Compensation and Benefits

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Fundamentals of Human Resource Management 8e, DeCenzo and Robbins
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Presentation transcript:

Compensation and Benefits

Employee Benefit Programs Part of Total Compensation Some Government Mandated Some Incentive Related Part of Cost of Doing Business Indirect Compensation

Factors Contributing to Growth of Benefit Discourage Unions Benefits not Always Taxed Easier to negotiate Than Wages Attitude of General Public

Objectives of Benefit Programs To Improve Morale To Meet Health and Safety Needs To Attract Good Employees To Reduce Turnover To Reduce Unionism To Maintain a Competitive Position To Enhance the Organization's Image

Employee Benefits Required by Law

Types of Benefits Time-off (vacation, sickness, holidays, etc.) Legal Social Security Medical Payments Retirement Paid Rest Periods (breaks) Life Insurance

Categories of Employee Benefits BENEFITS REQUIRED BY LAW Old age and survivors insurance (OASI) Unemployment insurance Workers’ compensation Leaves without pay

Categories of Employee Benefits PAYMENT FOR TIME NOT WORKED Holidays Vacations Sick leave Supplemental unemployment benefits (SUB) Jury duty, military service, and bereavement leaves

Categories of Employee Benefits INSURANCE Group life insurance Health care insurance Legal insurance

Categories of Employee Benefits RETIREMENT BENEFITS Pension plans Deferred compensation plans Pre-retirement counseling

Categories of Employee Benefits EMPLOYEE SERVICES Employee assistance program Counseling services Educational assistance plans Child care Elder care Food services Health services Legal services Financial planning Housing and moving expenses Transportation pooling/parking Purchasing assistance Credit unions Social and recreational services Awards

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