Discuss the four approaches that are widely used to express the costs of employee benefits and services.
What will be an ideal response?
Despite the high cost of benefits, many employees take them for granted. A major reason for this is that employers have failed to do in-depth cost analyses of their benefit programs and thus have not communicated the value of such programs to employees. Four approaches are used widely to express the costs of employee benefits and services. Although each has value individually, a combination of all four often enhances their impact on employees. The four methods are as follows:
1. Annual cost of benefits for all employees: valuable for developing budgets and for describing the total cost of the benefits program
2. Cost per employee per year: the total annual cost of each benefits program divided by the number of employees participating in it
3. Percentage of payroll: the total annual cost divided by total annual payroll (this figure is valuable in comparing benefits costs across organizations)
4. Cents per hour: the total annual cost of benefits divided by the total number of hours worked by all employees during the year
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