BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service...
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![Page 1: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.](https://reader030.fdocuments.us/reader030/viewer/2022032714/56649dc35503460f94ab5b63/html5/thumbnails/1.jpg)
BENEFITS AND BENEFITS AND COMPENSATIONCOMPENSATION
Human Resource ManagementCollege of Public and Community Service
University of Massachusetts at Boston©2008 William Holmes
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WHAT ARE BENEFITS?WHAT ARE BENEFITS?
Rewards having financial value
Not direct financial compensation
Usually indirectRelated to membership statusNot related to productivity
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MANDATED BENEFITSMANDATED BENEFITS
Social SecurityUnemployment CompensationWorkers’ CompensationFamily & Medical Leave
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SOCIAL SECURITY BENEFITSSOCIAL SECURITY BENEFITS
Old AgeSurvivorsDisabilityMedicarePaid by Employees
and Employers
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UNEMPLOYMENT COMPENSATIONUNEMPLOYMENT COMPENSATION
Applies to Terminations Without Cause
Minimum 26 Weeks (sometimes more)
Tax Paid by Employers
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WORKERS COMPENSATIONWORKERS COMPENSATION
Job-related IllnessJob-related AccidentCovers Pay and Health CareEmployer PaidPayments Depend on Work
Experience
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FAMILY AND MEDICAL LEAVEFAMILY AND MEDICAL LEAVE
Family and Medical Leave Act of 1993Applies to Private Employers with 50+
Employees and all Government Employers12 weeks unpaid12 months prior workIncludes health insuranceIncludes right to return to work
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VOLUNTARY BENEFITS: 1VOLUNTARY BENEFITS: 1
Payment for Time Not WorkedHealth CareLife InsuranceRetirement PlansDisability Protection
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VOLUNTARY BENEFITS: 2VOLUNTARY BENEFITS: 2
Employee Stock Options (Profit Corporations Only)
Supplemental Unemployment Benefits
Employee ServicesPremium Pay
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PAYMENT FOR TIME NOT WORKEDPAYMENT FOR TIME NOT WORKED
VacationSick DaysPersonal DaysSabbaticalsJury DutyMilitary ServiceBereavement
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HEALTH CARE BENEFITSHEALTH CARE BENEFITS
Providers—CI, HMO, PPO, POS, EPO,
Consumer Control—EP, DCP, HSA, FSA
Add-ons—Major Medical, Dental, Vision, Long-Term Care
Eligibility Varies
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RETIREMENT PLANSRETIREMENT PLANS
Defined Benefit PlanDefined Contribution Plan401(k) PlansCash Balance Plan457 Plans (Deferred
Compensation)Automatic Savings AccountsSSA
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EMPLOYEE SERVICES: 1EMPLOYEE SERVICES: 1
Relocation ExpensesChild CareEducationFood ServiceFinancial Service
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EMPLOYEE SERVICES: 2EMPLOYEE SERVICES: 2
Legal ServiceScholarshipClub membershipsRecreation
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COMPENSATIONCOMPENSATION
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COMPENSATION FACTORSCOMPENSATION FACTORS
OrganizationalLabor MarketJobEmployee
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ORGANIZATIONAL FACTORS IN ORGANIZATIONAL FACTORS IN COMPENSATIONCOMPENSATION
Compensation PoliciesOrganizational PoliticsAbility to Pay
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LABOR MARKET FACTORS IN LABOR MARKET FACTORS IN COMPENSATIONCOMPENSATION
Compensation surveysExpediency/Job RecruitersCost of LivingUnion ContractsEconomyLegislation
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JOB FACTORS IN COMPENSATIONJOB FACTORS IN COMPENSATION
Job AnalysisJob DescriptionJob EvaluationJob Pricing
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EMPLOYEE FACTORS IN EMPLOYEE FACTORS IN COMPENSATIONCOMPENSATION
PerformanceSkill RequirementsSeniorityExperienceOrganizational Position
MembershipOrganizational PoliticsLuck
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