Reference no: EM133330422

Question: The importance of employee benefits cannot be understated. Lots of businesses offer employee benefits, and lots of employees expect them. But if you've got a small business and a tight budget, you might wonder if employee benefits are really worth the cost.

i)There are few significance or reasons why employers offer employee benefits [EB] to their employees. State any FOUR (4) of them and discuss them in details including example used in real life practice?

ii) Employee benefits [EB) are part of the company's total compensation system. Now compare and contrast an intrinsic compensation versus an extrinsic compensation rewards under this total compensation system. A figure of total compensation concept is also needed in your discussion.

b) It is not an easy task to design an employee benefits plan in a company. For instance, some general misconception among individuals might emerge. Furthermore, in designing an employee benefits program, employer must decide what types and level of benefits to offer to employees. The types and level of benefits to be offered must meet the needs of the employees. Thus employer need to know how to determine their employee needs.

i) Discuss the misconception on who actually responsible on paying the costs of EB in a company?

ii) Based on the life cycle stage, the likely preferred type of employee benefits is aligned with the employee demographic and live event. Discuss employees' needs based on this life-cycle benefits by developing a table that could explain FIVE (5) stages of life-cycle matching to the most desired benefit of an employee.

iii) Employer may decide to offer different benefits plan to different group of employees or allow employees to choose the benefits and create their own benefits package. Discuss THREE (3) disadvantages of offering different benefits to different group of employees.