Question

A) Define the term “employee benefits” and describe some of the benefits included
in this category
B) Why is it important to learn about employee benefits?
C) Explain some important characteristics of group insurance.
D) Describe the employer’s goals in offering employee benefits.

Answer 1

Answer 1= Employee benefits which are also termed as fringe benefits or perks are the different types of benefits that are facilitated to the employees apart and above than the wages and salaries. These are the different types of non-wage compensations facilitated the manpower. The different type of benefits which can be provided to any employees includes profit sharing, overtime, medical insurance, retirement benefits and so on.

Answer 2= It is important to learn about employee benefits as these benefits indicate that the employer is not only investing in the employee and their overall health but the employer is also concerned about their future. With the help of a profound employee benefit plans, the recruiters can attract and retain talent in their firms. This can also be used as a differentiation strategy from its rivals.

Answer 3= Important characteristics of group insurance are as below=

• One contract covers the entire group of individuals
• As employees pay less or only one
• The creation of the group should not be done only to enjoy the benefits of group insurance
• All the members of the group have similar benefits

Answer 4= The main goals of offering employee benefits for an employer are as below=

• Attracting and retaining the manpower
• Differentiate from the rival firms
• Making a good image among the manpower
• Showing to the manpower that the employer is also concerned about the long term benefits of the employees