Workshop Five Topic 5.6 1 BENEFITS AND COMPENSATION © Ana G. Méndez University System, 2012. All rights reserved.

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Presentation transcript:

Workshop Five Topic BENEFITS AND COMPENSATION © Ana G. Méndez University System, All rights reserved.

What are Benefits? Rewards having financial value Not direct financial compensation Usually indirect Related to membership status Not related to productivity

Mandated Benefits Social Security Unemployment Compensation Workers’ Compensation Family & Medical Leave

Social Security Benefits Old Age Survivors Disability Medicare Paid by Employees and Employers

Unemployment Compensation Applies to terminations without cause Minimum 26 Weeks (sometimes more) Tax Paid by Employers

Workers Compensation Job-related Illness Job-related Accident Covers Pay and Health Care Employer Paid Payments Depend on Work Experience

Family and Medical Leave Family and Medical Leave Act of 1993  Applies to Private Employers with 50+Employees and all Government Employers  12 weeks unpaid & 26 weeks for service members  12 months prior work (1,250 hrs)  Includes health insurance  Includes right to return to work

Voluntary Benefits Health Care Life Insurance Retirement Plans Disability Protection Employee Stock Options (Profit Corporations Only) Supplemental Unemployment Benefits Employee Services

Payment for time not worked Vacations Paid Time Off and Personal Days Sick Days Sabbaticals Jury Duty Military Service Bereavement *Read the notes, for more information.

Health Care Benefits Providers  CI, HMO, PPO, POS, EPO, Consumer Control  EP, DCP, HSA, FSA Add-ons  Major Medical, Dental, Vision, Long-Term Care COBRA

Retirement Plans Defined  Benefit Plan  Contribution Plan 401(K) Plans IRA  (Individual Retirement Amount) *Read the notes, for more information.

Compensation Factors Factors influencing compensation management  Internal  and External Factors

Organizational Factors in Compensation Remember that happy employees are the only way to keep a business running in the right direction. *Read the notes, for more information.

Labor market factors in compensation Compensation surveys Expediency/Job Recruiters Cost of Living Union Contracts Economy & the Market Legislation *Read the notes, for more information.

Advantage of compensation and benefit Job satisfaction Motivation Low Absenteeism Low Turnover Peace of Mind Advantages of compensation and benefits Advantage to your employees *Read the notes, for more information.

What we have learned Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management.

End Congratulation you have finished Workshop Five presentation. Please complete the assignments for this Workshop.

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