Providing Employee Benefits
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This document discusses different types of employee benefits including those required by law, optional benefits programs, retirement plans, and family-friendly benefits. It provides statistics on access to common benefits like paid leave, group insurance, and childcare. Legal requirements for benefits are also outlined relating to tax treatment, antidiscrimination laws, and accounting. The importance of communicating benefits to employees is stressed so they understand the value of their compensation package.
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Discussion #1
Give an example of a perk used by your (or another) organization and discuss how the perk was (or was not) successful. What factors contributed to the success of the perk?
Discussion #2
Select one benefit and compliance issue identified in Module 3 and share why you feel it is a potentially risky one of which all organizations need to be aware.
Use a minimum of one reference from the class materials.
References
Read:
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Other Types of Compensation
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Topics
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Topic 2: Key Elements of Work Experience
Topic 3: Governmental Compliance Issues
Topic 4: Understanding Demographic and Psychographic Differences
Topic 5: Role of Non-monetary Rewards and Work Experience in Total Rewards Design
Topic 6: Conclusions
Topic 1
: What are Non-monetary Rewards?
A Society for Human Resource Management study (SHRM, 2005) found that both employers and HR professionals see benefits or non-monetary rewards as a driving factor for job satisfaction. In this module, non-monetary rewards are defined as the set of rewards known broadly as
benefits
. The array of benefits that supplement monetary rewards are evolving quickly, as the competition for employees increases. While there is a wide range of non-monetary rewards offered, most center around those that protect against the cost of illness or health emergencies, provide income protection in the case of disability, and and provide general well being for the employees and their families. The more typical non-monetary rewards offered today are shown in the center column in table 3.1 below.
Callout
Table 3.1
Three Elements of the Total Rewards Model
Monetary Rewards
Non-monetary Rewards
Work Experience
Base Pay
Income Protection Benefits
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Variable Pay
Medical Insurance
Community (Individual and Organizational)
Merit and Cost of Living Increases
Vision and Dental
Recognition
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Performance Feedback
Life Insurance
Promotions
Deferred Compensation
Paid Time Off
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Day Care
Employee Assistance Program
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Fortune
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The basic components of employee compensation and benefits
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Similar to Providing Employee Benefits
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Disclaimer: We do not encourage illegal activity. References to a content protected by the copyright law, are given exclusively in the fact-finding purposes. If you liked the program, music or the book – buy it.
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Give an example of a perk used by your (or another) organization and discuss how the perk was (or was not) successful. What factors contributed to the success of the perk?
Discussion #2
Select one benefit and compliance issue identified in Module 3 and share why you feel it is a potentially risky one of which all organizations need to be aware.
Use a minimum of one reference from the class materials.
References
Read:
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Topic 1: What are Non-monetary Rewards?
Topic 2: Key Elements of Work Experience
Topic 3: Governmental Compliance Issues
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Topic 6: Conclusions
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A Society for Human Resource Management study (SHRM, 2005) found that both employers and HR professionals see benefits or non-monetary rewards as a driving factor for job satisfaction. In this module, non-monetary rewards are defined as the set of rewards known broadly as
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Callout
Table 3.1
Three Elements of the Total Rewards Model
Monetary Rewards
Non-monetary Rewards
Work Experience
Base Pay
Income Protection Benefits
Values of the Organization
Variable Pay
Medical Insurance
Community (Individual and Organizational)
Merit and Cost of Living Increases
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Recognition
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Disability
Training and Development
Performance Feedback
Life Insurance
Promotions
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Paid Time Off
Sense of Accomplishment
Day Care
Employee Assistance Program
Health Related Programs
Tuition Assistance
Companies listed on
Fortune
magazine's list of "100 Best Companies to Work for in America" seem to recognize the importance of offering a wide assortment of benefits. They offer the assortment in order to meet the needs of the employees and address many of the needs in Maslow's hierarchy (Maslow, 1954).The companies appear to use a total rewards approach to compensation to attract, retain, and motivate their employees. In addition to what has become rather standard as a set of rewards including medical, dental and vision insurance; paid time off; and ample room for career growth, some mix of the following benefits is often prese.
The basic components of employee compensation and benefits
Employee compensation and benefits typically include four categories: guaranteed pay such as base salary, variable pay such as bonuses contingent on performance, benefits such as health insurance and retirement plans, and equity-based compensation like stock options. Guaranteed pay includes base salary paid at regular intervals. Variable pay is non-fixed compensation paid based on discretion, performance or results achieved. Benefits supplement employees' compensation with programs for paid time off, insurance, and retirement. Equity-based compensation ties an employee's rewards to the long-term success of the company through stock and stock-related programs.
HRM500 Week 8 Scenario Script Providing Employee Benefits Slide.docx
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.docx
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 topic
This document discusses various types of compensation and benefits provided by employers. It outlines direct financial payments like wages as well as indirect payments like health insurance and retirement plans. Benefits can be required by law, such as unemployment insurance, or provided at the employer's discretion, like disability coverage. The document also examines supplemental benefits for time not worked, including unemployment, vacation, sick leave and severance pay. It provides details on common insurance plans and retirement options employers offer to attract and retain employees.
Compensations And Pay Roll General View Latest
Compensation includes both direct monetary benefits like salary as well as indirect non-monetary benefits like leave and insurance. Direct compensation refers to benefits like basic salary, bonuses, and medical reimbursements, while indirect compensation includes benefits like leave policies, insurance, and retirement plans. Payroll management involves calculating employee pay and making deductions for taxes, provident funds, and other amounts. Key labor laws regulate minimum wages, working hours, maternity benefits, bonuses, and retirement funds.
Chapter Six Presentation
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.
Desighning employee benefits and services
When an organization design overall its compensation program, a critical areas of concern is what benefits to provide. Today’s workers expect more than just an hourly wage or a salary; they want additional considerations that will enrich their lives. These considerations in and employment setting are called employee benefits.
HR and Employee Benefits MARCINKO
This document discusses employee benefits offered by hospitals, including benefits that are tax-free or taxed at preferential rates, as well as benefits where tax liability is deferred. It provides an example to calculate the total value of benefits for a hypothetical hospital employee. The total value of benefits for this employee, including payroll tax contributions, retirement plan contributions, paid time off, health care, life insurance and long-term disability, is over $21,000, representing approximately 30% of their total compensation.
The reward system compensation and non compensation dimension
,
the reward system: compensation and non-compensation dimension
,
compensation strategy
,
non-compensation system
,
reward system
April 2018 Newsletter
The document discusses the important responsibilities and duties of being an executor of an estate. It notes that being named executor is an honor that shows the deceased trusted you, but it can also be a difficult and time-consuming role. Some key duties of an executor include arranging for the funeral, notifying agencies, protecting assets, inventorying property, paying debts and taxes, and distributing remaining assets according to the estate documents. The executor has an important fiduciary duty and could be held liable for any mismanaged funds. Researching state laws and consulting advisors can help make the process easier.
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.
LS 9FINAL Benefit 182.pptx
This document summarizes different types of employee benefits and services. It discusses four main categories: (1) pay for time not worked such as severance pay, supplemental unemployment benefits, and vacations; (2) insurance benefits like workers' compensation, life insurance, and health insurance; (3) retirement benefits including pension plans and defined contribution plans; and (4) services like childcare, eldercare, education subsidies, and domestic partner benefits. It provides examples of how these benefits are implemented in Bangladesh and includes calculations of provident funds, gratuity payments, and flexible benefits programs.
Chapter 11 Establishing Rewards and Pay Plans.docx
Total rewards include pay, benefits, training, health programs, paid time off, and non-monetary rewards like work-life balance and career development. Rewards can be intrinsic from the work itself, extrinsic from the employer, financial like pay and bonuses, or non-financial like recognition and flexible schedules. The Philippines Labor Code mandates minimum wages, benefits like healthcare and retirement, limits on work hours, and other employee protections. Employers must consider these laws as well as external factors and conduct job evaluations when designing compensation programs that include base pay, premiums, incentives, and perks.
Pat 1Choose one of the following practices and either support .docx
Pat 1
Choose one of the following practices and either support or challenge its objective based on your professional experience or experiences learned throughout your graduate program studies.
1.
· Rolling planning and budget cycles
· An enterprise architecture
· Different funding buckets
· Relationship managers
· A prioritization rubric
One file
Part 2
Write a six to eight (6-8) page paper in which you:
1. Propose the rights you would like your shareholders to have.
2. Compare the costs and benefits that apply to your company specifically to make the decision of whether or not to “go public”.
3. Discuss the principle issues associated with conflict of interest and transactions in shares that you may run in to.
4. Explain the tactics that your corporate management will use to defend against takeovers.
5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources
Both is separate files
FINANCIAL ENVIRONMENTS WORKSHEET.
Financial Environments Worksheet
For-Profit Organizations
Not-for-Profit Organizations
Government Organizations
Specific Examples
1. Mt. Sinai Medical Center- Miami Beach Florida.
2. Cleveland Clinic Hospital-Weston, Florida.
3. Edward White Skilled Nursing Unit-St. Petersburg, Florida.
1. St. Anthony’s Hospital- St. Petersburg, Florida.
2. Regents Park Sunrise-Sunrise, Florida.(Nursing Home)
3. Mercy Hospital, Inc.-Miami
1. Alexander Sander Nininger State Veterans’ Nursing Home-Pembroke Pines, Florida
2. Jackson memorial –Miami, Florida.
3. Brown ward General Hospital-Ft. Lauderdale Florida.
Similarities between Environments
· All of them follow the same health regulations as set by the health governing body and other relevant authorities.
· All these entities must follow ethical regulation in their duty of delivering their services
· All these entities must recruit employees with the same training which help them provide their services to their esteemed customers. (Horwitz, 2012).
· The activities of governments and not for profit entities are governed by their budgets and not by the market since they cannot deliver their services beyond their budgets.
· Whether it is nonprofit, for- profit or government health facilities, they offer community benefits services. For example, parenting education, health education, stop smoking programs etcetera.
· Nonprofit and government environment works solely for the public interest. (Nursing Home Rank, 2012).
Differences between Environments
1. They are owned by private investors or people with private equity interest who provide services with a sole purpose of making profits
2. They have an obligation of paying taxes to IRS
3. They trying making money for their investors by making the hospitals feel and look more comfortable. They even pay their staff more than in not- for- profit and government entities.
1. The entities in this category have no ownership interests. .
Benefits In The…T Workplace
The document summarizes a presentation about benefits in the nonprofit workplace. It discusses the importance of benefits for attracting and retaining employees. It also covers the risks associated with benefits, such as liability and lawsuits. Additionally, it provides an overview of common benefit types including paid time off, retirement plans, health insurance options, and new models like consumer-driven health plans and wellness programs. Compliance with regulations is also highlighted as an important risk to manage.
Employee Benefits
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.
Mu0015
The document discusses compensation management and compensation dimensions. It defines compensation management as attracting and retaining talent through competitive remuneration packages. Compensation includes both monetary pay as well as non-monetary benefits. It classifies compensation dimensions into payment for work, payment for non-working days, income continuation benefits during job loss, disability, retirement, and for spouse/family. It also includes health, accident and liability protection as well as income equivalent payments or perks. The document emphasizes the importance of compensation for motivating employees and increasing organizational effectiveness.
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Providing Employee Benefits
- 2. The Role of Employee Benefits Employee Benefits - Compensation in forms other than cash.
- 3. Figure 13.1 demonstrates benefits as a Percentage of Total Compensation
- 4. 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.
- 5. Optional Benefits Programs Paid Leave Group Insurance Retirement Plans “Family- Friendly” Benefits Other Quality of Work-Life Benefits
- 6. Figure 13.2 shows the percentage of full-time workers having access to the most common employee benefits. (Part-time workers often have access to and receive fewer benefits.)
- 7. The major categories of paid leave are vacations, holidays, and sick leave. Employers also should establish policies for other situations that may require time off. Organizations often provide for paid leave for jury duty, funerals of family members, and military duty. Some organizations provide for other paid leave, such as time off to vote or to 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.
- 9. Retirement Plans •About half of employees working in the private business sector have employer-sponsored retirement plans.
- 10. “Family-Friendly” Benefits The following types of benefits are typical:
- 11. Figure 13.6 shows percentage of Employees with Various Levels of Child Care Benefits.
- 13. Legal Requirements for Employee Benefits Benefits required by law Tax treatment of benefits Antidiscrimination laws Accounting requirements
- 14. Communicating Benefits to Employees Organizations must communicate benefits information to employee so that they will appreciate the value of their benefits. This is essential so that benefits can achieve their objective of attracting, motivating, and retaining employees. Employees are interested in their benefits, and they need a great deal of detailed information to take advantage of benefits.