Employers often provide non-wage compensations to their employees that are in addition to their usual salaries. These range in value from one employee to another depending on the employee’s position in the constitution.

Employers often provide non-wage compensations to their employees that are in addition to their usual salaries. These range in value from one employee to another depending on the employee’s position in the constitution.

Employers use these benefit insurance programs so as to attract employees and reduce the rate of turnover. Examples of benefits include health insurance, retirement benefits, employee assistance plans, disability income protection, day care, vacation (paid and non-paid), tuition reimbursement, and flexible or alternative working arrangements. While signing the contract of employment, employees not only negotiate on their salaries but also the insurance benefits that they are subject to (McLaughlin, 2004).
Though these insurance benefits are dire costly for the employer to offer, the long-term intangible benefits are worth. The more pleasant the insurance benefits that an organization is ready to offer, the more it will attract and retain highly qualified staff. Competition in the labor market has become stiff and hence every employer is trying to recruit and retain the most qualified nominees in their area. The more the organization progresses, the more it becomes capable of responding to the challenges in the labor market. Examples of benefits available at various organizations include health and retirement benefits, long and short term disability coverage, employee assistance plans, and life insurance.
Health Benefits
Health insurance is sometimes comprehensive such that it includes the employer and his nuclear family. Depending on the position rank, various health aspects are inclusive in the package with a defined upper cost limit. These may include all medical consultations, drugs, inpatient costs, dental and optical charges, and particular medical operations. This ensures that the employees’ health status and those of his kin are catered for just in case.
Employee Assistance Plans
These entail shorter confidential counseling services that help employees deal with psychological issues affecting their lives. They include online information, one-on-one sessions, coaching, and support services which help reduce employee instances of stress, which may in the long run initiate employee absenteeism or turnover. Support services available include those related to dealing with stress of life issues such as bereavement, sickness, barrenness, substance abuse, and anxiety among others (Pogue, 1997).
Retirement Benefits
Also referred to as pension schemes, retirement benefits are meant to provide the employee with income after their retirement. Typically, retirement benefits require a contribution from both employer and employee during the term of employment so as to redeem the benefits upon retirement. Retirement benefits can be viewed as delayed salaries (McLaughlin, 2004).
Term Life Insurance
This is an insurance policy that entails three aspects as face amount, premium, and length of coverage. A person pays monthly or annual premiums until the policy expires. During this time, the insured is covered against death such that in case he dies, his beneficiaries will be paid the face amount. However, if the insured remains alive even at the expiry of the policy, no benefit is paid to either him or his beneficiaries.
Term life insurance is less expensive and thus affordable to people of low income. Secondly, it is simple to understand even to the illiterate as it involves choosing the policy and length of payment. The monthly premium is generated automatically from these two factors. Lastly, term life insurance has a fixed coverage time and thus suits short term needs. For instance, if one wishes to undertake a policy to cater for his children’s fee, he can calculate the exact policy period by predicting the number of years he will be paying school fees (Financial Consumer Agency of Canada, 2011).
Universal Whole Life Insurance

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