Global HR Glossary

What are Employment Benefits? 

Employment benefits are supplementary compensations offered to employees over and above their salaries. These benefits, which can include health insurance, retirement plans, and paid leave, are designed to enhance job satisfaction and employee well-being. 

Importance and Impact of Employment Benefits 

Offering a robust benefits package is crucial for attracting and retaining talent. It also boosts employee morale and loyalty, which are vital for maintaining productivity and reducing turnover. 

Modern benefits packages often extend beyond traditional offerings to include:

• Flexible working conditions.
• Wellness programs, including gym memberships and mental health support.
• Professional development opportunities, like funding for further education or skills training.

Industries known for extensive benefits, such as tech, often set benchmarks that others aim to meet, thereby shaping overall employment standards.