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25 Tips to Benefits

25 Tips to Benefits

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Published by Muhammad Fahim Khan

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Categories:Types, Resumes & CVs
Published by: Muhammad Fahim Khan on Apr 12, 2010
Copyright:Attribution Non-commercial


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ResumeMaker's Top 25 List of Benefits
Benefits are provided as a supplement to an employee's salary agreement with the company. Salary isthe amount employees are paid in exchange for the job they perform. Salary may be paid as hourly,weekly, monthly, or yearly. Overtime pay may also be received depending upon employment status.Agreed upon wages may also include commissions and/or performance bonuses. It is not uncommonfor employees to share (with the company) in the payment of some benefits. This amount can beautomatically deducted from wages.
Some companies offer employees monetary incentives in the form of bonuses. Bonusescan be awarded as incentives for excellent attendance, extra work effort, or performanceachievement.
2.Profit sharing plans.
Depending on the profitability of a company, profit sharing can be anexcellent benefit awarded to employees. Profit sharing rewards employees with a portion of the profits that a company makes. Profit sharing varies from company to company, so be sure toinquire about the details of the profit sharing plan.
Commissions are incentives usually provided to sales employees. Commissions aremost often linked to sales performance—in some sales positions the commission pay can begreater than the base pay.
4.401k and 403b.
The 401K plan and the 403B plan, also known as a tax-deferred savings plan,allow employees to save money before it is taxed. The 401K plan is designed for employees of for-profit organizations and the 403B plan is designed for employees of non-profit organizations.
5.Credit unions.
Credit Unions offer employees many different methods of saving money. They may provide members savings on numerous financial transactions such as checking accounts andlower-interest loans.
6.Pension plans.
Many companies offer various retirement or pension plans. Pension plans can comein different forms; for example, the 401K plan, the defined benefits plan, and the contribution plan. The 401K plan allows employees to save money through a self-directed tax-deferredsavings plan. The defined benefits plan provides an employee predefined compensation and benefits after retirement. The contribution plan allots a predefined amount of money to theemployee each year they have worked with the company.
7.Stock options.
A few organizations offer stock options to their employees. Startup companies canoffer stock options at a low price with the potential of a large capital gain. Public companiesusually offer stock options at a discount from the current market price. If the public stock priceincreases, the employee can realize a profit. Stock options usually require that the right to convertthe options to stock (vesting period) occurs over a number of years.
8.Childcare reimbursement.
Some organizations offer childcare reimbursement or day carefacilities on site. Some companies pay for day care services or offer them at reduced rates.
9.Direct deposit.
Direct deposit allows the company to electronically deposit employee wagesdirectly into a specified bank account.
10.Shift differential.
Shift differential means that if an employee works any shift other than a dayshift they will be paid at a higher rate. Companies who have multiple work shifts usually offer this benefit to encourage employees to work in the less attractive shifts.
11.Health insurance/ HMO's & PPO's.
Employers can offer attractive health benefits. Employeesshould research health benefits carefully to obtain the best care possible and be sure to researchwhat is included and what is not included in various policies. A health maintenance organization,also known as an HMO, is a health care organization, which provides its members with fullmedical services. A preferred provider organization, also known as a PPO, allows the employeeto choose from a list of doctors and hospitals that participate in the health care insurance plan.The number of physicians and hospitals to choose from is generally larger in a PPO than in anHMO.
12.Dental and vision insurance.
Dental insurance is frequently provided by employers. It usuallycovers the entire cost of preventative care treatment such as x-rays and cleanings. As with allinsurance policies, it is important to inquire about the specifics. Organizations can also offer vision plans, which include coverage for eye exams, glasses, and other optical services.
13.Life and disability insurance.
Some companies offer life insurance policies for their employees.Usually these offer term life insurance, which lasts only for the duration of your employment withthe company. Disability insurance coverage is used in case an employee becomes severely physically or emotionally unable to work. Some health insurance policies cover disability, butemployees should take steps to ensure coverage.
14.Paid vacation and holidays.
All companies offer a number of paid holidays. Some companiesalso offer additional floating holidays along with regular holiday time-off. Most companies offer two weeks of vacation per year in addition to regular paid holidays. Additional vacation is oftenadded, based upon the number of years the employee has worked for the company.
15.Absent/sick days.
The amount of sick days offered to employees varies from company tocompany. Some employers require that employees use sick time by the end of the year whileothers allow it to roll over to the next year.
16.Jury duty leave.
Some organizations will continue pay and benefits if employees are unable toattend work because of jury duty.
17.Maternity/family leave.
Maternity or Family Leave may vary from company to company. Someorganizations offer time off both before and after the baby is born while others offer time off oncethe baby is born. Companies with over 50 employees are required to provide for family leave.
18.Bereavement leave.
If an immediate family member dies, some organizations allow employeestime-off to deal with the emotional loss and to make the necessary arrangements.
19.Military leave.
By law employers must allow an employee to attend annual military training. Theemployer must pay its employee normal pay minus the amount made while on duty.
20.Education & scholarships.
Many employers will pay for all or for a portion of educationexpenses that will enhance an employee's career development. Employees should check with the

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