BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service...
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Transcript of BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service...
BENEFITS AND BENEFITS AND COMPENSATIONCOMPENSATION
Human Resource ManagementCollege of Public and Community Service
University of Massachusetts at Boston©2008 William Holmes
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WHAT ARE BENEFITS?WHAT ARE BENEFITS?
Rewards having financial value
Not direct financial compensation
Usually indirectRelated to membership statusNot related to productivity
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MANDATED BENEFITSMANDATED BENEFITS
Social SecurityUnemployment CompensationWorkers’ CompensationFamily & Medical Leave
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SOCIAL SECURITY BENEFITSSOCIAL SECURITY BENEFITS
Old AgeSurvivorsDisabilityMedicarePaid by Employees
and Employers
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UNEMPLOYMENT COMPENSATIONUNEMPLOYMENT COMPENSATION
Applies to Terminations Without Cause
Minimum 26 Weeks (sometimes more)
Tax Paid by Employers
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WORKERS COMPENSATIONWORKERS COMPENSATION
Job-related IllnessJob-related AccidentCovers Pay and Health CareEmployer PaidPayments Depend on Work
Experience
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FAMILY AND MEDICAL LEAVEFAMILY AND MEDICAL LEAVE
Family and Medical Leave Act of 1993Applies to Private Employers with 50+
Employees and all Government Employers12 weeks unpaid12 months prior workIncludes health insuranceIncludes right to return to work
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VOLUNTARY BENEFITS: 1VOLUNTARY BENEFITS: 1
Payment for Time Not WorkedHealth CareLife InsuranceRetirement PlansDisability Protection
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VOLUNTARY BENEFITS: 2VOLUNTARY BENEFITS: 2
Employee Stock Options (Profit Corporations Only)
Supplemental Unemployment Benefits
Employee ServicesPremium Pay
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PAYMENT FOR TIME NOT WORKEDPAYMENT FOR TIME NOT WORKED
VacationSick DaysPersonal DaysSabbaticalsJury DutyMilitary ServiceBereavement
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HEALTH CARE BENEFITSHEALTH CARE BENEFITS
Providers—CI, HMO, PPO, POS, EPO,
Consumer Control—EP, DCP, HSA, FSA
Add-ons—Major Medical, Dental, Vision, Long-Term Care
Eligibility Varies
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RETIREMENT PLANSRETIREMENT PLANS
Defined Benefit PlanDefined Contribution Plan401(k) PlansCash Balance Plan457 Plans (Deferred
Compensation)Automatic Savings AccountsSSA
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EMPLOYEE SERVICES: 1EMPLOYEE SERVICES: 1
Relocation ExpensesChild CareEducationFood ServiceFinancial Service
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EMPLOYEE SERVICES: 2EMPLOYEE SERVICES: 2
Legal ServiceScholarshipClub membershipsRecreation
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COMPENSATIONCOMPENSATION
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COMPENSATION FACTORSCOMPENSATION FACTORS
OrganizationalLabor MarketJobEmployee
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ORGANIZATIONAL FACTORS IN ORGANIZATIONAL FACTORS IN COMPENSATIONCOMPENSATION
Compensation PoliciesOrganizational PoliticsAbility to Pay
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LABOR MARKET FACTORS IN LABOR MARKET FACTORS IN COMPENSATIONCOMPENSATION
Compensation surveysExpediency/Job RecruitersCost of LivingUnion ContractsEconomyLegislation
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JOB FACTORS IN COMPENSATIONJOB FACTORS IN COMPENSATION
Job AnalysisJob DescriptionJob EvaluationJob Pricing
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EMPLOYEE FACTORS IN EMPLOYEE FACTORS IN COMPENSATIONCOMPENSATION
PerformanceSkill RequirementsSeniorityExperienceOrganizational Position
MembershipOrganizational PoliticsLuck
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