The paper "Employees’ Welfare and Benefits" is a brilliant example of coursework on human resources. As a business owner, the welfare of the employees is a major part of their affairs. It involves providing various benefits to the employees. While this may increase the business expenses and negatively affect the bottom line, looking after the employees will eventually benefit the company. This could lead to increased returns as the employees are in a happy environment hence, they are in a position to work diligently. Employee benefitsThese are packages given to employees to keep them motivated at their workplace.
These packages are sometimes viewed to be more important than the salary by a potential employee. These packages include Christmas bonuses, paid leaves, health insurance, retirement benefits, paid off days, etc. Employee benefits differ depending on the employee's status. Married employees have benefits differing from those of the single. Benefits also differ for people of the two genders. The availability of employee benefits helps attract and retain eligible employees. This ensures they will also work and give their best to ensure the continuity of the organization.
It helps maintain a good relationship between the employee and the employer Compensation surveyThis is an exercise in which surveys looks into the various compensations given to employees in their work environments. This exercise ensures that employee compensations are fair. Apart from that, it ensures that they are not paid excessively to a point it hurts the organization's financial status. Various bodies have been put up for such surveys. These are such as the NCS (National Compensation Survey). These surveys can be done semi-annually or annually or biennially. Compensation surveys fall in either of into of two groups: custom and standard. Employment Laws that Influence Compensation Tactics There are various laws involved in employee compensation.
These laws are used to ensure that neither part undermines the other party (employers or employees). These laws are such as: FLSA (Fair Labor Standard Act) – It prescribes wages and overtime pay. This law is administered by the wage and hour divisionThe Federal Employees Compensation Act – establishes a comprehensive and exclusive workers compensation program. The Employees Compensation Act (FECA) -This law establishes a comprehensive and exclusive workers compensation for the disability or death of a federal employee resulting from personal injury sustained while on duty. ConclusionEmployees are a major part of the economy of a country.
Their welfare is usually a major factor for the employees to take in for employees. The federal government has devised various laws that govern this. The government requires all employees to ensure that their employees are well taken care of. This involves ensuring their satisfaction while working. Several bodies have also been set up to ensure that even while taking care of the employees one does not end up hurting their business such as the compensation survey bodies.