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Chapter 13. Part 4 | Compensation. Benefits and Services. After studying this chapter, you should be able to:. Name and define each of the main pay for time not worked benefits. Describe each of the main insurance benefits. Discuss the main retirement benefits.

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Presentation Transcript
chapter 13
Chapter 13

Part 4 | Compensation

Benefits and Services

© 2008 Prentice Hall, Inc. All rights reserved.

www.bzupages.com

after studying this chapter you should be able to
After studying this chapter, you should be able to:
  • Name and define each of the main pay for time not worked benefits.
  • Describe each of the main insurance benefits.
  • Discuss the main retirement benefits.
  • Outline the main employees’ services benefits.
  • Explain the main flexible benefit programs.

© 2008 Prentice Hall, Inc. All rights reserved.

benefits

Types of Employee Benefits

Supplemental Pay

Insurance Benefits

Retirement Benefits

Employee Services

Benefits

© 2008 Prentice Hall, Inc. All rights reserved.

policy issues in designing benefit packages

Which benefits to offer

Who will be covered

Whether to include retirees

Coverage during probation

Policy Issues

How to finance benefits

Degree of employee choice

Cost containment procedures

Communicating benefits options

Policy Issues in Designing Benefit Packages

© 2008 Prentice Hall, Inc. All rights reserved.

pay for time not worked

Vacations and Holidays

Unemployment Insurance

Supplemental Pay Benefits

Sick Leave

Parental Leave

Supplemental Unemployment Benefits

Severance Pay

Pay For Time Not Worked

© 2008 Prentice Hall, Inc. All rights reserved.

insurance benefits
Insurance Benefits
  • Workers’ Compensation
    • Provides income and medical benefits to work-related accident victims or their dependents, regardless of fault.
      • Death or disability: a cash benefit based on earnings per week of employment.
      • Specific loss injuries: statutory list of losses
    • Controlling workers’ compensation costs
      • Screen out accident-prone workers.
      • Make the workplace safer.
      • Thoroughly investigate accident claims.
      • Use case management to return injured employees to work as soon as possible.

© 2008 Prentice Hall, Inc. All rights reserved.

trends in health care cost controls
Trends in Health Care Cost Controls

Cost-Control Trends

Communication, Involvement, and Empowerment

Premiums and Co-Pays

Prevention Programs

Health Savings Accounts

Claim Audits

© 2008 Prentice Hall, Inc. All rights reserved.

other cost control options

Automating health care plan administration

Defined contribution health care plans

Controlling Health Care Costs

Outsourcing health care plan administration

Eliminating retiree health care coverage

Benefits purchasing alliances

Other Cost-Control Options

© 2008 Prentice Hall, Inc. All rights reserved.

retirement benefits cont d

Policy Issues In Pension Planning

Membership Requirements

Benefit Formula

Plan Funding

Vesting

Retirement Benefits (cont’d)

© 2008 Prentice Hall, Inc. All rights reserved.

retirement benefits cont d1

Defined Benefits Plans

Defined Contribution Plans

Types of Pension Plans

Qualified Plans

Nonqualified Plans

Retirement Benefits (cont’d)

© 2008 Prentice Hall, Inc. All rights reserved.

retirement benefits cont d2

Types of Defined Contribution Plans

401(k)Plans

Savings and Thrift Plans

Deferred Profit-Sharing Plans

Employee Stock Ownership Plans (ESOPs)

Cash Balance Pension Plans

Retirement Benefits (cont’d)

© 2008 Prentice Hall, Inc. All rights reserved.

personal services cont d

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Personal Services (cont’d)

Steps for Launching an EAP Program

Develop a policy statement.

Ensure professional staffing.

Maintain confidential record-keeping systems.

Be aware of legal issues.

© 2008 Prentice Hall, Inc. All rights reserved.

flexible benefits programs
Flexible Benefits Programs
  • Cafeteria (Flexible Benefits) Approach
    • Each employee is given a limited benefits fund budget to spend on preferred benefits.
    • Types of plans
      • Flexible spending accounts
      • Core plus option plans
  • Flexible Work Arrangements
    • Flextime schedules
    • Compressed workweek schedules
    • Job sharing
    • Work sharing
    • Telecommuting

© 2008 Prentice Hall, Inc. All rights reserved.

k e y t e r m s
benefits

supplemental pay benefits

unemployment insurance

sick leave

severance pay

supplemental unemployment benefits

workers’ compensation

case management

health maintenance organization (HMO)

preferred provider organizations (PPOs)

group life insurance

Social Security

pension plans

defined benefit pension plan

defined contribution pension plan

portability

401(k) plan

savings and thrift plan

deferred profit-sharing plan

employee stock ownership plan (ESOP)

cash balance plans

Employee Retirement Income Security Act (ERISA)

Pension Benefits Guarantee Corporation (PBGC)

vested funds

early retirement window

employee assistance program

family-friendly benefits

flexible benefits plan/cafeteria benefits plan

flextime

compressed work week

job sharing

work sharing

telecommuting

K E Y T E R M S

© 2008 Prentice Hall, Inc. All rights reserved.

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