Employment Benefits
Employment Benefits
Compensation plays an important role in the recruitment and retention of librarians. Though librarians in academic libraries these days enjoy significant increase in their salaries and benefits that are generally provided by their parent institutions, there is still room for improvement. This study has revealed that in some universities, this group of people is denied some benefits that are being enjoyed by their counterparts in the faculty which may be as a result of the library being seen as a support unit of the university. There may be need for university policy makers to review this concept and see university libraries and librarians as integral part of the educational institution. The academic library human resource specialist should therefore set in motion strategies to address especially benefits packages available to library employers across board; as well as creating a work environment that is appreciative of its employees and conducive to professional growth. The concept of work life balance (Switzer, 2004) which is valued by today's library employee should be understood and embraced by library human resource specialist.
Different Types of Employment Benefits and Gains
What are the advantages of being an employee? When you're hired by a corporation, what bonuses and perks can you expect? An employer's non-wage benefits, such as health insurance and paid time off, are included in an employee benefits package.
Minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, workers' compensation, and disability insurance are all examples of employee benefits that are required by federal or state law.
Other sorts of employee perks are optional for employers, but they may choose to supply them to their employees. When you've been offered a new job, you may be able to negotiate some benefits and perks as part of your salary package.
Benefits and Perks Provided by the Employer
What are the advantages of being an employee? When you're hired by a corporation, what bonuses and perks can you expect? An employer's non-wage benefits, such as health insurance and paid time off, are included in an employee benefits package.
Minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, workers' compensation, and disability insurance are all examples of employee benefits that are required by federal or state law.
Other sorts of employee perks are optional for employers, but they may choose to supply them to their employees. When you've been offered a new job, you may be able to negotiate some benefits and perks as part of your salary package.
Who is eligible for employee benefits?
Workers in the private sector received an average of 10 paid vacation days after one year of service, while federal government employees received an average of 13 during the same period, according to the Bureau of Labor Statistics (BLS).
This average rises with tenure, or the length of time an individual works for a company. Employees who have been with the company for five years or more are entitled to 15 paid vacation days. After 20 years, this climbed to 20 days.
According to the BLS, 87 percent of non-government firms provided health benefits. Another 67 percent provided a pension or retirement plan to their employees.
Furthermore, more companies are utilizing bonuses, perks, and incentives to attract and retain staff. Many top firms provide additional advantages such as health club memberships, flexible hours, and more.
Employer Provided Health Insurance Policies
The majority of plans cover visits to primary care doctors and specialists, as well as hospitalization and emergency treatment. The coverage for alternative medical care, wellness, prescriptions, vision, and dental care varies by plan and employer.
Employers must provide health insurance to employees who work a minimum of 30 hours a week. Employer-sponsored plans cover some (but not all) part-time employees.
Other Employee Benefits Provided by the Company
Employee benefits are offered at the discretion of the employer or are governed by a collective bargaining agreement, therefore they will differ from one company to the next.
- Profit sharing; bonuses
- Medical, disability, and life insurance are all available.
- Vacations that are paid
- Meals are provided for free
- Using a business vehicle
- Stock options and pensions
- Childminding
- Gratuity
- Holidays, personal days, sick days, and other time off from work Contributions to retirement and pension plans
- Employees and/or their families may be eligible for tuition help or reimbursement.
- Discounts on company goods and services; a place to live
References
Fisk, D. (2001) In Switzer, T. R (2004) Simmons-Welburn, J., & McNeil, B. (Eds.). (2004). Human resource management in today's academic library: Meeting challenges and creating opportunities. Westport: Libraries Unlimited
Odunlade, R.O., 2012. Managing employee compensation and benefits for job satisfaction in libraries and information centres in Nigeria.
As explained above, a good benefit package will make employees rewarded and appreciated. Not only remuneration but employees tend to be motivated by health, insurance and other benefits. HR managers play an important role in designing proper benefit packages. This will in turn increase motivation and employee contribution. Good article. All the Best Suresh!
ReplyDeleteCompensation and perks are an important part of HRM since they keep employees motivated. It assists in providing advantages to employees depending on their performance and activities, as well as bringing out the best in individuals at work. You have nicely explained about the employment benefit in your article. Good Luck Suresh.
ReplyDeleteAs explained above article, Employees will feel valued and appreciated if they receive a strong benefits package. Benefits can also assist with attracting and retaining top talent by supporting an employee's family, health, and financial future. All the best Suresh
ReplyDeleteAs employees, we are entitled for the benefits in addition to the salary. Medical, disability, and life insurance, as well as retirement benefits, paid time off, and fringe benefits, are the most popular perks. Benefits can be really beneficial.
ReplyDeleteEmployment benefit plays vital role in motivation. It leads to reach the company goals. But when we come to the Sri Lanka it is really challenge to provide rewards to workers.
ReplyDeleteMotivation is aided by the employment benefit.
ReplyDeleteIt leads to the achievement of the company's objectives.
However, providing incentives to workers in Sri Lanka is a serious difficulty.
Interesting topic by any employee as all the employees are concentrating on employment benefits. Employee attraction for any organization and retention will be depended on the employment benefits provided by the organization. You have selected valuable topic and discuss various kinds of employment benefits. Good initiative.
ReplyDeleteAs you mentioned, Employee benefits are also important for workplace morale because a happy and positive team is likely to be productive and work well together. Good blog
ReplyDeleteAs explained, Motivation is aided by employment benefits. It helps the organization to achieve its objectives. Good job Suresh
ReplyDeleteAs discussed,Compensation and benefits are critical components of HRM because they keep employees motivated. It aids in giving employees benefits based on their performance and activities, as well as bringing out the best in people at work.
ReplyDeleteGood article,