Any employee would want to enjoy as several employee benefits, both statutory and voluntary, as possible. However, limited resources, amongst other factors, make it difficult for employers to provide all the benefits to their employees. As an employee, I would choose the following four voluntary benefits from amongst the nine that have been elaborated n the video:
Education benefits: Education benefits involve the tuition assistance services provided by employers in the form of employer contributions or employee reimbursement. I would choose this benefit because of the numerous benefits that it would accord. First, it would help me to realize my goals of furthering my education within my career. Education advancement presents the opportunity to learn new skills and advance within the career through various promotions (McDonough & Oldham, 2020; Merrick, 2019; Minnesota State, n.d.). Secondly, the benefit would lessen the cost burden in times when the affordability of education is a major concern to employees seeking to continue learning (McDonough & Oldham, 2020).
Delegate your assignment to our experts and they will do the rest.
Paid time off: Some of the paid time offs include sick days, holidays, annual leaves, and personal time off, and vacation leave. I would select this benefit because of its crucial role in enhancing work-life balance in an employee’s life. The paid time off benefit reassures employees that they can get time to attend to obligations and other interests outside work while keeping their jobs. Time away from work also gives employees time to recuperate from illnesses without the stresses of work (Society for Human Resource Management (SHRM), n.d.). Generally, paid time off enhances physical and emotional well-being and helps promote a healthier and happier workforce.
Retirement savings: Retirement savings are the funds that are put aside while employees are still working to provide them with a continuous source of income upon their retirement. I would choose this benefit because of its criticality in providing financial security once I retire. According to SHRM (2016), most of the employees are usually financially unprepared for their retirement. This scenario forces some of them to continue seeking employment upon their retirement while others become dependants on the economy.
Life insurance: Life insurance involves the premiums paid towards offering financial benefits to the beneficiaries identified by the policyholder. I would choose this benefit because it would provide some financial cushion to my spouse or children in the event of my demise. According to Heathfield (2018), the life insurance benefit is important to employees who are extremely worried about how their family or heirs will meet their financial needs in the event of their demise.
References
Heathfield, S. M. (2018, April 2). What you need to know about life insurance . The Balance Careers. Retrieved May 30, 2021, from https://www.thebalancecareers.com/life-insurance-adds-value-to-employer-provided-benefits-1918177#:~:text=Life%20insurance%20provides%20peace%20of,not%20due%20to%20his%20fault
McDonough, T., & Oldham, C. (2020, October 19). Why companies should pay for employees to further their education . Harvard Business Review. Retrieved May 30, 2021, from https://hbr.org/sponsored/2020/10/why-companies-should-pay-for-employees-to-further-their-education
Merrick, A. (2019, February 28). Education benefits present a learning opportunity . SHRM. Retrieved May 30, 2021, from https://www.shrm.org/hr-today/news/hr-magazine/spring2019/pages/education-benefits-present-learning-opportunity.aspx
Minnesota State. (n.d.). Types of employee benefits . Minnesota State CAREERwise. Retrieved May 30, 2021, from https://careerwise.minnstate.edu/jobs/benefittypes.html
Society for Human Resource Management (SHRM). (n.d.). How to develop and administer paid leave programs . SHRM. Retrieved May 30, 2021, from https://www.shrm.org/resourcesandtools/tools-and-samples/how-to-guides/pages/howtodevelopandadministerpaidleaveprograms.aspx
Society for Human Resource Management (SHRM). (2016). SHRM research: Retirement savings and planning benefits . Society for Human Resource Management. Retrieved 30 May 2021, from https://www.shrm.org/hr-today/trends-and-forecasting/special-reports-and-expert-views/Documents/Retirement%20Savings%20and%20Planning%20Benefits.pdf
