Employee benefits: what are they?

Employee benefits, also known as “compensation package” or simply “benefits”, are forms of compensation provided to employees in addition to their salary.

 

EMPLOYEE BENEFITS: WHAT ARE THEY?

Employee benefits, also known as “compensation package” or simply “benefits”, are forms of compensation provided to employees in addition to their salary.

 

They are an integral part of a company’s total compensation package for talent, and can help improve staff’s quality of life, contribute to their financial well-being, increase job satisfaction and strengthen their commitment to the organization. In short, benefits are necessary to create a strong employer brand and an optimal employee experience.

Employee benefits consist of a wide range of elements.

Different types of benefits

Health insurance:

Covers all or part of the employee’s medical expenses.

Life and disability insurance:

Provides financial protection for employees and their families in the event of death or disability.

Dental insurance:

Covers dental care to prevent and treat oral problems.

Retirement savings plan:

Contributes to the employee’s financial security in retirement. This can take the form of defined-contribution or defined-benefit pension plans.

Paid leave:

Includes vacation time, sick leave, personal leave and family leave.

Employee Assistance Programs (EAP):

Provide support for mental health, stress management, personal finances, personal problems and career development.

Training and development:

Offers learning and development opportunities, physical activities, and more.

Voluntary company benefits:

Include items such as meals and work subsidies.

Health and wellness account:

Designed to help individuals save for health and wellness expenses. It can be used to pay for a variety of health and wellness-related expenses, including medical expenses, prescription fees, mental health expenses, gym membership fees, use of a company-owned car, tuition reimbursements, etc. Health and wellness accounts are an important trend in the world of employee benefits.

FIND OUT HOW YOUR COMPANY CAN MAKE THE MOST OF ITS EMPLOYEE BENEFITS

Get your employee benefits analysis and recommendations from a team of experts including benefits consultants, accountants, chartered insurers and financial planners.

A thorough analysis of your benefits program will help you optimize it.

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