Benefits Package - Definition & Meaning
What is 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.
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.
Objectives:
• 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.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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