the human resource department and supervise

Introduction;

A Benefit Specialist is a qualified personnel working in the human resource department and supervise the benefits and compensation packages offered to employees by an organization. In this article, I am a benefits specialist in a small local health organization. I’ve identified and discussed four mandatory benefits that the organization must offer. Also, I’ve shown the impact of the missing on the employees. I’ve also identified three voluntary benefits that the organization should provide and highlighted the justification for why they should be included in the benefits.

Employee benefits, also known as perk benefits, are issued to employees excluding wages and salaries. The benefits include; medical insurance, overtime, profit sharing, vacation, and retirement benefits, just to name but a few. Health insurance and social security are mandatory, as shown by law. Voluntary benefits such as childcare, transportation benefits are offered by an employer who has concern for the employee. Offering fringe benefits shows the employer’s investment to his or her workers in their health and their future. The benefits are significant because it retains and attracts talent. Most employees will put their best foot forward to get recognized so that they can earn the benefits from their employer.

One of the advantages of perk benefits is that they are tax-free for the employer, provided they observe the required conditions. However, the one receiving the benefit is advised to add the value of the benefit in their income. Employers pay for these benefits.

How Perk Benefits Work

During recruitment, employees are given a choice to select those benefits that interest them. The employer can choose the time period for the provision of these benefits. Employees have the liberty to choose voluntary benefits that the company is willing to offer. Their decision is majorly based on their comfort while working in the company.

Fringe benefits are normally offered to employees so that they can work comfortably in the company. In many cases, it helps a company retain valuable employees in markets that are competitive. The company’s self-image is improved, thus; attracting potential employees (Dillender, Heinrich, & Houseman, 2016). Offering unique perk benefits to workers assists the organization put down its competitors, and; thus, gives the company a competitive edge over other organizations. It provides a higher chance to interest talented and top value employees from other companies.

Types of Benefits

Mandatory perk benefits are those benefits offered by the employer to its employees as required by law. They are to issue medical care to employees, deliver them from the harsh economy in case they lose their jobs, and to cover them during their retirement period.

The following are the mandatory benefits that the health organization should provide to its employees.

Social Security

They are funds offered to disabled people and retirees, and their children and spouses. Social security benefits fall under the following categories; retirement benefits, disability benefits, dependent benefits, and survivors’ benefits. Retirement benefit focuses on employees who have worked with the organization for a long time. Disability benefit enables disabled people to receive partial wage replacement for their conditions. Dependent benefits and survivor benefits focus on the family of the employee that met the requirement for the social security benefit.

Unemployment insurance

Federal Unemployment Tax Act (FUTA) is an organization that requires employers to pay an unemployment tax to the Labor Department, which offers training, wages, and career guidance to employees that lost their jobs despite it not being their fault. The benefit is meant to assist those employees who are unemployed.

Worker’s compensation

The Department of Labor administers the benefit to workers who are wounded at their workplace, or they acquire a disease. It focuses more on the employees’ missing work, probably due to illness and injuries received while working. Employees are provided with wage replacement benefits, medical treatment, rehabilitation, just to mention but a few. In addition, it covers employees’ medical expenses and reimburses the loss payment of the employee.

Overtime pays

overtime pay is fund that an employee is required to get once he or she exceeds the 40-hour period weekly. The purpose of the benefit is to appreciate the work done by the employee because of exceeding the required time to work by the law. The benefits, however, are majorly given to low-earning employees who strive to meet the ends meet. High-income earners such as managers don’t necessarily need it because its part of their job to work extra hours to meet the objectives of the organization. (Ages, 2017)

Impact on employees if it wasn’t mandated

The chances are that employees will fall into lazy habits while doing work. The benefits are there to motivate workers to strive to deliver the best in their work. With it missing, they are prone to start lazing around.
Employees will lose the confidence of working, considering other organizations are offering benefits to their employees. Soon, the employee might opt to leave the company and go where the employees receive those benefits.
In case of injury during work, employees will take a lot of time recovering, especially low-income earners. Worker compensation benefit helps in such scenarios, and if it isn’t mandated on the organization, the absenteeism of the employees will increase.
Most employees won’t opt for long working hours. Health organization requires some of the employees to work extra hours; thus, ensuring service provision. Without the overtime pay benefits, its difficult to convince a person to work just for free.

Voluntary benefits

Accident insurance

This covers unexpected medical expenses incurred during an accident. Such expenses include; medical bills, surgery, and regular checkups highlighted on the cover. Benefits are paid to the hospital responsible for the cure of the employee. It is important for the organization to offer this due to the increased careless driving of people.

Financial counseling

This involves giving employees financial advice to the employees. Employees are usually given information on how they should manage their retirement benefits, saving, and spending their income. Such bonuses allow the proper management of funds by the employees.

Life insurance

Life insurance secures the family of the employee in case he or she dies. Life insurance allows the employees to feel at ease, knowing that their family won’t suffer in case they lost their lives while working.

Why voluntary benefits are required

Benefits to the business.

Attracting and keeping top talent

Voluntary benefits will help the organization retain and attract top talent employees. With the increased demand of employees, the organization should consider giving optional benefits to the employees so that they avoid losing the workers to other companies.

Voluntary benefits plans help smaller health organizations compete with other companies working along the same line by enabling the provision of the benefits to help them outdo the competitors by retaining the workers. Meeting the employee’s choice of bonus will be an essential tool of preserving them since its difficult for workers to leave the benefit that he or she chose during the recruitment process.

Help analyze your staff – at no direct cost

Offering voluntary benefits will enable an employer to access an individual. Some employees get motivated and give them the psyche to keep on working. The employer will then look at the task done and know how the benefits have impacted the employee in a certain way. Besides, working with stuff will improve because of meeting their needs (Budd, 2017). A person contented with what he or she has will strive to do the best for the person offering that service.

Benefits to employees

Confidence

With the knowledge of voluntary benefits on the rise, most organizations are offering them to lure talented employees to work with them; thus, employees are finding it difficult to make a decision based on the choices of the companies. However, the health organization offering the benefits to its employees gives the latter confidence to work with them and standing up for the organization in case others try to lure them.

Flexibility

Many voluntary benefits are currently available in the organization; thus, providing many options to the employees. It gives the employees a flexible scheme while choosing the benefits depending on their preference. The employee can continue receiving the bonus even if he or she shifts the job to another, provided they meet the required conditions.

Affordability

Voluntary benefits that require premium payment are usually affordable; thus, it helps employees to access the services without going for bank overdrafts and other coverages. Also, most voluntary benefits are paid directly to the employee, enabling them to access the funds at any time.

Conclusion

I discovered that the health organization is issuing the mandatory benefits that the law requires. Besides. It offers voluntary benefits to its employees. The government policy has been observed, and other additional benefits have helped the organization attract and retain talented people.

Reference

Dillender, M., Heinrich, C., & Houseman, S. N. (2016). Effects of the Affordable Care Act on part-time employment: Early evidence. Available at SSRN 2796131.

Ages, G. A. (2017). Exploring a New Frontier of Employee Benefits Litigation: Using ERISA to Challenge Hours Cuts in Avoidance of the ACA’s Employer Mandate. Berkeley J. Emp. & Lab. L., 38, 137.

Budd, J. W. (2017). The effect of unions on employee benefits and non-wage compensation: monopoly power, collective voice, and facilitation. In What Do Unions Do? (pp. 160-192). Routledge.

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