Benefits And Benefits Of Employee Compensation - 1054 Words

fantastic benefits. (Benefits.) One of the many topics that we discussed when we met with Joe Daggar, a senior manager at Paychex, was how the company meets the needs of employees in relation to employee compensation. Paychex has a set system where the company performs anonymous surveys to determine which kind of compensation packages employees are looking for. By using these surveys they constantly change and adapt to the needs of their employees. Investment opportunities was another feature that was mentioned in regards to employee compensation. By giving employees access to company stock and assets over the duration of their employment, employees feel that they are really a necessary component of the company. This can help in the struggle to retain employees that would potentially leave the company otherwise, which is crucial due to the fact that high turnover rates are something that every company strives to avoid, regardless of the industry. It is easier and cheaper to retain workers rather than hire and trai n new ones, so by constantly changing and upgrading the compensation package, workers are more likely to stay with the company in the long run. (Daggar) As part of Paychex’s benefits programs, the company includes health insurance, dental and vision coverage, paid time off, a retirement plan, a flexible spending account, and a health savings accounts/health reimbursement account within its benefits package (Employee Benefits and Small Businesses | Paychex.).Show MoreRelatedBenefits And Benefits Of Employee Compensation1395 Words   |  6 PagesEmployee compensation is all forms of pay and rewards which are received by employees for completing their job duties as outlined by their employer. Compensation is classified two ways, direct and indirect compensation. Direct compensation covers wages and salaries, bonuses, commissions and incentives. 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