A guide to benefits: the basics
Employee benefits are an important part of the employee package for recruiting and retaining employees. When it is difficult to recruit suitable skilled people, having a benefits package can often give an organisation the competitive edge. Andrew Walker, Head of Business Development at Croner looks at the different ways of incentivising staff and the key principles for a successful reward strategy.
An employee remuneration package will generally include cash (i.e. salary or wages) and non-cash elements. The non-cash elements form an important part of the package and play a key role in recruiting, rewarding and retraining staff.
Some benefits, such as pension provision and health insurance may be available to all staff regardless of grade or position. Other benefits, such as company cars, may be given only to those staff whose jobs demand them, or to reward staff on reaching a certain level.
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