Also referred to as fringe benefits and perks, benefits consist of monetary and non-monetary compensation that is provided to employees. The total compensation, or value, an employee places on a job is influenced by the benefits the company makes available to them or their family.
Employers offer benefits to employees in order to provide additional security, which improves the company's ability to retain workers. Typical categories of benefits include:
The human resources department is usually responsible for maintaining and administering a company's benefits programs.
401(k) plan, disability insurance, COBRA, absenteeism, flexible benefits plan, flexplace, flextime, floating holiday, paid breaks, mandatory employee benefits, phased retirement, prescription drug plan, relocation services, vision care benefit, voting rights