What is the cafeteria approach to fixing employee compensation?
Many companies now follow the “cafeteria approach” in providing benefits to their employees. This approach lets the employees choose benefits from a variety of benefits made available to employees. Each employee chooses the benefits that he or she prefers. Factors such as an employee’s age, financial and family position, tax planning, savings plan, whether both husband and wife are working, attitudes and lifestyle influence choice of employee benefits.
Many companies now follow the “cafeteria approach” in providing benefits to their employees. This approach lets the employees choose benefits from a variety of benefits made available to employees. Each employee chooses the benefits that he or she prefers. Factors such as an employee’s age, financial and family position, tax planning, savings plan, whether both husband and wife are working, attitudes and lifestyle influence choice of employee benefits.
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