6.3. Benefits

Employee benefit programs are an integral part of a company's total compensation plan and represent a significant cost to employers. Of equal importance to compensation in the total rewards mix, employee benefit programs are varied and designed to meet specific employee needs. There are two basic types of benefit programs: those that are legally mandated and those that are voluntary. The purpose of this section is to explore how HR professionals, working with senior management, can determine the mix of benefits that will attract and retain the type of employees needed by the organization to achieve its goals.

When most employees think about their benefit packages, they think of medical and dental insurance, vacation and sick leave, ...

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