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Benefits management is the specialist discipline of HR that plans and delivers employee benefits within an organization. Employee benefits are extra compensation or “perks” given by an employer to a worker on top of their wages.
An appealing benefits package can help attract and retain employees and enhance the employer’s reputation. That’s why focused benefits management can influence company performance by motivating the best people to join – and stay.
Companies may offer a wide range of different types of benefit, giving employees different options at different levels and even allowing them to pick and choose the benefits that match their own priorities. Employee benefits can be small perks, like free coffee in the office, an annual Christmas party or a subsidized canteen. Or they may be more valuable, such as a company car available for personal use, private healthcare, pension schemes, childcare vouchers, enhanced parental leave, insurance, share options, employee share schemes and interest free season ticket loans.
Wellbeing benefits are currently a popular focus. Responsible employers want to help their people maintain a healthy work-life balance and look after themselves physically and mentally. Subsidized or free gym memberships, massage, counselling, dentistry, maternity services, life coaching, podiatry and personal training are just a few examples. Employers may offer their employees a choice of benefits, so they can choose the package that suits their needs and lifestyle best.
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