TOTAL COMPENSATION METHODS PAPER
Benefits Programs Working for any organization should have a few perks. One expects to be taken care of and looked after. By law, organizations are required to offer different benefits to their employees. These benefits are mandatory or voluntary. The mandatory benefits consist of Worker’s Compensation insurance, Social Security, Unemployment insurance, and Family Medical Leave Act (FMLA). Worker’s Compensation insurance is enforced when an individual is injured on the job and provides coverage for the following: disability income, medical care, death benefits, and rehabilitative services. Social Security benefits are a percentage of the employee’s income is taken out and placed aside, which payments go into effect after retirement or in the event of permanent disability. Unemployment insurance covers the employee by protecting and preserving his or her income if faced with the loss of employment due to no fault issues, such as cutbacks or the organization is in termination. FMLA provides up to 12 weeks of unpaid leave to employees undergoing childbirth, a recent adoption, or serious illness of his or her self; child; spouse; parents. Organization also offer voluntary benefits: paid time off, life insurance, medical insurance, health centers, retirement plans, education reimbursement, executive perks, leave of absence, and wellness plans. These accommodations are beneficial to employees based on what he or she deems necessary. Some organizations offer paid time off for employees personal, illness, or vacation needs. Life and medical insurance is offered to employees at a discounted rate and payment is taken out of his or her income monthly. Some organizations provide their employees with different facilities to help with his or her individual needs, such as health centers, places that help with retirement plans, and wellness plans. If an organization deems an employee to be an asset to the organization the employee may be offered education reimbursement. The organization will invest in the individual and pay to further his or her education.
Conclusion
Every individual likes a sense of security in every aspect of his or her life, whether in a relationship or in the workplace. In life one is bound to take risk; however, within an organization those risk can be cushioned through different compensations and benefits. Compensations, whether direct or indirect; benefits, whether mandatory or voluntary are assets, which help make the employees secure in the jobs he or she does. Salary is another form of security, which individuals rely on to survive. One must obtain a certain income to ensure his or her sustainability.