To understand HRM (human resource management), it’s essential that people understand the basics of HR and the benefits that matter to them as employees. The basics include performance management, employee retention, risk management, employee development, etc. According to the narrator in the video, employee benefits include all other benefits apart from base salary or an hourly wage. For instance, when an employer provides an employee healthcare provider or health insurance, savings, retirement benefits, etc.
According to the narrator, benefits are split into mandatory and voluntary benefits.
Mandatory benefits include social security, worker’s compensation (compensation for injuries), unemployment (protecting employees from job loss), and family and medical leave (provision of unpaid leave for medical concerns such as chronic conditions, pregnancy, etc.).
In addition, from 2015, employers were mandated by federal law to cater to employees’ health under the Affordable Care Act. The Affordable Care Act extends healthcare to employees not covered by their employer’s healthcare insurance plan or other private insurance plans.
Voluntary benefits, on the other hand, are those that employers voluntarily decide to offer their employees. Voluntary benefits include dental insurance, life insurance, paid leave, employee assistance programs, leave benefits, education benefits, short or long-term disability, wellness programs, and retirement savings.