This document provides an overview of employee benefits, including legally required benefits, health insurance, retirement plans, insurance, paid time off, and employee services. It discusses designing an effective benefits strategy by determining the benefits mix, amount, and flexibility. The benefits package should align with compensation strategy and consider total compensation, organizational objectives, and workforce characteristics. Benefits are administered by HR with support from managers. Flexible benefits plans allow employees to choose options that fit their needs. Challenges include adverse selection and employees making poor choices. Effective communication of benefits is also important.
Quality of work life,concepts, methods to improve quality of work life,flexi time,flexi place, alternative work schedules, part time employment,compressed work week, job rotation, job enlargement and enrichment, challenges in implementing QWL programmes.
establishing strategic pay plans
equity and its impact on pay rates
job evaluation methods
how to create a market-competitive pay plan
pricing managerial and professional jobs
contemporary topics in compensation
Components of compensation means components of remuneration to employees. An average employees in the organized sector is usually entitled to various benefits. Compensation is a payment made in cash to the employee in return of the contribution that he/she makes in the organization.
1. Base Pay Structure (Fixed component);
2. Variable Pay Programs;
3. Benefits;
4. Rewards & Recognition
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
This PPT contains about wage differentials or compensating differentials. it is an HR concept. it has meaning, reason, factors, types, and determinants of inter and intra industry wage differential.
Adressing the topic of Flexible Benefis from it\'s definition to emergind trends that will affect compensation in the workplace
-Presented at the HRPA of Peel Compensation Dinner on 21st January 2009.
Quality of work life,concepts, methods to improve quality of work life,flexi time,flexi place, alternative work schedules, part time employment,compressed work week, job rotation, job enlargement and enrichment, challenges in implementing QWL programmes.
establishing strategic pay plans
equity and its impact on pay rates
job evaluation methods
how to create a market-competitive pay plan
pricing managerial and professional jobs
contemporary topics in compensation
Components of compensation means components of remuneration to employees. An average employees in the organized sector is usually entitled to various benefits. Compensation is a payment made in cash to the employee in return of the contribution that he/she makes in the organization.
1. Base Pay Structure (Fixed component);
2. Variable Pay Programs;
3. Benefits;
4. Rewards & Recognition
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
This PPT contains about wage differentials or compensating differentials. it is an HR concept. it has meaning, reason, factors, types, and determinants of inter and intra industry wage differential.
Adressing the topic of Flexible Benefis from it\'s definition to emergind trends that will affect compensation in the workplace
-Presented at the HRPA of Peel Compensation Dinner on 21st January 2009.
Fhyzics - a global leader in business analysis - offers business consulting, business analysis, business analytics, process improvement, product development and supply chain services to organisations in India and abroad. Today’s businesses are under tremendous pressure to adopt to the changes in regulatory framework, constantly changing customer preferences and disruptive business models. This mandates the business leaders to continuously upgrade their knowledge in various areas that could potentially help or affect their businesses. Keeping this in mind, Fhyzics has launched One-Day, Case Study Based Executive Development Programs, where the business leaders can upgrade their skill and can implement in their organisations. These programs are designed after intense research on international best practices.
Week 2 - Instructor GuidanceBUS 692 Week Two Guidance .docxmelbruce90096
Week 2 - Instructor Guidance
BUS 692 Week Two Guidance Marr
Employee Selection and Pay Decisions and Equity
EMPLOYEE SELECTION
I.Strategic Choices
A. Organizations can choose to make or buy their employees.
Organizations can hire less skilled labor and invest in training (make) or hire skilled labor and professionals (buy) at a higher salary.
B. Organizations make strategic decisions regarding the budget allocated for recruiting and selecting employees.
Most organizations do not even cost hiring an employee. In order to strategically control recruiting and selection processes, organizations must know the cost-effectiveness of their devices.
C. An organization can make a strategic choice to explore untapped labor sources.
D. Organizations make strategic decisions regarding the technological sophistication of their recruiting and selection devices.
The use of computers, videotapes, and telerecruiting are all new advances in recruiting and selection devices, for example, computerized resume and online application systems.
E. An organization can choose the extent to which internal versus external recruiting methods are used.
F. An organization must decide whether or not to develop a plan to retain qualified workers.
PAY DECISIONS AND EQUITY
I.Strategic Choices
A. How much of the money that is used to cover employee benefits should be paid by the employer and how much should be covered by the employee?
B. How comprehensive should the plan be?
C. How flexible should the benefits program be?
II.Who Pays for the Benefits?
The trend is toward having the employee pick up a greater percentage of the cost of benefits.
III. How Comprehensive a List of Benefits Shall Be Offered?
Law, such as workers’ compensation, mandates certain benefits, which are called compulsory benefits. Others are offered at the discretion of the employer.
IV. How Flexible Shall the Benefit Offering Be?
The firm must decide whether to offer a standard package to every employee or allow the employee to choose the benefits he or she wants. It is far more common, today, for employees to have a flexible benefit package.
V. The Question of Competitiveness
Employers want to offer benefit packages that make them competitive in the market; however, benefits are a big cost to employers. Some researchers argue that most employees are unaware of the cost of their benefits package and therefore that benefits cannot be used as a differential in hiring. Clear communication is paramount.
A little entertainment on pay equity. Enjoy!
EQUAL PAY DAY (Flash Mob) : Equal Pay Flashmob
EXTRA INFORMATION
Composition of Benefit Plans
A. Required or Mandatory Security
1. Workers' Compensation—This is a required benefit that pro.
New Trends in Compensation Management (Group Mediclaim/Insurance Scheme, Personal Accident Insurance Scheme, Company Leased Accommodation,
Recreation/ATM facilities, Corporate Credit Card,
Club memberships, Cellular Phone/Laptop,
Personal Health Care, Loans, Educational Benefits, Regular Get together and other cultural programs, Wedding Day/Birthday Gift, Employee Referral Scheme, Maternity Leave, Paternity Leave, Work-life Balance, Pay Transparency, Broad banding,Variable Pay (Incentive Pay),
Flexible Benefits
Dr. Jhansi Rani M R - International CompensatIon (Module VI B)MRJhansiRani
Dr. Jhansi Rani M R, Dr. M. R. Jhansi Rani, Approaches of international compensation, key components of an International compensation program, executive compensation.
HRM500 Week 8 Scenario Script: Providing Employee Benefits
Slide #
Scene/Interaction
Narration
HRM500 Week 8 Scenario Script - Part 1: Providing Employee Benefits
Slide 1
Scene 1
Angela’s Office
HRM500_8_1_Angela-1: Welcome back, team! Today we need to take a look at employee benefits such as insurance, retirement, and paid time off.
Benefits are part of the total compensation package paid to employees. Benefits serve a function similar to pay. Benefits help to attract, retain and motivate employees.
Employees look for different types of benefits, and should examine their benefits regularly. Benefits can also be complex and expensive. If we spend a lot on benefits but employees do not understand their value or how to use them, the company will waste money.
At today’s meeting, we will examine benefits required by law, optional benefit programs, selecting employee benefits, legal requirements for employee benefits and communicating benefits to employees.
Slide 2
Scene 2 – Angela’s office
HRM500_8_2_Angela-1: Ashley and Michael, we need to look at creating a benefits package for the upcoming year for the organization.
Employees have come to expect that benefits will help them maintain economic security. Even though many kinds of benefits are not required by law, they have become so common that today’s employees expect them. Where do you think we should start?
HRM500_8_2_Ashley-1: We should first look at benefits required by law. The federal and state governments require various forms of social insurance to protect workers from the financial hardships of being out of work.
Social Security provides support for retired workers; unemployment insurance assists laid-off workers; and workers’ compensation provides benefits and services to workers injured on the job.
HRM500_8_2_Michael-1: Employers must also provide unpaid leave for certain family and medical needs. Because these needs are required by law, employers cannot gain an advantage in the labor market by offering them, nor can they design these benefits. The emphasis for these benefits must be adhering to the law.
Slide 3
Scene 3 - Angela’s office
2 person, 3 part interaction will be used for the 3 most common types of health care plans
HRM500_8_3_Angela-1: Good observations on required benefits, team! Now let’s take a look at optional benefit programs. These include various kinds of insurance, retirement plans and paid leave.
HRM500_8_3_Ashley-1: The main areas of paid leave are vacations, holidays, and sick leave. We should also establish policies for other situations that require time off. Organizations often provide paid leave for jury duty, funerals of family members, and military duty.
HRM500_8_3_Michael-1: Some organizations even offer paid time off to vote and donate blood! Establishing policies communicates the organization’s values, clarifies what employees can expect, and prevents situations in which unequal treatment leads to claims of unfairness.
HRM500_8_3_A.
HRM500 Week 8 Scenario Script: Providing Employee Benefits
Slide #
Scene/Interaction
Narration
HRM500 Week 8 Scenario Script - Part 1: Providing Employee Benefits
Slide 1
Scene 1
Angela’s Office
HRM500_8_1_Angela-1: Welcome back, team! Today we need to take a look at employee benefits such as insurance, retirement, and paid time off.
Benefits are part of the total compensation package paid to employees. Benefits serve a function similar to pay. Benefits help to attract, retain and motivate employees.
Employees look for different types of benefits, and should examine their benefits regularly. Benefits can also be complex and expensive. If we spend a lot on benefits but employees do not understand their value or how to use them, the company will waste money.
At today’s meeting, we will examine benefits required by law, optional benefit programs, selecting employee benefits, legal requirements for employee benefits and communicating benefits to employees.
Slide 2
Scene 2 – Angela’s office
HRM500_8_2_Angela-1: Ashley and Michael, we need to look at creating a benefits package for the upcoming year for the organization.
Employees have come to expect that benefits will help them maintain economic security. Even though many kinds of benefits are not required by law, they have become so common that today’s employees expect them. Where do you think we should start?
HRM500_8_2_Ashley-1: We should first look at benefits required by law. The federal and state governments require various forms of social insurance to protect workers from the financial hardships of being out of work.
Social Security provides support for retired workers; unemployment insurance assists laid-off workers; and workers’ compensation provides benefits and services to workers injured on the job.
HRM500_8_2_Michael-1: Employers must also provide unpaid leave for certain family and medical needs. Because these needs are required by law, employers cannot gain an advantage in the labor market by offering them, nor can they design these benefits. The emphasis for these benefits must be adhering to the law.
Slide 3
Scene 3 - Angela’s office
2 person, 3 part interaction will be used for the 3 most common types of health care plans
HRM500_8_3_Angela-1: Good observations on required benefits, team! Now let’s take a look at optional benefit programs. These include various kinds of insurance, retirement plans and paid leave.
HRM500_8_3_Ashley-1: The main areas of paid leave are vacations, holidays, and sick leave. We should also establish policies for other situations that require time off. Organizations often provide paid leave for jury duty, funerals of family members, and military duty.
HRM500_8_3_Michael-1: Some organizations even offer paid time off to vote and donate blood! Establishing policies communicates the organization’s values, clarifies what employees can expect, and prevents situations in which unequal treatment leads to claims of unfairness.
HRM500_8_3_A ...
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
Medical care - compensation management - Manu Melwin Joymanumelwin
Benefits are a critical piece of an employee compensation package, and health care benefits are the crown jewel. Health care benefits, along with time-off benefits, are the most popular of benefits to employees.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
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Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
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We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
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4. AN OVERVIEW OF BENEFITS :-
Employee benefits are group membership rewards
that provide security for employees and their family
members. They are sometimes called indirect
compensation because they are given to employees
in the form of a plan.
The benefits package offered by a firm can support
management’s effort to attract employees . Benefits
that are designed to increase in value over time
encourage employees to remain with their employer
.
6. 1. Legally Required Benefits :-
This requires employers to give
four benefits to all employees
,with only a few exceptions:
i. Social Security
ii. Worker’s Compensation
iii. Unemployment Insurance
iv. Family And Medical Leave
7. 2. Health Insurance :-
Health insurance covers hospital costs, physician
charges and the cost of other medical services .
8. 3. Retirement :-
Retirement benefits provide income to
employees after they retire .
9. 4. Insurance :-
Insurance plans protect employees or their
dependents from financial difficulties that can
arise as a result of disability or death .
10. 5. Paid Time Off :-
Time-off plans give employees time off with or
without pay, depending on the plan .
11. 6. Employee Services :-
Employee services are tax-free or tax-preferred
services that enhance the quality of
employees’ work or personal life .
12. Designing The Benefits/The benefits Strategy :-
To design an effective benefits package ,a company
needs to align its benefits strategy with its overall
compensation strategy .The benefits strategy
requires making choices in three areas :
i. Benefits Mix
ii. Benefits Amount
iii. Flexibility of Benefits
13. The benefits mix is the complete package of
benefits that a company offers its employees.
At least three issues should be considered
when making decisions about the benefits mix:
1. Total Compensation Strategy
2. Organizational Objectives
3. Characteristics of the Workforce
14. 1. TOTAL COMPENSATION
STRATEGY :-
Total Compensation Strategy issue
corresponds to the “below market
versus above-market compensation” .
The company must provide a benefits
package attractive to the people.
15. The Organization’s Objectives also
influence the benefits mix . For instance if
the company philosophy is to minimize
differences between low-level employees
and and top management, the benefits mix
should be the same for all employees .
16. 3. Characteristics Of The Work Force :-
If the firm’s work force consists
largely of parents with young
children, it is likely that child-care
and other family-friendly benefits
will be important .
17. Once management determines the amount of
money available for all benefits, it can
establish a benefits budget and decide on the
level of funding for each part of the benefits
program.
18. FLEXIBILITY OF BENEFITS :-
The flexibility of benefits choice concerns
the degree of freedom employees have to
tailor the benefits package to their personal
needs. Some organizations have a relatively
standardized benefits package that gives
employees few options. In these firms, a
standardized benefits package can be
designed for a “typical” employee.
19. Administering Benefits :-
The HR department usually takes the
lead in administering benefits, but
managers need to help communicate
options to employees , provide advice
occasionally , keep records(vacation
time , sick days), and be prepared to
call on the HR department if disputes
arise .
20. Flexible Benefits :-
Employees have different benefits
needs , depending their martial status
and the presence and ages of children
in the house hold .A flexible benefits
program allows employees to choose
from a selection of employer-provided
benefits such as vision care , dental
care , health insurance coverage for
dependants, child care, legal services
and contributions to a retirement plan .
21. The most popular flexible benefits plans
are :-
1. Modular Plans
2. Core-Plus Options Plan
22. 1. Modular Plans :-
Consist of a series of different bundles of benefits or
different levels of benefits coverage designed for
different employee groups.
23. Consists of a wide array of other benefits
options that employees can add to the core.
The core is designed to provide minimum
economic security for employees, and usually
includes basic health insurance , retirement
benefits and vacation days . Core-plus
options plans give employees “benefits
credits” that entitle them to “purchase” the
additional benefits that they want .
24. Challenges With Flexible Benefits :-
Flexible benefits offer employees the
opportunity to tailor a benefits package
that is meaningful to them at a reasonable
cost to the company . However they do
pose some challenges to benefits
administrators .
26. Benefits Communication :-
Benefits communication is a critical part of
administering an employee benefits program.
Many employees in companies with excellent
benefits packages have never been informed of
the value of these benefits and are therefore
likely to underestimate their worth .Traditionally,
benefits have been communicated via a group
meeting during new employee orientation or a
benefits handbook that describes each benefit
and its level of coverage .In today’s dynamic
world of employee benefits , however , more
sophisticated communication media (such as
videotape presentations and computer software
that generates personalized benefits status
reports for each employee) are needed