Workshop Five Topic 5.6 1 BENEFITS AND COMPENSATION © Ana G. Méndez University System, 2012. All...
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Transcript of Workshop Five Topic 5.6 1 BENEFITS AND COMPENSATION © Ana G. Méndez University System, 2012. All...
Workshop FiveTopic 5.6
1
BENEFITS AND COMPENSATION
© Ana G. Méndez University System, 2012. All rights reserved.
What are Benefits?
Rewards having financial valueNot direct financial compensationUsually indirectRelated to membership statusNot related to productivity
Mandated BenefitsSocial SecurityUnemployment CompensationWorkers’ CompensationFamily & Medical Leave
Social Security Benefits
Old AgeSurvivorsDisabilityMedicarePaid by Employees
and Employers
Unemployment Compensation
Applies to terminations without causeMinimum 26 Weeks (sometimes more)Tax Paid by Employers
Workers Compensation
Job-related IllnessJob-related AccidentCovers Pay and Health CareEmployer PaidPayments Depend on
Work Experience
Family and Medical Leave
Family and Medical Leave Act of 1993 Applies to Private Employers with 50+Employees
and all Government Employers 12 weeks unpaid & 26 weeks for service
members 12 months prior work (1,250 hrs) Includes health insurance Includes right to return to work
Voluntary BenefitsHealth CareLife InsuranceRetirement PlansDisability ProtectionEmployee Stock Options
(Profit Corporations Only)Supplemental Unemployment
BenefitsEmployee Services
Payment for time not worked
VacationsPaid Time Off and
Personal DaysSick Days
SabbaticalsJury DutyMilitary ServiceBereavement
*Read the notes, for more information.
Health Care BenefitsProviders
CI, HMO, PPO, POS, EPO,
Consumer Control EP, DCP, HSA, FSA
Add-ons Major Medical, Dental, Vision,
Long-Term Care
COBRA
Retirement Plans
Defined Benefit Plan Contribution Plan
401(K) PlansIRA
(Individual Retirement Amount)
*Read the notes, for more information.
Compensation Factors
Factors influencing compensation management Internal and External Factors
Organizational Factors in Compensation
Remember that happy employees are the only way to keep a business running in the right direction.
*Read the notes, for more information.
Labor market factors in compensation
Compensation surveys
Expediency/Job Recruiters
Cost of Living
Union ContractsEconomy & the
MarketLegislation
*Read the notes, for more information.
Advantage of compensation and benefit
Job satisfaction Motivation Low Absenteeism Low Turnover
Peace of Mind
Advantages of compensation and benefits
Advantage to your employees
*Read the notes, for more information.
What we have learnedToday Humans are regarded as one of every
company’s assets so they need to be efficiently and effectively managed.
One of the tools companies use to attract, retain and motivate its people is Compensation Management.
End
Congratulation you have finished Workshop Five presentation. Please complete the
assignments for this Workshop.