In addition to salary as the key compensation for the produced work, employees are also legally obligated to provide staff members with a range of benefits. The specified benefits have the implicit purpose of recognizing staff members’ dignity, personal needs, and their rights as citizens and members of an organization. Although some legal benefits have remained intact since the day of their conception, others have been altered and added over the course of the development of the labor market. By studying the benefits to which staff members are entitled nowadays, one can map a clear framework for maintaining a fair and safe environment for all staff members.
According to the existing set of regulations, employers are obligated to provide employees appropriate compensation in the scenarios that involve any workplace accidents leading to injuries. In addition, most organizations provide options for sick leave, as well as for maternity leave (Jaworski, Ravichandran, Karpinski, & Singh, 2018). As a rule, five key types of benefits that employees can enjoy in the workplace are identified; these are social security, unemployment benefits, workers’ compensation, family and medical leave, and healthcare insurance (). The described benefits are uniformly across all organizations and industries, and are generally believed to be the foundational rights of employees.
Several requirements associated with the benefits listed above are traditionally distinguished in a typical workplace environment. Specifically, companies are expected to meet the standards concerning compensation for overtime workplace performance, health insurance, minimum wage, overtime workplace performance, and disability insurance (Jaworski et al., 2018).
However, there are several types of workplace benefits that have a rather peculiar place in the modern hierarchy of compensation types provided in the corporate setting. Training and professional development is one of them, offering a lot of material for contemplation, especially for the members of the HR function. Unlike the rest of the types of benefits mentioned above, professional training and assistance in gaining additional competencies in the workplace is not typically included in the list of requirements that an organization must provide. Instead, training options are often viewed as complementary opportunities that the company’s HR department may consider offering to the firm’s employees.
Nevertheless, the provision of training options and the associated opportunities has a tremendous role in shaping employees’ attitudes toward the workplace. Therefore, training has to be seen as a critical element of the workplace benefit package, which employers have to incorporate into the set of compensations offered to staff members. In fact, most modern organizations tend to provide the specific benefit without further reminders since the professional development of staff members has become an important part of building a proper HRM framework and increasing an organization’s competitive advantage (Darma & Supriyanto, 2017). Indeed, with the increase in the range of professional development options, employees are more likely to develop trust and loyalty to their companies.
Thus, currently, it is strongly recommended that the issue of diversity in the workplace is addressed accordingly. It is crucial for companies to receive enough authority to provide their staff members with unique benefits and opportunities. At the same time, it will be reasonable to suggest that some organizations may use the specified change in regulations to their advantage for the purposes of personal gain, thus dismissing the rights of their staff. Consequently, rigid supervision of compliance with the established standards for benefits and compensations for staff members is needed. To create the environment of controlled growth and development, managers should consider adding opportunities for professional development into the lust of the options and compensation that they offer to the staff.
Moreover, the range of competences that employees receive from an organization may be extended so that the company could boast a tangible competitive advantage. For example, paid leaves for staff members during religious holidays might be considered an important option or compensation. Similarly, paid leave for fathers will have to be considered along with that one for mothers. Although the needs of the latter exceed those of the former significantly due to the postpartum challenge’s and the necessity to take care of the infant, one will need to consider the issues that fathers have when a baby is born. With the specified technicalities in mind, and organization can come up with an appropriate benefit and compensation system, thus giving an opportunity to offer staff members the required amount
Although the current set of benefits offered to employees as a standard package takes account of essential rights to which every staff member is entitled according to the existing regulations, a greater variety of compensation opportunities could be provided to staff members. In addition, a more rigid control over the delivery of the specified benefits to staff members would be advisable given the lack of support that staff members experience in the specified domain. Namely, ensuring that staff members receive the required compensations and benefits and that the company does not withhold any of the crucial benefits from its employees will be needed. As a result, companies will gain the trust and loyalty of their employees and begin to thrive in the global and local markets.
Darma, P. S., & Supriyanto, A. S. (2017). The effect of compensation on satisfaction and employee performance. Management and Economics Journal (MEC-J), 1(1), 69-78. Web.
Jaworski, C., Ravichandran, S., Karpinski, A. C., & Singh, S. (2018). The effects of training satisfaction, employee benefits, and incentives on part-time employees’ commitment. International Journal of Hospitality Management, 74, 1-12. Web.