Скачать или смотреть The Field of Employee-Benefits Practice

The field of employee-benefits practice is essential to companies. Employee benefits are essential for legal compliance and competitive advantage, with nearly all companies offering at least one benefit and most offering several. Benefits specialists, whether internal HR professionals or external consultants, play a vital role in designing, managing, and communicating increasingly complex and costly benefits programs.

Professional associations support benefits professionals by providing tools, legal updates, and best practices, underscoring the importance of the employee-benefits field. Government-mandated benefits such as Social Security (1935), Medicare (1965), and workers’ compensation (early 20th century) were created to respond to economic and health crises, laying the foundation for modern benefits programs.

Workers' compensation insurance serves six key purposes, including providing income to injured workers, reducing litigation, encouraging safety, and studying accident causes to reduce future harm. The Family and Medical Leave Act (FMLA) allows eligible employees to take up to 12 weeks of unpaid, job-protected leave for family or medical reasons, reflecting evolving family roles and aging population needs.

Discretionary benefits fall into three categories: protection programs (like life and disability insurance), paid time off (such as vacation or sick leave), and accommodation/enhancement benefits (such as wellness and education support). Disability and life insurance protect employees and their families from income loss due to illness, injury, or death. Life insurance often includes options for additional coverage and accidental death benefits.

Retirement plans include defined contribution plans, where benefits depend on investment performance, and defined benefit plans, which guarantee a set payout based on salary and service.

Health-protection programs extend beyond insurance and may include wellness initiatives to promote healthier lifestyles and overall well-being.
Health insurance often includes medical, dental, vision, prescription drug, and mental health coverage, with options such as fee-for-service, managed care, and consumer-driven plans. Employees often see benefits as entitlements, expecting access to comprehensive offerings as part of their employment, regardless of the associated costs or market conditions.
Accommodation and enhancement benefits promote opportunities for employees and family members.