Rewards and benefits for employees
Employee benefits are non-salary compensation that can vary from company to company.
PPOs offer employees lots of choice in terms of doctors and hospitals; moreover, these plans allow workers to see specialist outside of the network, although a patient will usually be expected to pay some additional fees out of pocket.
Beyond tangible rewards such as pay, and intangibles such as mentoring, a business owner can profoundly shape a worker's life by providing a generous package of employee benefits.
Employee Benefits: Dental Insurance, dental insurance is a common benefit though not required by law.Published on: Invalid date).In addition to benefits required by law, other benefits are provided by companies because they feel socially responsible to their employees and opt to offer them more than is required by law.More small businesses have opted to drop health insurance in recent years, a trend that in part prompted the health care reform legislation recently signed into law.People sometimes talk of fringe benefits, usually referring to tangible benefits, but sometimes meaning both kinds of benefits.According to some experts, small businesses interested in long-term benefits should probably consider another type of reward.Variable Pay, variable pay or pay-for-performance is a compensation program in which a portion of a person's pay is considered "at risk." Variable pay can be tied to the performance of the company, the results of a business unit, an individual's accomplishments, or any combination.Each job must have the same pay range for anyone performing that job, that is, one person can't have a higher maximum pay than someone else doing that same job.
So what constitutes a solid employee-benefits package, and how do you set up various benefits plans?
While most employees certainly appreciate monetary awards for a job well done, many people merely seek recognition of their hard work.In order to develop an effective recognition program, a small business owner must be sure to separate the program from the company's system of rewarding employees.Although many elements of designing and maintaining reward and recognition systems are the same, it is useful to keep this difference in mind, especially for small business owners interested in motivating staffs while keeping costs low.General Resources, employee Benefits Links We Like, by Topic.A company is required to keep the person's job open until such a time as he or she can return, and to continue to cover the employee's health benefits.If high performance continues, recognition should be frequent but cautiously timed so that it doesn't become automatic.