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Definition:
Compensation is the total amount of the monetary and
non-monetary pay provided to an employee by an
employer in return for work performed as required.
Compensation is based on:
market research about the worth of similar jobs in the
marketplace,
employee contributions and accomplishments,
the availability of employees with like skills in the
marketplace,
the desire of the employer to attract and retain a particular
employee for the value they are perceived to
add to theemploymentrelationship, and the profitability of the
company or the funds available in a non-profit or public sector
setting, and thus, the
ability of an employer to pay market-rate
Compensation also includes payments such asbonuses,profit
sharing,overtime pay,recognition rewards and
checks, andsales commission.Compensation can also include
non-monetaryperkssuch as a company-paid
car, stock options in certain instances, company-paid housing,
and other non-monetary, but taxable, income
items.
Perks areemployee benefits, usually in addition
tosalaryandstandard employee benefits.The word, perk or
perks, is a short form of the word perquisite which
meansincentives,bonuses, extras, or sweeteners. In use in
business, the term perks has come to mean benefits or extras
above and beyond the normalcomprehensive
benefits package.
Employers of choice provide a comprehensiveemployee
benefitspackage to attract and retain employees. Inaddition to a
competitivesalary,an employee benefits package is a standardand
expected - part of an
employee totalcompensationpackage.
Smaller employers tend to offer fewer components in the employee
benefits packageand sometimes, no
benefits at all. But, the majority of large companies and
virtually all public sector government employers
provide an extensive employee benefits package.
Small businesses that are growing and expanding need to plan a
careful phase-in of employee benefits so that
as you grow, you continue to attract and retain the talent you
need for further growth and expansion.
Employers can expand this employee benefits package, as
resources allow.
With an almost endless variety of potential employee benefits
that are listed inAre You Getting the Best
Benefits From Your Benefits?and wished for inWhat Employee
Benefits Would You Love to Have or Offer?,an
employer can customize an employee benefits package to the needs
and desires of its employees.
These are the components of an attractive employee benefits
package. No laws require an employer to offer
these voluntary employee benefits.
Health Insurance Is the Foundation of a Comprehensive Employee
Benefits Package
Health insuranceis the foundation of a comprehensive employee
benefits package. Health insurance is the
preferred employee benefit of the majority of people who work.
Health insurance marks an employer as
anemployer of choicewhen desirable candidates select job
opportunities. If you can currently afford to offer
only one employee benefit, make that benefit health insurance
for employees and their families.
Perks also refers tononstandard benefitsthat are unusual or for
which only a limited number of employees
are eligible. You will hear employees in the business world use
the word perks in reference to any nonstandard
benefit, though this is not the usual reference
In organizations, perks are often viewed as an incentive or a
form of gratitude that is offered to executive level
employees or employees with seniority or longevitysomething that
sets the employee aside from the
average employee.
Perks also refer to employee benefits that are discretionary and
optional on the part of an employer. Perks do
not necessarily involve a monetary cost to the employer. Perks
may consist of privileges, rewards, or options.
Examples of Perks
The following are examples of perks of both the monetary type
and perks that are available as a privilege.
Company supplied cars
Free lunches or beverages
Company logoed shirts, hats, and other merchandise supplied at
low cost or no-cost
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esources.about.com/od/compensation-structure/tp/employee-benefits-package.htmhttp://humanresources.about.com/od/employeerecognition/g/what-are-incentives-at-work.htmhttp://humanresources.about.com/od/benefits/Benefits_Vacation_Health_Insurance_Life_and_Disability_Insurance.htmhttp://humanresources.about.com/od/glossaryb/g/base_salary.htmhttp://humanresources.about.com/od/glossaryb/g/benefits.htmhttp://humanresources.about.com/od/glossaryp/g/Perks.htmhttp://humanresources.about.com/od/salaryandbenefits/a/sales_comp.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossaryp/g/profit_sharing.htmhttp://humanresources.about.com/od/glossaryb/g/bonus.htmhttp://humanresources.about.com/od/glossarye/g/employment-job.htm
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First choice of vacation schedule
First chance to work overtime
Professional association membership
Conference attendance
First chance for lateral moves or promotions
Job openings posted and filled internally before externally
Flexible schedules
Telecommuting opportunities
Office, larger office with window
Tuition reimbursement
Cafeteria benefits plan
Are youremployee benefitsgiving you the payback you deserve in
increased employee appreciation and
satisfaction? Chances are, your employee benefits are not. On
average, organizations spend 41 cents for
employee benefits for every dollar of payroll. That's 29% of the
total employeecompensationpackage.
Research reported in the journal, Personnel Psychology, suggests
that employees only understand and
appreciate between 31 and 68% of the cost or market value of the
employee benefits they receive. In fact, the
most recent data indicates that employers are spending43% of
total payon types of employee benefits.
Employees undervalue their comprehensive set ofemployee
benefitsfor many reasons including:
employers communicate the value of employee benefits poorly, the
employees have little or no choice in
employee benefits packages or options, and the employees
misunderstand the market value of their employee
benefits.
Maximize the Value of Employee Benefits Expenditures
Employers can overcome these factors by allowing employees to
make choices about the types of
employee benefits and by providing lots of information. You can
jump start the education process by
providingpaycheckinserts that detail your cost for each employee
benefit. Other ways to get employees to
think about the value of their employee benefits include
interactive computer quizzes, employee benefits fairs,
telephone hot lines, workplace posters and video tapes or
television discussing employee benefits.
Firms that
wish to maximize the value of their employee benefits
expenditures need to survey their employees to ask
them the types of employee benefits that they value and how much
they value each type. Employee benefits
surveys or focus groups are important first steps in
understanding employee preferences for types of benefits.
Relevant questions about the desired types of employee benefits
might include the following.
What types of employee benefits are most important to you?
If you could choose one newtype of employee benefit,what would
it be?
If you were given X dollars for employee benefits, how would you
spend them?
Follow-up research about the cost of employee benefits that
employees desire can help you determine
which programs will provide the most bang for the buck. On the
basis of the data developed, you can
adapt youremployee benefits offeringsor provide choices about
types of employee benefits that are
consistent with organizational objectives such asemployee
retentionor performance.
Consider Types of Employee Benefits
The variety of employee benefits offered today is immense. Some
employee benefits, such ashealth
insuranceandretirementbenefits, are almost institutionalized or
expected in the United States.
However, other employee benefits are not - and these are the
types of employee benefits that set
companies apart. Organizational values are often manifest in the
types of employee benefits organizations
offer. Thus, the employee benefits help to establish an
organization's positive reputation as anemployer of
choicein the marketplace.
So, isn't it about time to reconsider the employee benefits
package that your company offers? Following isa long list of the
types of employee benefits that are offered across hundreds of U.S.
firms. The cost of these
employee benefits varies, as do employee and employer
perceptions about the value the employee benefits
deliver.
The key for organizations looking for a competitive edge,
through the types of employee benefits, they
offer, is to determine what employee benefits you can provide
that are most valued and useful to your
employees. Hopefully, these employee benefits will approach a
1:1 cost to perceived benefit ratio.
Want to see a list of thetypes of employee benefitsthat your
employees want and need? Here are the
employee benefits that employers need to offer to attract and
retain superior employees.
Types of Employee Benefits
Following are samples of the employee benefits that are offered
across many organizations. Use this list of
employee benefits to think creatively about your current
employee benefits package. Are your employee
benefits giving you the competitive edge in attracting and
keeping the best employees? Are your employeebenefits helping you
tocreate a workplacein which employees are motivated, happy and
productive?
If not, use this list to determine the types of employee
benefits that you may want to consider providing.
You're in competition with the best employers for the best
employees. These types of benefits will attract and
retain your best talent.
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Bonus Options for Employee Benefits
Performancebonus
Attendance bonus
Longevity bonus orservice award
Profit sharing
Discount stock purchase plans
Medical and Health Employee Benefits
On-site medical clinic
Medical care programs (HMO,health insurance)
Dental careprograms (insurance)
Vision careprograms (insurance)
Flexible spending accountsfor healthcare costs
Employee assistance programs (EAPs)
Wellness programs
On-site fitness facilities
Fitness facility membership
$50 to take annual physical; $200 reward if vital signs are
positive
Paid Time Off Employee Benefits
Sick leave
Well pay
Mental health days
Paid Personal Days
Holidays
Vacation
Bereavement leave
Ten paid hours a month for volunteer work
35 extra vacation days in 10th year and every 5th year
thereafter
Personal or emergency business days orfloating holidays
Paid sabbaticals
Professional association participation
Insurance Benefits for Employees
Short-term disability insurance
Long-term disability insurance
Life insurance Mental health insurance
Travel accident insurance (when traveling on company
business)
Insurances mentioned under "Medical and health"Retirement
Benefits for Employees
Defined benefit pension
Defined contribution
Financial planning assistance
401(k)
Profit sharing
Discount stock purchase plans
Children and Family Employee Benefits
Free child care
On-site child care
Free elder care
Vouchers to help pay for child care
Information about cost and quality of day care
Discounts on day care
Flexible spending account for child care
Sick child care center (to cover when providers won't accept
children)
Financial support for infertility treatments and/or adoption
aid
Employee Benefits Related to Pets
On-site kennel service
Dog and cat grooming
Animal sitting for business travelers
Pet walking services
Bereavement period for the loss of pets
Pet insurance
Bring a pet to work day
Allowed to keep pets at work (an office cat)
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yeebenefits/g/service-award.htmhttp://humanresources.about.com/od/attendancepolicy/a/attendance_pol_2.htmhttp://humanresources.about.com/od/glossaryb/g/bonus.htm
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Education and Development Employee Benefits
Tuition reimbursementor payment for seminars and classes
Educational assistance (interest-free loans for own or
children's education)
Career planning and development
Scholarships for children of employees
Professional association meeting, conference or seminar
expense
Concierge Services as an Employee Benefit
Car wash and oil change
Dry cleaning service
Maid service to clean home
Errands run
Food as Employee Benefits
ice cream, fruit, or other snacks
-home meals
-bar snacks at hotel (while on travel)
meals included in company-provided refreshments at company
events
Clothes as Employee Benefits Free uniforms or uniform
cleaning
Free clothes for personal use (such as shirts, sweaters,
jackets, hats)
Shoe repair
Safety shoes
Safety eyeglasses
Personal Care Employee Benefits
Beautician on site
$5 haircuts
Free on-site massages
Nap time during the workday
Discounts for Employees as Benefits
Leased automobiles
Life insurance
Discounts (up to 50%) of closing costs in the purchase of a new
home
Clothing
Transit Employee Benefits
Van-pool programs
Company car
Free or subsidized mass-transit passes
Free parking (car or bicycle)
Free taxi rides home
First-class travel
Free ride in jump seat of company planes
Free airline passes
Keep frequent flyer miles for personal use
Other Types of Employee Benefits
Relocation expenses
Subsidized or free housing
Employee referralbonus
Boomerang bonus (employee rehire bonus)
Prepaid legal services (telephone advice, wills, purchase of a
home)
Award or gift certificates (redeemable at the employer's or
another local store) as bonuses for attendance,
productivity, and punctuality
Game rooms (pool, foosball, video games, etc.)
Free movies Free cigarettes
Company sponsored/subsidized events such as trips to athletic
events, concerts and hikes
Theme days such as Halloween costume days and holiday cookie
exchange days
Condominium, hotel, camping or other recreational area for
employee use
Annual family trips back to the "home country" ofH1B visa
employees
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8/10/2019 Definition Employment
5/5
Relocation back to the "home country" if the job doesn't work
out
Relocation back to any United States location in case of "no
fault" layoff or termination
Birthday card or note from executive
Assistance in obtaining a visa to visit the United States
In-plant bank branches for employee banking services
Life Cycle account of $10,000 to help employees cross major
thresholds such as buying a first house or
financing college education
Employers who consider and offer many types of employee benefits
will experience positiveemployee
moraleand retain employees better than organizations that do
not. Employers who educate their
employees about the value of the employee benefits they receive,
can maximize the value to employees of
the employee benefits that the employer provides.
Employment is an agreement between anemployerand anemployeethat
the employee will provide certain
services on the job, and in the employer's
designatedworkplace,to facilitate the accomplishment of the
employer organizations goals andmission,in return
forcompensation.The agreement can be verbal, implied,
or an officialemployment contract.
In employment, the employer determines the where, when, how,
why, and what of the work that is performed
by the employee. The degree of input, autonomy and
self-directedness that an employee experiences on the
job is a by-product of an employers philosophy of management and
employment.
In the United States, much of an employment relationship between
an employer and employee is governed bythe needs, profitability,
and management philosophy of an employer as well as the
availability of employees.
Increasingly, however, Federal and state laws are enacted
whichdirect the employment relationshipand
decrease the autonomy of employers.
Employment ends at the prerogative of the employer or the
employee.
In exchange for the employees work or services, the employer
payscompensationthat may include asalary,
an hourly wage, andbenefitsthat is above the Federally
mandatedminimum wagein the US.
Most employers offer employees a comprehensiveemployee benefits
package,as they can afford to offer
benefits, includinghealth insuranceandpaid time off,holidays,
and vacation. Other employers pay just the
salary or hourly wage and do not provide employee benefits.
Employers hire employees either asexempt employeeswho receive a
salary for completing a whole job, such
as $40,000 a year for supervising the quality department. Or,
employers hire employees as nonexempt or
hourly workerswho are paid an hourly wage, such as $14.00 an
hour, for each hour worked, and whose pay is
subject to the terms of theFair Labor Standards Act
(FLSA)forovertime.
Work is performed by an employee for the employer under a verbal
or an implied or written contractual
agreement or contract.Some employers usejob offer lettersto
confirm the details of anemployment
relationship. In union-represented workplaces, the employer is
obligated to pay in accordance with the union-
negotiated contract.
An employer has certain responsibilities that are required by
law about paying employees, withholding taxes,
and filing government
An employee is an individual who was hired by anemployerto do a
specific job. The employee is hired by the
employer after anapplication and interview processresults in his
or her selection as an employee.
The terms of an individuals employment are specified by an offer
letter, an employment contract, or verbally.
In workplaces represented by a union, the collective bargaining
agreement covers most aspects of an
employees relationship with the workplace.
An employee workspart-time,full timeor istemporary.
An employee barters his or her skills, knowledge, experience,
and contribution in exchange for compensation
from an employer. An employee is eitherexemptfromovertimeornot
exemptfrom overtime; the rules about
paying an employee are governed by theFair Labor Standards Act
(FLSA).
Each employee has a specific job to accomplish that is often
defined by ajob description.In responsible
organizations, aperformance development planning processdefines
the work of the employee and the
organizations expectations for the employees performance.
An employee works within a functional area or department such as
marketing or Human Resources. An
employee has a boss, the person he or she reports to and takes
direction from, usually a manager or
supervisor. The employee has a work station or office in which
he or she accomplishes the job. The employer
supplies the employee with the tools and equipment necessary to
perform work such as a computer,
telephone, and supplies.
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ut.com/od/glossaryp/g/part_time.htmhttp://humanresources.about.com/od/glossaryp/g/part_time.htmhttp://humanresources.about.com/od/glossaryf/g/full_time.htmhttp://humanresources.about.com/od/glossaryf/g/full_time.htmhttp://humanresources.about.com/od/glossaryf/g/full_time.htmhttp://humanresources.about.com/od/glossaryt/g/temp_employee.htmhttp://humanresources.about.com/od/glossaryt/g/temp_employee.htmhttp://humanresources.about.com/od/glossaryt/g/temp_employee.htmhttp://humanresources.about.com/od/glossarye/g/exempt.htmhttp://humanresources.about.com/od/glossarye/g/exempt.htmhttp://humanresources.about.com/od/glossarye/g/exempt.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossaryf/a/flsa.htmhttp://humanresources.about.com/od/glossaryf/a/flsa.htmhttp://humanresources.about.com/od/glossaryf/a/flsa.htmhttp://humanresources.about.com/od/jobdescriptions/g/job_description.htmhttp://humanresources.about.com/od/jobdescriptions/g/job_description.htmhttp://humanresources.about.com/od/jobdescriptions/g/job_description.htmhttp://humanresources.about.com/od/performancemanagement/a/perfmgmt.htmhttp://humanresources.about.com/od/performancemanagement/a/perfmgmt.htmhttp://humanresources.about.com/od/performancemanagement/a/perfmgmt.htmhttp://humanresources.about.com/od/performancemanagement/a/perfmgmt.htmhttp://humanresources.about.com/od/jobdescriptions/g/job_description.htmhttp://humanresources.about.com/od/glossaryf/a/flsa.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossarye/g/exempt.htmhttp://humanresources.about.com/od/glossaryt/g/temp_employee.htmhttp://humanresources.about.com/od/glossaryf/g/full_time.htmhttp://humanresources.about.com/od/glossaryp/g/part_time.htmhttp://humanresources.about.com/cs/selectionstaffing/a/hiringchecklist.htmhttp://humanresources.about.com/od/glossarye/g/employer.htmhttp://humanresources.about.com/od/glossarye/g/employment-job.htmhttp://humanresources.about.com/cs/policysamples/a/joboffer.htmhttp://humanresources.about.com/od/glossarye/g/employment_contract.htmhttp://humanresources.about.com/od/glossarye/g/employment_contract.htmhttp://humanresources.about.com/od/glossaryo/g/overtime.htmhttp://humanresources.about.com/od/glossaryf/a/flsa.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossaryn/g/nonexempt.htmhttp://humanresources.about.com/od/glossarye/g/exempt.htmhttp://humanresources.about.com/od/employeeleave/Employee_Leave_and_Vacation.htmhttp://humanresources.about.com/od/glossaryh/g/health-insurance.htmhttp://humanresources.about.com/od/compensation-structure/tp/employee-benefits-package.htmhttp://humanresources.about.com/od/glossarym/g/min_wage.htmhttp://humanresources.about.com/od/glossaryb/g/benefits.htmhttp://humanresources.about.com/od/glossarys/g/salary.htmhttp://humanresources.about.com/od/glossaryc/g/compensation.htmhttp://humanresources.about.com/od/employment-laws-government/employment-laws-government-agencies.htmhttp://humanresources.about.com/od/glossarye/g/employment_contract.htmhttp://humanresources.about.com/od/glossaryc/g/compensation.htmhttp://humanresources.about.com/od/glossarym/g/Mission.htmhttp://humanresources.about.com/od/glossaryw/g/workplace.htmhttp://humanresources.about.com/od/glossarye/g/employee.htmhttp://humanresources.about.com/od/glossarye/g/employer.htmhttp://humanresources.about.com/od/glossarye/g/employee-morale.htmhttp://humanresources.about.com/od/glossarye/g/employee-morale.htm
