The following is a list of prospective employees: 1. A 24 year-old male who just
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Question
The following is a list of prospective employees:
1. A 24 year-old male who just graduated from college with $25,000 in student loan debt.
2. A 33 year-old female who is a single mother with three children ages 2, 4, and 9.
3. A 47 year-old male with a 40 year old wife and two children ages 14 and 17.
4. A 18 year old female who just graduated from high school.
5. A successful salesperson who is looking a better job.
For each prospective employee listed, select three benefits from those discussed in this unit. Describe the reasons the employee might prefer each of the three benefits.
Explanation / Answer
Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, perqs or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries.In instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a 'salary packaging' or 'salary exchange' arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree.
Examples of these benefits include: housing (employer-provided or employer-paid), group insurance (health, dental, life etc.), disability income protection,retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), social security, profit sharing, funding of education, and other specialized benefits.
The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization.
The term perqs (also perks) is often used colloquially to refer to those benefits of a more discretionary nature. Often, perqs are given to employees who are doing notably well and/or have seniority. Common perqs are take-home vehicles, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery,allowances for lunch, and
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