and if they deserve more. This has led to the development of employee benefits enrollment software, which is used to input data for individual employees and for the specific jobs they do.
The Different Employee Benefits
In addition to the standard salary level, the government also has rules and regulations about minimum salaries, pensions, social security, and employee compensation packages.
For corporate employees who have a distinct skill set (like an IT personnel), the packages may be individually crafted after some negotiations. Typically, any company would want to develop a competitive benefits program to draw the best people for the job.
The Comprehensive Benefits
A comprehensive benefits package can include the following:
- Health and Dental Insurance. This is the core of any successful benefits package. Most absences can be alleviated or prevented with an adequate health and dental plan. In most companies, health insurance is separate from a dental insurance coverage. These two are usually under different companies and plans.
- Flexible Spending Accounts (FSA). The FSA is meant to cover any shortfall or cash reimbursements for basic health or dental expenses. These are out-of-pocket, small-item expenses not covered in the health and dental insurance.
- 401(K) Retirement Savings Plan. This is a voluntary retirement savings plan that employers administer and control. Most companies have a matching participation in the plan. All you need is to ask your employer for the details.
- Vacation Leave. Taking a vacation can be helpful in maintaining the health of an individual. It’s their time to refresh and recharge. For small companies, a two weeks paid leave is the norm.
- Additional Paid Time Off. Additional leaves take the form of maternity leaves, paternity leaves, family medical leaves, and a flexible work schedule (flexitime). While flextime is not a leave per se, it’s still a way to let workers juggle time between work and personal responsibilities. There are also birthday leaves, sanity leaves, and many other leaves a company can implement.
Employee benefits can be complex and hard to package for the individual. For a company to make the most of their employees, they may have to go through hoops to retain their top performers.