BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service...

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BENEFITS AND BENEFITS AND COMPENSATION COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes 1

Transcript of BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service...

Page 1: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 2: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 3: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

MANDATED BENEFITSMANDATED BENEFITS

Social SecurityUnemployment CompensationWorkers’ CompensationFamily & Medical Leave

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Page 4: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

SOCIAL SECURITY BENEFITSSOCIAL SECURITY BENEFITS

Old AgeSurvivorsDisabilityMedicarePaid by Employees

and Employers

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Page 5: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 7: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 8: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

VOLUNTARY BENEFITS: 1VOLUNTARY BENEFITS: 1

Payment for Time Not WorkedHealth CareLife InsuranceRetirement PlansDisability Protection

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Page 9: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

VOLUNTARY BENEFITS: 2VOLUNTARY BENEFITS: 2

Employee Stock Options (Profit Corporations Only)

Supplemental Unemployment Benefits

Employee ServicesPremium Pay

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Page 10: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 13: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

EMPLOYEE SERVICES: 1EMPLOYEE SERVICES: 1

Relocation ExpensesChild CareEducationFood ServiceFinancial Service

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Page 14: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

EMPLOYEE SERVICES: 2EMPLOYEE SERVICES: 2

Legal ServiceScholarshipClub membershipsRecreation

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Page 15: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

COMPENSATIONCOMPENSATION

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Page 16: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

COMPENSATION FACTORSCOMPENSATION FACTORS

OrganizationalLabor MarketJobEmployee

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Page 17: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

ORGANIZATIONAL FACTORS IN ORGANIZATIONAL FACTORS IN COMPENSATIONCOMPENSATION

Compensation PoliciesOrganizational PoliticsAbility to Pay

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Page 18: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

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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Page 20: BENEFITS AND COMPENSATION Human Resource Management College of Public and Community Service University of Massachusetts at Boston ©2008 William Holmes.

EMPLOYEE FACTORS IN EMPLOYEE FACTORS IN COMPENSATIONCOMPENSATION

PerformanceSkill RequirementsSeniorityExperienceOrganizational Position

MembershipOrganizational PoliticsLuck

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