benefits

Examples of benefits in the following topics:

• Fringe Benefits

  • Fringe benefits are various indirect benefits, often of a more discretionary nature than standard benefits.
  • Other fringe benefits can include employee discount programs at shops, hotels, gyms, movie theaters, and so on.
  • The term "fringe benefits" was coined by the War Labor Board during World War II to describe the various indirect benefits which industry had devised to attract and retain labor when direct wage increases were prohibited.
  • The term perks (also perqs) is often used colloquially to refer to those benefits of a more discretionary nature.
  • Fringe benefits are also thought of as the costs of keeping employees other than salary.

• Standard Benefits

  • Examples of typical employee benefits include housing, insurance (health, life, dental), retirement benefits, daycare, tuition, sick leave, vacation, profit sharing, education funding, and other specialized benefits.
  • Further examples of specific benefits according to the situation may include relocation assistance, flexible spending accounts, legal assistance, and transportation benefits.
  • Title I of ERISA in particular protects the rights of employees to their benefits.
  • Employee benefits in the United States might include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group-term life and long term care insurance plans; legal assistance plans; adoption assistance; child care benefits and transportation benefits.
  • These plans would offer a menu and level of benefits for employees to choose from.

• Non-Monetary Employee Compensation

  • ., benefits) are essential in recruiting skilled employees and maintaining a satisfied workforce.
  • Non-monetary benefits are essential to attracting a productive workforce.
  • Benefits can be a key element in addressing the lowest level of Maslow's needs hierarchy.
  • The largest category of non-monetary compensation includes benefits.
  • Some governments mandate benefits such as retirement savings matching, but organizations can offer additional retirement benefits through a matching plan.

• Cost-Benefit Analysis

  • The government uses cost-benefit analysis to decide whether to provide a public good.
  • Cost-benefit analysis, which is also sometimes called benefit-cost analysis, is a systematic process for calculating the benefits and costs of a project to society as a whole.
  • The positive and negative effects captured by cost-benefit analysis may include effects on consumers, effects on non-consumers, externality effects, or other social benefits or costs.
  • Calculate the net benefit of the project (total benefit minus total cost).
  • Explain how to determine the net cost/benefit of providing a public good

• Positive Externalities

  • Positive externalities are benefits caused by activities that affect an otherwise uninvolved party who did not choose to incur that benefit.
  • Positive externalities are benefits caused by transactions that affect an otherwise uninvolved party who did not choose to incur that benefit.
  • A homeowner keeps his house maintained, the neighborhood benefits through higher home values.
  • The homeowner's neighbors benefit from a positive externality.
  • There was an exchange between the doctor and the patient, but others also benefit.

• Employee Benefits Management

  • Employee benefits are non-wage compensations designed to provide employees with extra economic security.
  • These benefits ensure that employees have access to health insurance, retirement capital, disability compensation, sick leave and vacation time, profit sharing, educational funding, day care, and other forms of specialized benefits.
  • Benefits play an important role in maintaining high levels of satisfaction.
  • In most developed nations there are laws that govern benefits and agencies to enforce them.
  • The Employee Benefits Security Administration (EBSA) is the agency in the United States responsible for administering, regulating, and enforcing many of these benefits.

• Introducing Externalities

  • An externality is a cost or benefit that affects an otherwise uninvolved party who did not choose to be subject to the cost or benefit.
  • In economics, an externality is a cost or benefit resulting from an activity or transaction, that affects an otherwise uninvolved party who did not choose to be subject to the cost or benefit .
  • In regards to externalities, the cost and benefit to society is the sum of the value of the benefits and costs for all parties involved.
  • In regards to externalities, one way to correct the issue is to internalize the third party costs and benefits.
  • An externality is a cost or benefit that results from an activity or transaction and that affects an otherwise uninvolved party who did not choose to incur that cost or benefit.

• Externalities

  • The cost of an externality is a negative externality , or external cost, while the benefit of an externality is a positive externality, or external benefit.
  • Producers and consumers may neither bear all of the costs nor reap all of the benefits of the economic activity.
  • A voluntary exchange may reduce total economic benefit if external costs exist.
  • If there are external benefits, such as in areas of education, too little of the good would be produced by private markets as producers and buyers do not take into account the external benefits to others.
  • Here, overall cost and benefit to society is defined as the sum of the economic benefits and costs for all parties involved.

• Individuals Make Decisions at the Margins

  • The cost or benefit of the single decision is called the marginal cost or the marginal benefit.
  • This is different from the total or average: net marginal benefit (marginal benefit minus marginal cost) is the amount that total benefit will change due to the single decision.
  • By subtracting the cost from the benefit, Car A offers $5,000 of marginal benefit, Car B offers $3,000, and Car C offers $10,000.
  • As environmental protection increases, the largest marginal benefits are achieved first, followed by decreasing marginal benefits.
  • The marginal benefits of reducing pollution are generally declining, because the steps that provide the greatest benefit can be taken first, and steps that provide less benefit can wait until later.

• Benefits

  • Collins (1988) notes four benefits of situated cognition as a theoretical basis for learning.