Definition: Benefits Package
An employee benefits package includes all the financial benefits & incentives provided by an employer. Employers have to provide some type of employee benefits like worker compensation, disability and unemployment.
60% of Employees Says Benefits is the Important Reason to Stay with the Employer
The other benefits given by a company are medical insurance, accidental insurance, family member (dependents) insurance, personal leave, paid leave, sick leave, free medical treatment, retirement plan, child care, maternity leave, hotel stays, allowances and incentives because they feel socially responsible to their employees and to their families.
• To attract Good Employees
• To maintain competitive position
• To improve morale of the Employees
• To enhance organization’s image
The above chart shows how employees get benefits.