The mix of voluntary beneﬁts chosen by an organization can help it attract and retain employees with particular characteristics; for example, a generous educational reimbursement beneﬁt will help the company attract employees who are committed to continuous learning and skill development. Explain how HRM professionals can balance the benefits that employees need against the cost of providing benefits. Also, discuss how an organization should prioritize its benefits given a limited budget.
Also, voluntary benefits are fundamental to today’s workforce. The most common voluntary benefits include leaves offered such as holiday pay, vacation pay, sick pay, and bereavement leave. Other commonly offered benefits include the section 125 plans (flexible spending), 529 educational saving program(College Invest), 401k, 403B, 457, relocation, rent or down payment assistance. The challenge to employers is how to balance and maintain cost with a limited budget. Sometime it is how innovative an employer can be….