Human Resources Benefits.

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Presentation transcript:

Human Resources Benefits

Benefits MAN 3301: Management of Human Resources Chapter 16 Benefits are indirect financial payments and incentives. Basically, anything a person receives as compensation that is NOT a paycheck for hours worked. Mandatory Competition Reward and Retention

Benefits MAN 3301: Management of Human Resources Chapter 16 Mandatory Benefits – Social Security Unemployment Insurance Worker’s Compensation Insurance

Benefits MAN 3301: Management of Human Resources Chapter 16 Retirement-related Benefits – Defined-benefit pension plan Defined-contribution pension plan Legal issues: ERISA Vesting Mandatory/Early Retirement & Layoffs

Benefits MAN 3301: Management of Human Resources Chapter 16 Insurance – Health Insurance Dental Insurance Life Insurance Accident & Disability Insurance

Benefits MAN 3301: Management of Human Resources Chapter 16 Pay for Time Not Worked – Vacations Holidays Sick Pay Severance Pay

Benefits MAN 3301: Management of Human Resources Chapter 16 Personal Services – Credit Unions Counseling Services Employee Assistance Programs (EAPs) Job-Related Services – Subsidized Child & Elder Care Transportation Food Services Education Subsidies

Benefits MAN 3301: Management of Human Resources Chapter 16 Flexible Benefit Plans – Allows employees to choose from a range of options how their compensation & benefits will be distributed.

Benefits MAN 3301: Management of Human Resources Chapter 16 Flexible Benefit Plans – Pros Employee control Changing lifestyles Recruiting tool Cost communication to employee Tax savings for employee Improved morale Cost control for organization

Benefits MAN 3301: Management of Human Resources Chapter 16 Flexible Benefit Plans – Cons Time and effort to administer Union opposition Stupid employees Tax limitations

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