I would like to address the questions raised by SSG.
1. Do organizations give much importance to benefits management because of the cost of employee benefits have raised significantly?
It depends from company to company. Almost all of the fortune 100 companies have separated themselves from the rest of the crowd due to the fact that they make excellent products which only happens because they recruit and retain the top brass of employees. I am working as a Systems engineer in a service based company called Systems Maintenance Service (http://www.sysmaint.com/) in Boston for the past three years. Since this company is a small company of only around five hundred employees and still making its mark in the market, benefits for employees is not its top priority. The only benefits I get is the norm in the market for this job profile. These benefits included: - medical insurance, life insurance, 401k retirement plan, ten days of paid vacation, master’s reimbursement if done in the field which the company specifies, cell phone allowance and laptop allowance.
2. In what way "employee benefits management" provide competitive advantage to organizations?
Since now a days the average salary of a specific job profile is known to the job applicant due to sources like monster.com or dice.com the only way these companies can attract the top players of their respective field is via benefits. Just to name a few of the companies which are highly coveted in the Boston region are EMC^2 and Google. Both these companies, other than matching the best package in the market for the respective job profile, these companies provide various other things that other companies don’t. Example being :- gym facility at the office , full fledge swimming pool , billiards, gourmet food, in some cases company car, freedom of working from home, no formal dress code and various other amenities which are rare to find in an office complex.
3. Do employees place "high value" on the benefits received or do they merely look at them as entitlements or just feel good factor?
I personally would place a high value because if the pay scale is the same across the board then the only thing that will differentiate the job to me are the benefits. If these benefits are making my life easier and relaxed at the work place then yes they do make a big difference in terms of directing my decision one way or the other.
Kevin Rivera
Systems engineer
Systems Maintenance Service
Boston
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