The Growth Of Employees Benefits Occurred After World...

The growth of employees’ benefits occurred after World War Two during the first phase of the American Industrialization. The primary reason was to attract employees because of the shortage that World War two which created less available employees in the workforce industry. Another cause leading to benefits growth is the ability of companies with a large number of employees to purchase insurance at a lower cost than individual insurance. Benefits are considered a crucial component of an employee’s overall compensation and might include medical coverage, disability insurance, retirement benefits and investment options in the form of stock share or 401k. The government mandates US companies operating in US to offer obligatory benefits such as Social Security retirement benefits, workers compensation and unemployment insurance. 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