Essay on Prioritizing Employee Well-Being, Compensation, and Benefits: A Business Perspective

Introduction

The business managers and the owners know that keeping the employees well cared for and happy is very significant (Frye et al., 2020). Happier employees become more productive, and thus they boost the productivity of the company and the overall atmosphere in the workplace. In addition, employees who are motivated are less likely to leave, and thus they keep the retention rate high. Most corporations want highly qualified workers and keep them productive and loyal (Mamorsky, 2020). In order to keep the best employees and attract them, corporations provide a package that includes incentives, compensation, and benefits. Large companies' offers offer a wide range of match options and mix options in order to suit the needs of the individuals and preferences.

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The Percentage of Total Compensation on The Employer

The data on ECEC show that 70 percent of the company’s costs of compensation are from salaries and wages. The account benefits for about 29 percent of the worker's costs compensation. Well-being insurance makes up 7.5 percent of the recompense costs overall. The contribution of medical and social security that are instructed by federal laws is 5.8 percent of the worker's contribution (Bishow & Monaco, 2016). Most of the companies are adding benefits such as parental leave or student loan repayments. However, as compared to other areas, these benefits represent a small segment.

The Action Taken by The Employer to Help the Workers

My employee has taken action to aid the employees in having a great appreciation for their employee benefits by the recognition of the workers, which aids them to see that their corporation values them and their contributions to the success of their group and corporation overall. The employees are helped to build a sense of security in their value to the corporation, which motivates them to continue with great work.

The Action Taken by The Employer to Aid and Encourage the Employees

My employer has taken action to aid and encourage the workers to better healthy consumers by providing cost information that is transparent to the workers, which aids them in becoming better consumers of health insurance and also better healthcare consumers. The worker needs to see what their employee charges and what their out-of-pocket costs will be based on their co-pay amount, deductibles, or co-insurance.

References

Bishow, J. L., & Monaco, K. A. (2016). Nonprofit pay and benefits: estimates from the National Compensation Survey. Monthly Lab. Rev., 139, 1., 1. https://heinonline.org/HOL/LandingPage?handle=hein.journals/month139&div=11&id=&page=

Frye, W. D., Kang, S., Huh, C., & Lee, M. J. M. (2020). What factors influence Generation Y’s employee retention in the hospitality industry? An internal marketing approach. International Journal of Hospitality Management, 85, 102352 https://doi.org/10.1016/j.tmp.2020.100676

Mamorsky, J. D. (2020). Employee benefits law: ERISA and beyond. Law Journal Press.