Employee Benefits 3770 Beardshear Hall Human Resource Services

 “Something, typically money, awarded to someone in recognition of his/her work done to the organisation”

1. Employers are able to attract and retain employees who will contribute to the organization’s success 2. Employees feel they are compensated/rewarded fairly for their efforts and contributions to an organization’s success Employee Benefits Hall

Employee Benefits 3770 Beardshear Hall Human Resource Services Supportive Corporate Culture Executive Sponsorship Rewards Bonus Salary Increases Promotions Equity Offerings Awards Recognition New job assignments Salary Pay Overtime Benefits Health Plans Retirement Plans Vacation/ time off Paid Training Working Hours Employee Satisfaction

 Lays down the requirements concerning the payment of wages.

1. Seniority 2. Increase in the cost of living 3. Performance 4. Degree of skills Hall

1. Your business is in Jakarta & Vietnam are to run in 4 months time. 2. As the HR Manager in KL, you need to think of a competitive compensation package for the; ◦ CEO ◦ HR Manager ◦ Marketing Manager ◦ Interns  For each branch.

Employee Benefits 3770 Beardshear Hall Human Resource Services

Employee Benefits 3770 Beardshear Hall Human Resource Services

Employee Benefits 3770 Beardshear Hall Human Resource Services Compensation Structure Job Classifications Rewards/Recognition Compensation Philosophy

Employee Benefits Core Benefits (Traditional) Non-core Benefits (Voluntary – Elective) Health InsuranceDental Prescription DrugsVision Basic Life InsuranceSupplement Life, Dependent Life VacationLong-term care insurance HolidaysAuto-homeowners insurance Sick PayMortgage services/discounts DisabilityOn-site daycare Tuition reimbursement Yes, even Pet Insurance

General types of health coverage – Medical – Prescription Drugs – Dental – Vision Employee Benefits 3770 Beardshear Hall

Many employers are starting to see the value from incorporating wellness initiatives into their work places – disease management – health risk assessments – fitness programs – on-site clinics and pharmacies Employee Benefits Hall

Provide safety and monetary security beyond health Typical benefits – such as life insurance, etc. Employee Benefits 3770 Beardshear Hall

May be provided under separate program or combined under a PTO (paid time off) plan with sick days May be earned monthly or provided on an annual basis Many employers require all vacation to be used in a year – no carryover If carryover allowed, typically subject to an accrued maximum number of days or hours Employee Benefits 3770 Beardshear Hall Human Resource Services

Defined Benefit Plans (traditional Pension) – Based on a formula that determines a future benefit – Employee Provident Funds (EPF) Employee Benefits 3770 Beardshear Hall Human Resource Services

Offered as optional benefits – typically employee pays full cost Voluntary benefit programs typically offered at a discount price resulting from group purchasing power Employer may offer the option of payroll deduction Examples are auto/homeowners insurance, pet insurance, computer purchase discounts Employee Benefits 3770 Beardshear Hall Human Resource Services

 What is overtime? ◦ The Employment Act states that no worker can be required by his employer to work more than 8 hours per day, or 48 hours per week. ◦ In this happens  OT

1. A temporary shortage of workers 2. A temporary increase in workload 3. Low productivity of workers 4. Difficulty in recruiting additional workers.

1. OT on an ordinary working day = 1.5 times the normal hourly rate 2. OT on a rest day = 2 times the normal hourly rate 3. OT on a public holiday = 3 time the normal hourly rate.

Employee Benefits 3770 Beardshear Hall Human Resource Services