What Are Flexible Benefit Plans? Explain Their Advantages and Disadvantages

question 96

Essay

What are flexible benefit plans? Explain their advantages and disadvantages.

---

Definitions:

Intrinsic Rewards

Refers to the internal and psychological rewards individuals receive from engaging in activities that are inherently satisfying or fulfilling.

Symbolic Tokens

Items, gestures, or actions used to represent or signify larger concepts, beliefs, or values.

Work Setting

The physical and social environment in which professional duties are carried out.

Merit Pay

A compensation strategy that rewards employees based on their performance or achievements, often used as an incentive for higher productivity.