Are you struggling to understand Obamacare and how it impacts your company? Do you want to learn about how to use employee benefits as a recruitment and retention tool?
This presentation will provide valuable insight into employee benefits in the Obamacare world and how to maximize its impact. Under Obamacare, employers are offered the option to "pay or play." But, for most companies there is no choice—they must “play” in order to recruit and retain employees. This not only includes offering health insurance but also life, disability, and the whole spectrum of employee benefits.
Here you'll learn about the impact of Obamacare on the employee benefits mix and employer decision-making process, along with understanding the importance of insurance benefits as a mandatory piece of the total compensation puzzle.
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.
This presentation provides an overview of employee benefits. It defines employee benefits as additional compensation beyond wages that employees receive from their employer. The document then categorizes and describes common types of benefits, including those required by law, voluntary health insurance plans, retirement benefits, time-off benefits, survivor benefits, and flexible benefit plans. It also discusses the typical costs of benefits for employers, highlighting how costs have increased annually, and outlines advantages like employee retention and disadvantages like increased legal and administrative fees.
Flexible benefits packages for international airwaysSandrine Bardot
This document provides options and recommendations for implementing a flexible benefits package for an international airline company called Fly Right. It discusses Fly Right's diverse workforce across many countries and cultures. The current compensation package and objectives of flexible benefits are outlined. Potential benefit categories are then proposed, including travel, wellness, financial, education, and family-related benefits. Levels of flexibility and customization within the current package are also considered.
Employees benefits can include paid leave, insurance, retirement plans and flexible hours. Companies offer benefits to comply with laws, save on taxes, attract top talent and increase productivity. While benefits are costly, they help recruitment and retention. The Affordable Care Act requires employers with 50+ employees to offer health insurance or pay penalties. Both benefits and costs must be considered to design a sustainable package.
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Choice levels can range from standardized to cafeteria-style flexible plans. Financing can be fully employer paid, contributory, or employee paid.
This document discusses employee benefits, including legally required benefits like Social Security, unemployment compensation, workers' compensation, and FMLA. It also discusses voluntary benefits such as various health insurance options, retirement benefits like pensions and 401(k)s, paid time off for vacation and sick leave, survivor benefits, and flexible spending accounts. The goal of benefits is to attract and retain employees while complying with legal regulations.
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Flexible "cafeteria plans" give employees choice but also risks like increased costs. Overall administration requires balancing adequacy, competition and expenses.
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.
This presentation provides an overview of employee benefits. It defines employee benefits as additional compensation beyond wages that employees receive from their employer. The document then categorizes and describes common types of benefits, including those required by law, voluntary health insurance plans, retirement benefits, time-off benefits, survivor benefits, and flexible benefit plans. It also discusses the typical costs of benefits for employers, highlighting how costs have increased annually, and outlines advantages like employee retention and disadvantages like increased legal and administrative fees.
Flexible benefits packages for international airwaysSandrine Bardot
This document provides options and recommendations for implementing a flexible benefits package for an international airline company called Fly Right. It discusses Fly Right's diverse workforce across many countries and cultures. The current compensation package and objectives of flexible benefits are outlined. Potential benefit categories are then proposed, including travel, wellness, financial, education, and family-related benefits. Levels of flexibility and customization within the current package are also considered.
Employees benefits can include paid leave, insurance, retirement plans and flexible hours. Companies offer benefits to comply with laws, save on taxes, attract top talent and increase productivity. While benefits are costly, they help recruitment and retention. The Affordable Care Act requires employers with 50+ employees to offer health insurance or pay penalties. Both benefits and costs must be considered to design a sustainable package.
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Choice levels can range from standardized to cafeteria-style flexible plans. Financing can be fully employer paid, contributory, or employee paid.
This document discusses employee benefits, including legally required benefits like Social Security, unemployment compensation, workers' compensation, and FMLA. It also discusses voluntary benefits such as various health insurance options, retirement benefits like pensions and 401(k)s, paid time off for vacation and sick leave, survivor benefits, and flexible spending accounts. The goal of benefits is to attract and retain employees while complying with legal regulations.
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Flexible "cafeteria plans" give employees choice but also risks like increased costs. Overall administration requires balancing adequacy, competition and expenses.
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 document discusses components of employee compensation and benefits programs. It covers statutory benefits that are legally required such as Employees Provident Fund (EPF), social security, and paid leave. Non-statutory or discretionary benefits are also examined, including health insurance, retirement plans, education assistance, and work-life programs. Components of total compensation including direct financial pay, variable pay, and indirect benefits are broken down.
The document discusses various methods for evaluating jobs within an organization, including qualitative approaches like job ranking and classification that group jobs based on skills and responsibilities, and quantitative point factor and factor comparison methods that assign scores to jobs based on compensable factors like skills, responsibilities, and working conditions to determine appropriate pay rates. Job evaluation helps organizations understand the relative worth of different jobs and develop fair compensation systems.
The document discusses the process of designing and planning benefit programs. It outlines the key steps as determining goals and objectives, assessing and selecting benefits, designing the benefits package, and monitoring the plan. It provides details on selecting benefits such as assessing legal requirements, competition, employee needs, and costs. Flexible benefit plans that allow employees to choose options are also covered. The document discusses ways to reduce costs such as cost sharing, changing health plans, adjusting time off policies, and outsourcing benefits administration. Overall monitoring of benefits and responsiveness to changing needs is emphasized.
Benefits, nonfinancial rewards, and other compensationEmran Habeeb
This document discusses various types of benefits and non-financial compensation provided by employers. It begins by distinguishing between legally required benefits such as social security, unemployment compensation, workers' compensation, and family medical leave. It then covers voluntary benefits such as health care, retirement plans, disability protection and other perks. Finally, it discusses how employers are increasingly offering customized benefit plans that allow employees to choose the compensation that best fits their needs.
The document discusses employee benefits trends in India. It notes that India has a large and diverse population. Mandatory benefits include provident fund, gratuity, and personal accident insurance. Voluntary benefits include mediclaim, life insurance, and superannuation. Insurance companies offer various products for retirement benefits like defined contribution plans and defined benefit plans. Common retirement benefits provided by employers include leave encashment, gratuity, and superannuation. Trends show life insurance participation and defined contribution plans increasing among employers and employees in India.
Executive compensation refers to remuneration packages for senior management and executives. It typically includes a base salary, annual performance bonus, long-term stock incentives, retirement benefits, and perks. Long-term incentives, like stock options and performance-vested stock, make up the largest part of compensation and are intended to reward executives for achieving strategic goals that maximize shareholder value over 3-5 years. Performance-based pay aims to tie compensation to company and stock performance.
The document discusses various methods for evaluating jobs within an organization, including qualitative approaches like job ranking and classification that group jobs based on skills and responsibilities, and quantitative approaches like point factor and factor comparison methods that assign numerical values or points to different job characteristics to determine internal pay equity. Job evaluation is an important part of developing a compensation system and ensuring fair pay across roles based on objective analyses of job requirements rather than individual employee assessments.
This document provides an overview of employee benefits and compensation. It begins with learning objectives about defining benefits, distinguishing between mandated and voluntary benefits, discussing shifts in retirement plans, managing health care costs, and considering benefits administration. It then defines benefits and discusses strategic perspectives. It outlines how typical benefit dollars are spent and strategic considerations. It addresses benefit design decisions and measurements of effectiveness. It categorizes types of benefits such as security, retirement, health care, and time-off benefits. It provides details on specific benefits and considerations for managing costs. Overall, the document serves as a comprehensive guide to understanding and managing employee benefits.
This document discusses employee compensation strategies and practices. It begins by defining employee compensation and strategic employee compensation. It then provides examples of the compensation strategies of Wegmans Food Market Inc. and Descon Engineering Limited that align compensation with organizational objectives. The document also outlines some key US labor laws that influence compensation practices, such as the Civil Rights Act, Fair Labor Standards Act, and Equal Pay Act. It concludes by discussing Pakistan's Basic Pay Scales system established by the Civil Services Reform Commission.
This document summarizes key aspects of employee benefits programs discussed in a chapter from a 2004 textbook. It outlines objectives for understanding benefits programs, required benefits like Social Security and workers' compensation, other common benefits, and ways to control costs. Flexible benefits plans are described that allow employees choice in selecting benefits that fit their needs, along with advantages for employees and employers. Communication of benefits information to employees is also addressed.
This document provides an overview of compensation and its key dimensions. It discusses how compensation refers to all forms of pay employees receive in exchange for their contributions. It then outlines the eight main dimensions that make up a total compensation package, including pay for work/performance, time not worked, income continuation if losing one's job, disability, deferred income, spouse/family continuation, health/accident protection, and income equivalent payments. The document also discusses objectives of compensation management and how pay structures are determined.
Executive compensation refers to remuneration packages for senior management and executives. It typically includes a base salary, annual performance bonus, long-term stock incentives, retirement benefits, and perks. Long-term stock incentives, like stock options and performance-vested stock, make up the largest part of compensation and aim to reward executives for achieving strategic goals that maximize shareholder value over 3-5 years. Performance-based pay seeks to tie compensation to company and stock performance.
Employee benefits and services (Philippines)geomarbalajo
This is a brief summary report of the Philippine Employee benefits and services, under the Labor Code of the Philippines. This report excludes the monetary type of compensation, thus, it only focuses on Indirect type of compensation which are the benefits and services of different entities.
current trends in compensation & benefitsDeepak Singh
This document discusses current trends in compensation and benefits. It outlines that compensation includes both monetary and non-monetary value provided to employees in exchange for work. Compensation consists of base pay, bonuses, long-term incentives, perks, insurance, leaves, retirement programs and more. Benefits like employee stock ownership plans, flexible benefits, and cafeteria plans allow customization based on employee needs and preferences. Different organizations offer various compensation and benefits such as healthcare, parental leave, flexible hours, on-site services and discounts to attract and retain talent.
Informe sobre los sistemas de retribución flexible realizado a partir de encuestas a lectores de la publicación Employee Benefits y de los usuarios de www.employeebenefits.co.uk (en inglés)
This document discusses compensation and the factors that influence it. Compensation includes both financial compensation like wages and salaries as well as non-financial compensation like benefits and recognition programs. It is determined based on both internal factors like ability to pay, job requirements, and employee performance as well as external factors like cost of living, labor market conditions, government regulations, and technological changes. The goal of compensation is to attract, motivate, and retain qualified employees in a fair and competitive way.
Presentation on the Patient Protection Affordable Health Care Act given to Independent NAPA Auto Care Center Owners at the Detroit Area Conference on September 14, 2013 by Gary Wheeler
Cutting Employee Costs Without Cutting EmployeesJude Williams
This document discusses various ways for companies to reduce employee costs without reducing headcount. It outlines potential areas to cut costs such as salaries, benefits, training, turnover, workers' compensation, unemployment insurance, and other expenses. It also provides suggestions on leveraging tax credits to help offset costs, conducting thorough analyses of cost impacts, and considering alternative options like reduced hours before resorting to layoffs. The overall goal is helping companies maintain a profitable and productive workforce.
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 document discusses components of employee compensation and benefits programs. It covers statutory benefits that are legally required such as Employees Provident Fund (EPF), social security, and paid leave. Non-statutory or discretionary benefits are also examined, including health insurance, retirement plans, education assistance, and work-life programs. Components of total compensation including direct financial pay, variable pay, and indirect benefits are broken down.
The document discusses various methods for evaluating jobs within an organization, including qualitative approaches like job ranking and classification that group jobs based on skills and responsibilities, and quantitative point factor and factor comparison methods that assign scores to jobs based on compensable factors like skills, responsibilities, and working conditions to determine appropriate pay rates. Job evaluation helps organizations understand the relative worth of different jobs and develop fair compensation systems.
The document discusses the process of designing and planning benefit programs. It outlines the key steps as determining goals and objectives, assessing and selecting benefits, designing the benefits package, and monitoring the plan. It provides details on selecting benefits such as assessing legal requirements, competition, employee needs, and costs. Flexible benefit plans that allow employees to choose options are also covered. The document discusses ways to reduce costs such as cost sharing, changing health plans, adjusting time off policies, and outsourcing benefits administration. Overall monitoring of benefits and responsiveness to changing needs is emphasized.
Benefits, nonfinancial rewards, and other compensationEmran Habeeb
This document discusses various types of benefits and non-financial compensation provided by employers. It begins by distinguishing between legally required benefits such as social security, unemployment compensation, workers' compensation, and family medical leave. It then covers voluntary benefits such as health care, retirement plans, disability protection and other perks. Finally, it discusses how employers are increasingly offering customized benefit plans that allow employees to choose the compensation that best fits their needs.
The document discusses employee benefits trends in India. It notes that India has a large and diverse population. Mandatory benefits include provident fund, gratuity, and personal accident insurance. Voluntary benefits include mediclaim, life insurance, and superannuation. Insurance companies offer various products for retirement benefits like defined contribution plans and defined benefit plans. Common retirement benefits provided by employers include leave encashment, gratuity, and superannuation. Trends show life insurance participation and defined contribution plans increasing among employers and employees in India.
Executive compensation refers to remuneration packages for senior management and executives. It typically includes a base salary, annual performance bonus, long-term stock incentives, retirement benefits, and perks. Long-term incentives, like stock options and performance-vested stock, make up the largest part of compensation and are intended to reward executives for achieving strategic goals that maximize shareholder value over 3-5 years. Performance-based pay aims to tie compensation to company and stock performance.
The document discusses various methods for evaluating jobs within an organization, including qualitative approaches like job ranking and classification that group jobs based on skills and responsibilities, and quantitative approaches like point factor and factor comparison methods that assign numerical values or points to different job characteristics to determine internal pay equity. Job evaluation is an important part of developing a compensation system and ensuring fair pay across roles based on objective analyses of job requirements rather than individual employee assessments.
This document provides an overview of employee benefits and compensation. It begins with learning objectives about defining benefits, distinguishing between mandated and voluntary benefits, discussing shifts in retirement plans, managing health care costs, and considering benefits administration. It then defines benefits and discusses strategic perspectives. It outlines how typical benefit dollars are spent and strategic considerations. It addresses benefit design decisions and measurements of effectiveness. It categorizes types of benefits such as security, retirement, health care, and time-off benefits. It provides details on specific benefits and considerations for managing costs. Overall, the document serves as a comprehensive guide to understanding and managing employee benefits.
This document discusses employee compensation strategies and practices. It begins by defining employee compensation and strategic employee compensation. It then provides examples of the compensation strategies of Wegmans Food Market Inc. and Descon Engineering Limited that align compensation with organizational objectives. The document also outlines some key US labor laws that influence compensation practices, such as the Civil Rights Act, Fair Labor Standards Act, and Equal Pay Act. It concludes by discussing Pakistan's Basic Pay Scales system established by the Civil Services Reform Commission.
This document summarizes key aspects of employee benefits programs discussed in a chapter from a 2004 textbook. It outlines objectives for understanding benefits programs, required benefits like Social Security and workers' compensation, other common benefits, and ways to control costs. Flexible benefits plans are described that allow employees choice in selecting benefits that fit their needs, along with advantages for employees and employers. Communication of benefits information to employees is also addressed.
This document provides an overview of compensation and its key dimensions. It discusses how compensation refers to all forms of pay employees receive in exchange for their contributions. It then outlines the eight main dimensions that make up a total compensation package, including pay for work/performance, time not worked, income continuation if losing one's job, disability, deferred income, spouse/family continuation, health/accident protection, and income equivalent payments. The document also discusses objectives of compensation management and how pay structures are determined.
Executive compensation refers to remuneration packages for senior management and executives. It typically includes a base salary, annual performance bonus, long-term stock incentives, retirement benefits, and perks. Long-term stock incentives, like stock options and performance-vested stock, make up the largest part of compensation and aim to reward executives for achieving strategic goals that maximize shareholder value over 3-5 years. Performance-based pay seeks to tie compensation to company and stock performance.
Employee benefits and services (Philippines)geomarbalajo
This is a brief summary report of the Philippine Employee benefits and services, under the Labor Code of the Philippines. This report excludes the monetary type of compensation, thus, it only focuses on Indirect type of compensation which are the benefits and services of different entities.
current trends in compensation & benefitsDeepak Singh
This document discusses current trends in compensation and benefits. It outlines that compensation includes both monetary and non-monetary value provided to employees in exchange for work. Compensation consists of base pay, bonuses, long-term incentives, perks, insurance, leaves, retirement programs and more. Benefits like employee stock ownership plans, flexible benefits, and cafeteria plans allow customization based on employee needs and preferences. Different organizations offer various compensation and benefits such as healthcare, parental leave, flexible hours, on-site services and discounts to attract and retain talent.
Informe sobre los sistemas de retribución flexible realizado a partir de encuestas a lectores de la publicación Employee Benefits y de los usuarios de www.employeebenefits.co.uk (en inglés)
This document discusses compensation and the factors that influence it. Compensation includes both financial compensation like wages and salaries as well as non-financial compensation like benefits and recognition programs. It is determined based on both internal factors like ability to pay, job requirements, and employee performance as well as external factors like cost of living, labor market conditions, government regulations, and technological changes. The goal of compensation is to attract, motivate, and retain qualified employees in a fair and competitive way.
Presentation on the Patient Protection Affordable Health Care Act given to Independent NAPA Auto Care Center Owners at the Detroit Area Conference on September 14, 2013 by Gary Wheeler
Cutting Employee Costs Without Cutting EmployeesJude Williams
This document discusses various ways for companies to reduce employee costs without reducing headcount. It outlines potential areas to cut costs such as salaries, benefits, training, turnover, workers' compensation, unemployment insurance, and other expenses. It also provides suggestions on leveraging tax credits to help offset costs, conducting thorough analyses of cost impacts, and considering alternative options like reduced hours before resorting to layoffs. The overall goal is helping companies maintain a profitable and productive workforce.
This document provides an overview of key aspects of the Affordable Care Act (ACA) for employers, including:
1) The ACA requires employers with 50 or more full-time equivalent employees to offer affordable health insurance that meets minimum coverage requirements or face penalties.
2) The ACA also creates health insurance marketplaces for individuals and small businesses to purchase insurance plans.
3) The ACA provides tax credits for small businesses that offer health insurance to employees to help offset costs, with credits of up to 50% available.
Core hcr presentation rental association wo videoJosh Nickell
The document discusses key provisions of the Affordable Care Act including the employer mandate, individual mandate, premium tax credits, metallic levels, deductible and out-of-pocket limits, medical loss ratio, guaranteed issue, adjusted community rating, essential health benefits, and employer options. It provides an overview of the timeline for implementation of various ACA provisions from 2010 to 2018. The presentation is for the GA Chapter of the American Rental Association to explain health care reform and what employers can do.
The document discusses how the federal government is incentivizing small businesses to offer a full portfolio of employee benefits through tax credits and regulations, even if employees pay for the benefits themselves. It provides an overview of the benefits that should be offered (health insurance, retirement, etc.), tax credits available for small businesses that offer health insurance, and how setting up a cafeteria plan can reduce taxes for both employers and employees who purchase voluntary benefits like life insurance.
This document provides an overview of healthcare reform for employers, covering several key topics:
1. Marketplaces (Exchanges) and subsidies available for individuals and small groups.
2. Rules for determining if an employer counts as a "large employer" subject to penalties, including how to count full-time equivalent employees and handle variable hour workers.
3. The "pay or play" mandate for large employers over 50 full-time equivalents to provide affordable coverage or face penalties.
4. Price changes to health plans from new taxes, fees, and mandates imposed by the Affordable Care Act.
You want to stay competitive, but need to watch the bottom line. Employee benefits are an easy target, but here's how you weigh the costs vs. the risks.
You must stay competitive and find a balance between employee retention and backlog. Do you look to the fringe benefits for quick cost reductions? Weigh the risks before you cut.
Health Care Reform Strategies for Small Employers:
• Health Care Tax Credits and Penalties
• The Recently Delayed Pay or Play Mandate
• Health Insurance Exchanges
• SHOPs
• Other Cost-Savings Opportunities
• Strategic Decision Making for Large and Small Employers
• And more!
Managing health insurance costs is challenging in an era of rising inflation and new healthcare laws. Traditional cost control methods like increasing deductibles have diminishing returns and hurt employee satisfaction. Creative strategies using consumer-driven health plans paired with health reimbursement accounts can lower costs 20-30% while maintaining coverage quality. Proper employee education is crucial when implementing new plans. The healthcare industry is undergoing significant changes due to reform that will impact employers and employees.
The document discusses employee benefits from the perspective of the five W's: who, what, why, where, and when. It covers which employees receive benefits, what types of benefits employers provide, the reasons employers offer benefits, regulatory considerations around benefits, and when benefits kick in. The document also discusses costs of benefits, alternatives to traditional benefits, and ways employers can review and potentially modify their benefits offerings.
ACA, SHOP, and Small Business Tax CreditsEric Stern
The Affordable Care Act (ACA) overhauled the U.S. health care system by requiring individuals to obtain health coverage, protecting those with pre-existing conditions, and establishing health insurance marketplaces. The ACA created public exchanges for individuals and small businesses (SHOP) to purchase qualified health plans. It provides subsidies to help low-income individuals pay premiums. Employers with over 50 employees must offer affordable coverage providing minimum value or face penalties, while small employers may qualify for tax credits when offering coverage through SHOP. The presentation provides details on ACA requirements and assistance resources.
This document discusses compensation and its importance for both employees and employers. It defines compensation as the remuneration an employee receives in return for their contributions. Compensation includes salary, benefits, and other perks. The goals of an effective compensation system are to attract, motivate, and retain capable employees. The document also outlines various components of compensation, factors that influence compensation policies, and considerations for determining appropriate salary levels.
This document summarizes key provisions of the Affordable Care Act and their impact on employers and health insurance. It outlines the goals of reform to lower costs and expand coverage. Major provisions discussed include an employer mandate, health insurance exchanges, reporting requirements, and penalties for employers that do not provide affordable coverage. The summary questions whether the law will actually lower costs as intended and notes that upcoming elections could significantly impact whether and how the law changes going forward.
With the recent delay in the employer coverage mandate until 2015, employers should continue to plan their compliance strategy and remain vigilant as regulations continue to change. Hosted by Aon’s health and benefits expert, Richard Kaufman, this webinar will update employers on the ongoing changes and provide reminders of what remains, deadlines and other helpful information in understanding the complexities of the mandate.
Presented by Richard S. Kaufman, Aon Consulting VP, Health and Benefits
Presenting this set of slides with name - Compensation Package Powerpoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of thirtynine slides. Our tailor made Compensation Package Powerpoint Presentation Slides editable presentation deck assists planners to segment and expound the topic with brevity. The advantageous slides on Compensation Package Powerpoint Presentation Slides is braced with multiple charts and graphs, overviews, analysis templates agenda slides etc. to help boost important aspects of your presentation. Highlight all sorts of related usable templates for important considerations. Our deck finds applicability amongst all kinds of professionals, managers, individuals, temporary permanent teams involved in any company organization from any field
This document provides an introduction to compensation management. It defines compensation as all forms of pay received by employees in exchange for their work, including both financial and non-financial compensation. Financial compensation includes direct payments like salaries, wages, bonuses, and commissions as well as indirect fringe benefits like healthcare, retirement plans, and paid time off. Non-financial compensation includes recognition, job security, and responsibility. The objectives and principles of compensation management are discussed, such as acquiring qualified employees, ensuring pay equity, and controlling costs. Factors that influence compensation decisions include supply and demand for labor, cost of living, and union involvement.
The document discusses the key provisions and impacts of the Affordable Care Act (ACA or Obamacare) including the individual mandate requiring health insurance, subsidies available for individuals and small businesses, and the different types of insurance plans that will be available through exchanges. It also provides details on how the ACA affects individuals, small businesses, penalties for failing to obtain coverage, and a small business tax credit available to help cover premium costs.
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2. Purpose
Employers are offered the option to "Pay or Play"
under Obamacare, but for most companies there is
no choice - they must play in order to recruit and
retain employees. Not only must they play in the
health insurance market, but also life, disability, and
the whole spectrum of employee benefits from leave
to pet insurance. In this session we will discuss the
impact of Obamacare on the employee benefits mix
and employer decision-making, along with the
importance of insurance benefits as a mandatory
piece of the total compensation puzzle.
5. Individual Mandate
Beginning in 2014, ACA requires individuals to
maintain health insurance for themselves and their
dependents
Most individuals will be required to maintain
"minimum essential coverage", which includes
employer coverage
individual coverage
federal programs such as Medicare and Medicaid
Those who do not maintain minimum essential
coverage, and who are not exempt from the
mandate, will be required to pay a tax penalty for
noncompliance
6. Individual Mandate
Individual annual Penalties:
2014: $95 per adult and $47.50 per child, up to a
family maximum of $285 or 1 percent of family
income, whichever is greater
2015: $325 per adult and $162.50 per child, up to
a family maximum of $975 or 2 percent of family
income, whichever is greater
2016: $695 per adult and $347.50 per child, up to
a family maximum of $2,085 or 2.5 percent of
family income, whichever is greater
7. Employer Mandate
Employer Play or Pay
Applies to Applicable Large Employers
Employers with 50 or more Full-Time
Equivalent Employees (FTEs)
ER penalty applies if coverage is not offered
or coverage is offered but "Unaffordable"
and a Full-Time Employee (30+ hrs/week)
receives A Subsidy in an Exchange
Penalty
ALE &
Insurance
Not Offered
OR
Is Unafford-
able
Full-Time
Employee
Obtains
Insurance in
an Exchange
Employee
receives
Federal
subsidy
$
$
$ $
8. Employer Mandate
Employers who do not provide coverage
Employers who do not provide health coverage
to at least 95% of all full-time employees (and
their children under age 26) are subject to a
penalty
• If at least one full-time employee (30+hrs/wk or 130+
hrs/mo) receives a subsidy to purchase Exchange
coverage for himself or herself, the employer is subject to
an annual penalty of $2,000 × all full-time employees
(reduced by 30)
• Penalty is assessed monthly ($167.67 per full-time
employee per month)
9. Employer Mandate
Employers who provide "unaffordable"
coverage
Coverage is "affordable" if:
1. The employee's cost for single coverage does not exceed 9.5%
of household income (or Box 1 W-2 wages or another safe
harbor), and
2. The plan provides "minimum value" (it has at least a 60%
actuarial value)
Annual penalty is $3,000 for each full-time employee who
receives a subsidy for Exchange coverage (not to exceed the
"no coverage" penalty)
• Penalty is assessed monthly ($250 per subsidy-receiving full-
time employee per month)
10. Transition Relief
For , the rules will apply to
employers with 100 or more full-time
equivalent employees (employers in the 50-
99 range will need to certify eligibility for this
transition relief)
For , the rules will apply to
employers with 50 or more full-time
equivalent employees
11. Transition Relief
To avoid a penalty in 2015, employers subject to
the mandate (100+ FTEs) must offer coverage to
at least 70% of their full-time employees
(instead of 95%)
To avoid a penalty in 2016, employers subject to
the mandate must offer coverage to 95% of their
full-time employees
Employers with non-calendar year plans are
subject to the mandate based on the start of
their 2015 plan year rather than on January 1,
2015 (may be extended to 50-99 FTE employers
for their 2016 plans)
12. Transition Relief
Other transition relief contained in the
proposed regulations were extended:
The ability to use a short timeframe (at least 6
months) to determine whether an employer is large
enough to be subject to the mandate
A delay in the requirement to provide coverage to
dependent children to 2016 (as long as the
employer is taking steps to arrange for such
coverage to begin in 2016)
For 2015 ONLY, penalty calculated by reducing
number of employees by 80 instead of 30
13. Additional Items of Note
90-Day Enrollment
Requirement
(EFFECTIVE 2014)
If EE clearly eligible,
must be enrolled on
or before 90th day
This means coverage
begins by 91st day
Acceptable waiting
period: coverage
effective 1st of month
following 60 days
Affordability Safe
Harbors
W-2 safe harbor
Rate of pay safe
harbor
Federal poverty line
safe harbor
14. Exchanges
Types of Exchanges:
State Exchange
Partnership Exchange
Federally-Facilitated Exchange (in states
that did not choose to develop their own
exchange)
15. Exchanges
The Metals—Exchanges to Offer Four Levels
of Coverage:
Bronze (60%)
Silver (70%)
Gold (80%)
Platinum (90%)
And a catastrophic plan for individuals
under 30
16. Premium Tax Credits
Premium tax credits are federal
subsidies—direct payments to insurance
companies to subsidize coverage for lower-
income individuals in the state-based
Exchanges
The subsidy helps lower-income people
between 100% and 400% of Federal
Poverty Level (FPL) purchase a silver level
plan (70% plan)
18. Getting & Keeping Employees
The cost of employee turnover can be
extensive – 1/2 to 2 times annual
pay per lost employee
Cost of losing trained EE
Cost of temp or OT while position empty
Recruitment costs
Training costs
Lost productivity costs
19. Getting & Keeping Employees
Average national turnover rate has been
running at 25% for manufacturing,
construction, scrap recycling & related
industries
Example: 25% turnover; 200
employees; average pay rate $12.00
per hour; turnover cost at 1/2 X pay
Turnover costs to company equals $624K
on an annual basis based on this
example
20. Getting & Keeping Employees
Employers are using benefits as leverage
to recruit & retain employees: Total
Rewards
Health care & retirement savings are the
most leveraged benefits for
recruitment & retention*
Employees must have health insurance
now – easiest place to get it is through
their employer
Premiums tax deductible to the employer &
employee
21. Getting & Keeping Employees
If turnover can be reduced through
the increase of the Total Reward
package (i.e., added benefits), why
not use the savings to fund the added
benefits??
Improve
Total
Rewards
Reduce
Employee
Turnover
Reduce
Costs to
Fund Total
Rewards
package
22. Retention & Profitability
Using the example of the 200 person
company:
If the 25% turnover cost your organization
$624k/year, what would you do with that
money if it didn’t walk out the door?
How do you minimize that loss and add it back
into your bottom line profitability?
23. Retention & Profitability
Will 50 cents an hour change that?
200 people times an average of 2,080 hours times 50
cents = $208k
What would you do with $416k? What about
increasing benefits?
Why are you losing employees?
Are they transient?
Will they move for an extra 50 cents an hour?
Are you not offering benefits (ACA requirement)?
Not contributing enough?
Improper hiring practices? Or improper training?
Settling for a belly button?
25. Benefits in the Mix
Health Insurance – 97% of ALL
employers offer health coverage for at
least the employee
Dental – 96%
Vision 79%
Life Insurance – 84% of employers offer
life insurance
Disability – 68% offer STD and 80%
offer LTD (primarily paid 100% by ER)
*Results from 2012 SHRM National Benefits Survey
26. Benefits in the Mix
The Total Rewards package can be
any mix, though, that helps to recruit
& retain employees in your industry
Compensation
Health & welfare benefit plans
Supplemental benefit plans
Misc. Benefits – legal services, bonus
programs, incentive compensation,
flexible work environments, even pet
insurance & the list goes on
27. Employee Healthcare
Despite the cost pressures of health
care benefits, majority of employers
will continue to offer coverage*, but…
They are resetting benefit value
They are actively engaging employees in
improving their own health
They are focusing on choice
They are exploring new options like
Private Exchanges & Self-Funding
28. Private Exchanges
A private exchange is an on-line portal
used to sell insurance products directly to
employees
Employees are allowed to become
consumers and shop from among a wide
variety of major medical health plans and
supplemental insurance products
A private exchange reduces the role the
employer plays in the selection of
insurance coverage for its employees
29. Private Exchanges
Why are employer’s looking at Private
HC Exchanges
One-stop shopping across core
medical, life, disability, & voluntary
benefits
Technology & choice eases employee
decision-making
Collective buying power & influence
help control total benefit costs
30. Partially Self-Funding
Partially self-funding insurance
benefits for groups with 50 or more
employees is an option for controlling
costs
Not for everyone – works well for
groups with relatively low claims
costs (low plan utilizers)
31. Wrap-Up
Your employees are a corporate asset
– retain them
Your employees are what drives your
business
Taking care of them is a required
business practice in today’s economy
- it translates into healthier, more
productive & longer term
employees
32. Wrap-Up
Obamacare may seem complicated,
but it does not alter the fundamental
need for companies to offer a Total
Rewards package that effectively
attracts and retains employees
Find the right guidance in a broker or
consultant to help you navigate the
Total Rewards options
TRANSITION RELIEF FOR SMALLER EMPLOYERS: For employers with fewer than 100 full-time employees (including full-time equivalents) in 2014, that meet the conditions described below, no Employer Shared Responsibility payment under section 4980H(a) or (b) will apply for any calendar month during 2015. For employers with non-calendar year health plans, this applies to any calendar month during the 2015 plan year, including months during the 2015 plan year that fall in 2016.
• IRS can attempt to collect the penalty by reducing future tax refunds • Individuals who fail to pay the penalty will not be subject to any criminal prosecution or penalty • Government cannot file notice of lien or levy any property of a taxpayer who does not pay the penalty
In order to be eligible for the relief, an employer must certify that it meets the following conditions:(1) Limited Workforce Size. The employer must employ on average at least 50 full-time employees (including full-time equivalents) but fewer than 100 full-time employees (including fulltime equivalents) on business days during 2014. (Employers with fewer than 50 full-time employees (including full-time equivalents) on business days during the previous year are not subject to the Employer Shared Responsibility provisions.) The number of full-time employees (including full-time equivalents) is determined in accordance with the otherwise applicable rules in the final regulations for determining status as an applicable large employer.(2) Maintenance of Workforce and Aggregate Hours of Service. During the period beginning on Feb. 9, 2014 and ending on Dec. 31, 2014, the employer may not reduce the size of its workforce or the overall hours of service of its employees in order to qualify for the transition relief. However, an employer that reduces workforce size or overall hours of service for bona fide business reasons is still eligible for the relief.(3) Maintenance of Previously Offered Health Coverage. During the period beginning on Feb. 9, 2014 and ending on Dec. 31, 2015 (or, for employers with non-calendar-year plans, ending on the last day of the 2015 plan year) the employer does not eliminate or materially reduce the health coverage, if any, it offered as of Feb. 9, 2014. An employer will not be treated as eliminating or materially reducing health coverage if (i) it continues to offer each employee who is eligible for coverage an employer contribution toward the cost of employee-only coverage that either (A) is at least 95 percent of the dollar amount of the contribution toward such coverage that the employer was offering on Feb. 9, 2014, or (B) is at least the same percentage of the cost of coverage that the employer was offering to contribute toward coverage on Feb. 9, 2014; (ii) in the event of a change in benefits under the employee-only coverage offered, that coverageprovides minimum value after the change; and (iii) it does not alter the terms of its group health plans to narrow or reduce the class or classes of employees (or the employees’ dependents) to whom coverage under those plans was offered on Feb. 9, 2014.
NOTE 1: Rather than being required to use the full twelve months of 2014 to measure whether it has 50 full-time employees (or equivalents), an employer may measure during any consecutive six-month period (as chosen by the employer) during 2014. For example, an employer could use a period of atleast six months through August 2014 to determine its applicable large employer status and, if it is an applicable large employer, the period from September through December 2014 to make any needed adjustments to its plan (or to establish a plan).NOTE 2: The transition relief in the preamble to the final regulation generally extends the transition relief that had been provided for plan years that begin in 2014 (2014 plan years) to plan years that begin in 2015 (2015 plan years). Under this transition relief, an employer that takes steps during its 2014 plan year toward offering dependent coverage will not be subject to an Employer Shared Responsibility payment solely on account of a failure to offer coverage to dependents for that plan year. This extended transition relief applies to employers for the 2015 plan year for plans under which (1) dependent coverage is not offered, (2) dependent coverage that does not constitute minimum essential coverage is offered, or (3) dependent coverage is offered for some, but not all, dependents.
W–2 Safe HarborAffordable if required contribution for self-only coverage (excluding COBRA) does not exceed 9.5% of W–2 wages (Box 1)Determined after calendar year, on an employee-by-employee basisContribution must remain consistent (amount or %) during the year But employer may require a contribution that is based on a consistent percentage of W–2 wages and subject to a dollar limit specified by the employer (e.g., contribution may be set 9.5% of wages up to $100)Prorated for partial periods of coverageRate of Pay Safe Harbor: Affordable if required monthly contribution does not exceed 9.5% of an amount equal to 130 hours multiplied by the employee's hourly rate of payFor salaried employees, monthly salary is used instead of 130 multiplied by the hourly rate of pay Federal Poverty Line Safe Harbor:Affordable if required monthly contribution does not exceed 9.5% of a monthly amount determined as the Federal poverty line (FPL) for a single individual for the applicable calendar year, divided by 12 FPL is the FPL for the state in which employee is employed
-Must offer plans that meet the Essential Health Benefit coverage requirements-Insurers may offer separate health plan products outside of an Exchange, but they are prohibited from offering rates for those health plan products that are lower than those offered within the Exchange
Only available through the Individual Exchanges (not SHOP)Depending on the income, age and family size, the subsidy can be substantial
Example: a position paying even $12 per hour, when vacated, can cost the employer up to $50,000 to hire and get the new employee up to the required productivity level. Most likely cost around $37,500 (1.5 times annual pay).
*From Mercer’s National Survey of Employer Sponsored Health Plans (2013)
Regional differences apply – 2013 HRA-NCA Benefits Survey (Mid-Atlantic) had following results:Medical – 99%Dental – 99%Vision – 86%Basic Life – 99%STD – 91%LTD – 97%
Utilize brokerage resources to help determine an effective mix and monitor retention.
*From Mercer’s National Survey of Employer Sponsored Health Plans (2013)
Employees are allocated a certain amount of dollars and a variety of products from which to choose.