One thing that stands out about the companies ranked on Fortune’s 100 Best Companies to Work For (http://fortune.com/best-companies/) is their great benefits packages. Detail the benefits package details of best-ranked Google (go to www.google.com and key in “google benefits”). Aside from the usual benefits categories (health and wellness, retirement and savings, time away, etc.), review the “beyond the basics benefits” and “way beyond the basics benefits.” 1. Why are benefits strategically important to employers and what are some key strategy considerations? 2. Work life balance-a benefit that is a priority for every employee. How is this achieved and how can companies support this concept? 3. Discuss how multi-generations in the workplace affect benefit offerings. 4. How will benefits differ in a global company?
Employment benefits are the non-monetary compensations provided to staff in addition to their salaries. The concept of employee benefits has been a significant consideration in ranking companies in the Fortune 100 best companies to work for. For instance, successful companies such as Google, Edward Jones, and Genentech were ranked as the best companies to work for by the Fortune 100 due to their great employee benefits (fortune.com, 2018). This paper focuses on Google, and it examines the company’s employee benefits.
Importance of benefits to employers
Employment benefits act as a strategy to increase employee morale, performance, and consequent high production. As a result, companies benefit from increased revenue from high output and efficiency due to good employee performance. The key strategy consideration in providing employee benefits is the size and financial status of the company. D'Onfro (2018) noted that unlike small companies, big companies like Google have a wide range of benefits including paying half of the deceased salary to their beneficiaries for ten years which a strategy that small companies cannot manage.
Work-life balance support
Employees are faced with pressure to balance work and family life. The employers thus facilitate the balancing of the two by giving employees offs and leave days to spend with families. The companies can support the concept by sponsoring employee-family outings as well as paying and giving compulsory leaves.
Effects of multi-generations in workplace benefits
Different employees have different preferences for benefits. However, companies have a variety and different strategic ways of offering benefits (Silverblatt & Guarino, 2011). As a result, implementing a certain employee benefit may lead to employee conflicts. Companies should, therefore, understand the different employee needs and communicate with them before implementation.
Global differences in the benefits
Employees working in different countries for the same company receive different employment benefits due to a different working environment, economic conditions, and profitability of the operations in that country. For instance, an employee working in America for Google Company may receive better benefits than the one in an Asian country due to the difference in economies.
D'Onfro, J. (2018). An Inside Look at Google's Best Employee Perks. Retrieved from https://www.inc.com/business-insider/best-google-benefits.html
fortune.com. (2018). 100 Best Companies to Work for in 2018. Retrieved from http://fortune.com/best-companies/list
Silverblatt, H., & Guarino, D. (2011). S&P 500® 2010: PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS (OPEBs). Communications, 212, 438-1471.
by EssayRoyal, Dec. 7, 2019, 6:30 p.m.