What is Benefits ?

‘Benefits’ or ‘Benefits Package’ refer to the additional compensation an employee gets apart from the salary. These benefits might be either required by law or provided by the employer voluntarily to appease the employees.

While benefits make a job more attractive to a candidate, it also motivates existing employees to work harder. The overall benefits would be based on multiple factors like tenure and seniority of the employee, etc.

Similarly, the benefits vary a lot ranging from stipulated benefits like medical insurance, pension fund contribution, dental and vision-related benefits to lavish benefits like paid vacations, free childcare, gym memberships, etc.

More HR Terms

Social Currency (online)

What is Social Currency (online)?   ‘Social Currency’ refers to the kind of resources which can be accessed by anyone in a private or public

Industrial and Organisational Psychology

What is Industrial and Organisational Psychology?   ‘Industrial and Organisational Psychology’ is the study of human psychology dealing with the behavior of employees in the

Total Compensation

What is Total Compensation ? ‘Total Compensation’ refers to the complete monetary benefits provided to an employee by the company. Generally speaking, it is considered

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