Amount in the purchase of benefit options

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Reference no: EM132089326

If I were the CEO of a small company and was unsure of what benefits to offer, I would definitely generate a questionnaire that would include many benefit options that the employee can rate as important or least important. This would help tremendously as a company’s goal should be to reduce employee turnover and it shows that the employer cares about its’ employees and their opinion, hence will create a positive work environment. Also, according to our textbook, A third empirical method of identifying individual employee preferences is commonly known as a flexible benefit plan (also called a cafeteria-style plan or a supermarket plan). As previously noted employees are allotted a fixed amount of money and permitted to spend that amount in the purchase of benefit options.

Reference

Milkovich, G., Newman, J. (2016). Compensation (12th ed). New York, NY: McGraw Hill.

Reference no: EM132089326

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