From the course: Human Resources: Compensation and Benefits
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Time-off pay and employee services
From the course: Human Resources: Compensation and Benefits
Time-off pay and employee services
- Suppose you could take as much vacation time as you like. Sound crazy? Benefits are a key part of your compensation package, and in this video, we'll discuss two broad categories of benefits and a strategic approach to each one. You want to think carefully about what you want your benefits programs to accomplish. After all, benefits are expensive and often account for 30% or more of total compensation. Let's start by discussing paid time off. Vacations are one example of paid time off. Other benefits that fall into this category are holidays, paid parental leave, and sabbatical leaves. About 20% of employers in the US offer sabbaticals. They're most popular at law firms, computer firms, consulting companies, and other organizations where employee retention is critical. Evidence indicates that most employees return to work more committed and more energized. In fact, sabbaticals are so appealing that companies report that it is almost impossible for competitors to poach anyone within…
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