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Compensation and Benefits

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Presentation on theme: "Compensation and Benefits"— Presentation transcript:

1 Compensation and Benefits

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

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

4 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

5 Employee Benefits Required by Law

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

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

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

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

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

11 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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