Chapter Six Presentation
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This document discusses employee pay, benefits, and trends in the workplace. It covers topics like calculating gross pay, deductions, and net pay. It also describes various benefits employers provide like health insurance, paid time off, retirement plans, and more. Additionally, it discusses trends like flexible schedules, job sharing, and discusses the history and role of labor unions.
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This document provides an outline and overview of employee benefits and services. It begins with an early history of benefits in the United States dating back to 1794. It then defines what employee benefits and services are, including both mandated and non-mandated benefits. Mandated benefits discussed include unemployment insurance, social security, and workers' compensation. Non-mandated benefits include retirement plans, health care, paid time off, and other employee services. The purpose of offering benefits from both the employee and employer perspective is also summarized.
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Comparing pay slips of 2 industries , HRM
1) The document analyzes and compares the salary slips of two employees, one working in the garment manufacturing industry and the other working as an assistant teacher in education.
2) It finds that the education sector employee receives a higher basic pay but has larger deductions for long-term investments like provident fund and insurance. The marketing executive receives more allowances for expenses but has fewer investment opportunities.
3) In conclusion, the education sector employee has more of their salary invested for the future, while the marketing employee's salary provides more in the short-term through various allowances.
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This document discusses employee benefits and services provided by Infosys. It describes various fringe benefits such as health insurance, transportation, food services, recreational facilities including a large gymnasium and mini golf course. Profit sharing plans are discussed as a valuable retirement benefit option. Specific services offered by Infosys are detailed like medical centers, ATMs, shopping, cultural programs, offshore trips and sports grounds. The document also provides an example compensation breakdown for a systems engineer at Infosys.
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1. Employee benefits are important for retaining employees and maintaining long term prosperity of a business.
2. Benefits have objectives like improving employee morale, motivating employees, and providing security against risks.
3. Benefits can be categorized as employment security, health protection, old age and retirement, and personnel identification and stimulation.
4. Examples of benefits include insurance, leave, bonuses, medical care, pensions, and recreational activities. However, excessive benefits can cause issues like feelings of paternalism.
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This document provides an outline and overview of employee benefits and services. It begins with an early history of benefits in the United States dating back to 1794. It then defines what employee benefits and services are, including both mandated and non-mandated benefits. Mandated benefits discussed include unemployment insurance, social security, and workers' compensation. Non-mandated benefits include retirement plans, health care, paid time off, and other employee services. The purpose of offering benefits from both the employee and employer perspective is also summarized.
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1) The document analyzes and compares the salary slips of two employees, one working in the garment manufacturing industry and the other working as an assistant teacher in education.
2) It finds that the education sector employee receives a higher basic pay but has larger deductions for long-term investments like provident fund and insurance. The marketing executive receives more allowances for expenses but has fewer investment opportunities.
3) In conclusion, the education sector employee has more of their salary invested for the future, while the marketing employee's salary provides more in the short-term through various allowances.
Employee benefits
Employee benefits provide indirect financial and non-financial compensation to employees in addition to their normal wages or salaries. Benefits help drive employee engagement and retention by providing security and incentives to stay during difficult times. There are various types of benefits including paid time off, insurance, retirement plans, and personal services. While costly for companies, benefits are an important part of an employee's total compensation package that can attract and retain talent in the long run.
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This chapter discusses employee benefits and their management. It covers the growth in benefits costs due to laws and taxes. Common benefit programs in the US include social insurance, private group insurance, retirement plans, and family-friendly policies. The chapter also examines strategies for controlling benefits costs, such as healthcare plans, wellness programs, and regulatory compliance. Effective communication with employees about benefits is also discussed.
EMPLOYMENT BENEFITS HRM
1. Employee benefits are important for retaining employees and maintaining long term prosperity of a business.
2. Benefits have objectives like improving employee morale, motivating employees, and providing security against risks.
3. Benefits can be categorized as employment security, health protection, old age and retirement, and personnel identification and stimulation.
4. Examples of benefits include insurance, leave, bonuses, medical care, pensions, and recreational activities. However, excessive benefits can cause issues like feelings of paternalism.
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This document discusses various components of remuneration, including wages, salaries, and incentives. It defines remuneration as the monetary and non-monetary benefits provided to employees in exchange for their work. Remuneration has both financial and non-financial components, such as pay, benefits, job satisfaction, and recognition. The document also categorizes different types of wages and salaries, as well as various incentive plans that organizations use to compensate employees.
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Whether working in a union or non-union environment, what would be one of your major concerns with employment? When addressing this question, many of you would probably state “compensation/wages” would be the main topic of interest. Sure, there are other perks that you would look for; however, most would not consider employment or would consider leaving current employer for better wages.
According to the textbook, “wages and benefits represent the heart of the collective bargaining process. Guarantee of a certain standard of living and a reasonable return for their productive efforts is the major concern for most union members” (Carrell & Heavrin, 2013, p. 278). This second part of this statement can be said to be true for non-union workers as well. Although there are similarities among non-union and union environments, there are differences in how wages and benefits are determined and implemented.
Non-Union Environment: Most non-union employees do not have the opportunity to negotiate their wages. Most of these organizations have a set pay rate or pay range for all positions. Many organizations conduct job analysis and job evaluations to determine appropriate pay rates. When offered a job, some may try to negotiate on the front end with the hiring manager and/or human resources a certain pay rate. Sometimes, the employee does succeed and the organization may meet the applicant half-way or offer a little more to display true interest in the applicant. However, there are some organizations that will not budge and the applicant would be forced to accept or decline the offer. Even if the applicant does accept the offer, there may be limits on how often raises are given or if they are given at all. Based on experience, sometimes the applicant will accept the job and continue to look at organizations that offer better wages and benefits. Unlike union environments, wages can also differ tremendously among individuals who have the same job title and perform the same duties. This can have a major impact on the organization.
Union Environment: Wages within union environments are negotiated. Pay rates/ranges, along with pay raises, are determined and outlined within the collective bargaining agreement. The pay rates/ranges are set for each job covered under the agreement. Many organizations will conduct job evaluations, wage surveys, and other methods when making wage decisions. Management must look ...
Running head EMPLOYEE BENEFITS PROGRAMS .docx
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
hrm Law and Responsibility of HR.pptx
This document discusses several key labor laws in India that protect employee rights and interests, including the Factories Act of 1948, Employees' Provident Fund Act of 1947, Apprentices Act of 1961, Maternity Benefit Act of 1961, Workmen's Compensation Act of 1923, Payment of Gratuity Act of 1972, and Payment of Wages Act of 1936. It explains that compliance with these acts helps avoid labor conflicts and guarantees basic worker amenities and welfare. The responsibilities of an HR manager are also summarized, including recruiting, hiring, disciplinary actions, payroll processing, policy updates, maintaining records, and conducting benefits analysis.
Total rewards strategy
The documents discuss the elements of a total rewards strategy, including compensation, benefits, performance management, recognition, work-life effectiveness, and development. They describe different types of direct and indirect compensation as well as the purpose and types of performance management systems. The documents also outline the stages of an effective performance management system.
Supportive Employment
The document discusses supportive employment as established by the Rehabilitation Act Amendments of 1986 as a replacement for sheltered workshops. Supportive employment provides competitive work in integrated settings aligned with individual strengths, priorities, abilities, and interests. The three main elements are paid work of over 20 hours per week, placement with no more than eight other employees with disabilities, and follow-along assessments. The amendments provided grants to establish supportive employment programs to help state agencies implement these services. Occupational therapy played an important role in work-based rehabilitation due to its focus on work as an intervention goal.
MHR 6901, Compensation Management 1 Course Learning O.docx
MHR 6901, Compensation Management 1
Course Learning Outcomes for Unit I
Upon completion of this unit, students should be able to:
1. Discuss the role of employees, employers, unions, and the government in the development of
compensation programs.
1.1 Describe issues that influence an individual’s decision to apply for or accept a specific job.
1.2 Explain how compensation plans can influence the success of an organization.
1.3 Explore how influences outside an organization can affect its compensation plan.
2. Assess the impact of the Civil Rights Act of 1964, the Bennett Amendment, and Executive Order
11246 on compensation practices.
2.1 Outline the provisions of the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246.
2.2 Establish the reasons why the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246 were implemented.
Course/Unit
Learning Outcomes
Learning Activity
1.1 Unit I Essay
1.2 Unit I Essay
1.3 Unit I Essay
2.1 Unit I Essay
2.2 Unit I Essay
Reading Assignment
Chapter 1: Strategic Compensation: A Component of Human Resource Systems
Chapter 2: Contextual Influences on Compensation Practice
Unit Lesson
Hello, and welcome to this course. This course is an introduction to the area of compensation management.
This course looks at how compensation is developed, evaluated, and managed within an organization. You
will examine different theories of compensation management, why employees and non-employees are paid,
the manner in which they are paid, and different types of pay programs.
This course will be broken down into six different parts, which include strategic compensation, bases for pay,
designing compensation systems, employee benefits, compensation challenges, and compensation issues
around the world. When studying bases for pay, you will look at the traditional bases of pay, which include
merit pay, seniority pay, incentive pay, and person-focused pay. You will review pay systems that recognize
employee contributions, are internally consistent, and are competitive within the market. When reviewing
employee benefits, you will review both discretionary benefits and legally required benefits. Compensation
challenges will include the controversy surrounding executive compensation in the United States and paying
contingent or flexible employees. Finally, you will address compensation systems around the word and
compensating expatriates. As you can see, a wide array of compensation issues are present in today’s
workforce.
In this unit, we will concentrate on strategic compensation and some influences on compensation. So, what
do you think of when you hear the words compensation and strategic compensation? Most people think of
UNIT I STUDY GUIDE
Strategic Compensation
MHR 6901, Compensation Management 2
UNIT x STUDY GUIDE
Title
compensation as their pay and benefits, which is basically correct. The ...
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Chapter Six Presentation
- 1. CHAPTER SIX EMPLOYEE PAY AND BENEFITS
- 3. Gross Pay, Deductions and Net Pay
- 22. TRENDS IN THE WORKPLACE
- 28. LABOR UNIONS AND PROFESSIONAL ORGANIZATIONS