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Benefits
Human Resource Management
| Question | Answer |
|---|---|
| The Chief Objectives of Benefits Programs | -Improve employee work satisfaction -Meet employee health and security requirements -Attract and motivate employees -Reduce turnover -Maintain a favorable competitive position |
| Flexible Benefits Plans (Cafeteria Plans) | Benefit plans that enable individual employees to choose the benefits that are best suited to their particular needs. Employees use “credits” to “buy” whatever other benefits they need. |
| Flexible Benefits Plans: Advantages | -Employees select benefits to match their individual needs. -Benefit selections adapt to a constantly changing (diversified) workforce. -Employees gain greater understanding of the benefits offered to them and the costs incurred. |
| Flexible Benefits Plans: Disadvantages | -Poor employee benefits selection results in unwanted financial costs. -There are certain added costs to establishing and maintaining the flexible plan. -Employees may choose benefits of high use to them that increase employer premium costs. |
| Communicating Benefits Information | -In-house publications (employee handbooks and organizational newsletters) -Group meeting and training classes -Audiocassettes/videotapes -Bulletin boards -Payroll inserts/pay stub messages -Specialty brochures -Employee self-service systems (ESS) |
| Concerns of Management | -Union demands for additional benefits -Rising costs of providing benefits -Benefits coverage for domestic partners |
| Domestic Partner (Apple Computer) | A person over age 18 who shares living quarters with another adult in an exclusive, committed relationship in which the partners are responsible for each other’s common welfare. |
| Domestic Partnership | -A minimum age requirement -A requirement that the couple live together -A specification of financial interdependence -A requirement that the relationship be a permanent one -A requirement that each not be a blood relative |
| Required Employee Benefits | Social security, unemployment insurance, workers' compensation, and unpaid leave |
| Discretionary Employee Benefits | Health care, payment for time not worked, supplemental unemployment benefits, life and LT care insurance, retirements and pensions. |
| Unemployment Insurance | self-employed people must pay the employee share the the company share of unemployment |
| Unpaid leave (FMLA) | employee but must hold job for employee while absent |
| Payment for time not worked | Vacation |
| Supplemental Unemployment Benefits | Example: day care, gym |
| Social Security Act (1935) | A payroll tax on both employees and employers -Old Age and Survivors Insurance -Provides LT disability benefits -Must work 40 quart. in an occ. covered by Act to qualify for benefits -Benefits paid are determined by an individual’s lifetime earnings |
| Federal payroll tax on employer and employee | Tax is refunded to states which individually administer unemployment compensation programs |
| Unemployment benefits vary from state to state | -Involuntarily unemployed workers are eligible for up to 26 weeks of unemployment benefits. -Benefit is based on an employee’s recent earnings. -Unemployed workers are required to seek “suitable employment.” |
| Workers’ Compensation Insurance | Federal- or state-mandated insurance (funded by an employer payroll tax) provided to workers to defray the loss of income and cost of treatment due to work-related injuries or illness. |
| The Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) | Mandates that employers make health coverage—at the same rate the employer would pay— available to employees, their spouses, and their dependents on termination of employment, death, or divorce. The coverage must be offered for between 18-36 months. |
| The Family and Medical Leave Act (FMLA) | -Birth of and care for a newborn child. -Adoption or foster care placement of a child. -Care for an immediate family member with a serious medical condition. -Serious health condition of the employee. -Employees on leave retain their benefits |
| Health Maintenance Organizations (HMOs) | Organizations of physicians and health-care professionals that provide a wide range of services to subscribers and dependents on a prepaid basis. |
| Preferred Provider Organization (PPO) | -Physicians who establish an organization that guarantees lower healthcare costs to the employer. -PPOs allow employees to select from a list of physicians (participating doctors) their doctor of choice. |
| Consumer-Driven Health Plan (CDHP) | A high-deductible insurance medical insurance plan, financed by employer contributions to an employee’s limited individual healthcare spending account |
| Payment for Time Not Worked | -Vacations with pay -Paid holidays -Sick leave -Severance pay |
| Supplemental Unemployment Benefits (SUBs) | A plan that enables an employee who is laid off to draw, in addition to unemployment compensation, weekly benefits from the employer that are paid from a fund created for this purpose. |
| Silver Handshake | An early-retirement incentive in the form of increased pension benefits for several years or a cash bonus. |
| Pension Plans: Contributory plan | Contributions to a plan are made jointly by employees and employers. |
| Pension Plans: Noncontributory plan | Contributions to a plan are made solely by the employer. |
| Pension Plans: Defined-benefit plan | The amount an employee is to receive upon retirement is specifically set forth. |
| Pension Plans: Defined-contribution plan | The basis (amount) an employer contributes to the pension fund is specified. |
| Pension Plans: 401(k) Savings Plans | -A tax-deferred savings plan. -Employees save through payroll deductions. -Employers may match a portion of employee savings. |
| Pension Plans: Cash-Balance Savings Plans | Employer contributes a percentage of employee’s pay each year. Account balance earns interest each year. Experts predict it will replace traditional pension plans. |
| Vesting | -A guarantee of accrued benefits to participants at retirement age, regardless of their employment status at that time. -Federal law requires that plans must provide that employees will have vested rights in their accrued benefits after certain minimum-y |
| Employee Assistance Programs (EAPs) | Services provided by employers to help workers cope with a wide variety of problems that interfere with the way they perform their jobs. e.g therapy, drug abuse, emotional difficulties, financial or family difficulties |
| Child and Elder Care | Care provided to a child or an elderly relative by an employee who remains actively at work. |
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