Employees Benefits

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Presentation Transcript

Slide 1: 

Employee Benefits and Services

Indirect Financial Compensation - Benefits : 

Indirect Financial Compensation - Benefits All employer-provided rewards and services (other than wages and salaries) arising from: legally required social insurance payments private insurance and retirement plans payment for time not worked extra cash payments other than bonuses based on performance employee services

Background (1 of 2) : 

Background (1 of 2) Most benefits and services are available to workers as long as they are employed by an organization regardless of seniority or performance Decisions about indirect compensation are more complex than those concerned with wages and salaries

Background (2 of 2) : 

Background (2 of 2) Employers face rising benefits costs resulting from: increased legislation insurers’ insolvency cost of advanced medical technologies aging workforce more women in the workforce global competition

Changes in Benefits Programs : 

Changes in Benefits Programs Then Nuclear families of working male with female and 2.3 children at home Employment for large part of career Cradle-to-grave expectations Paternalistic employer Entitlement perception of benefits Low cost of benefits Protection for illness Single set of benefits Now Double-income families with and with-out children, and single-head families Multiple career industry, & job moves Multicultural workforce Portability issues Shared responsibility Benefits as part of total compensation Benefits costs escalating faster than CPI and employer’s ability to pay Promotion of wellness Cafeteria and customized benefits programs

The Role of Operating and HR Managers in Benefits and Services : 

The Role of Operating and HR Managers in Benefits and Services

Benefits and Services Programs : 

Benefits and Services Programs Mandated Benefits Voluntary Benefits Income in Retirement Employee Services Flexible Benefits

Mandated Benefits Programs : 

Mandated Benefits Programs Unemployment Insurance Social Security Benefits

Social Security : 

Social Security Social Security Retirement income Disability benefits Death benefits Survivor’s benefits Employee and employer funded Medicare Hospital insurance (Medicare, Part A) Medical Insurance (Medicare, Part B) Employee and employer funded

Workers’ Compensation (1 of 2) : 

Workers’ Compensation (1 of 2) Based on the principle of liability without fault Employer absolutely liable for providing benefits to employees that result from occupational disabilities or injuries regardless of fault Employers assume costs of occupational injuries and accidents

Workers’ Compensation (2 of 2) : 

Workers’ Compensation (2 of 2) Employers pay premium to insurance company experience-rated (5-10 year period) Disability must be work related Benefits include: medical care disability income rehabilitation death benefits

Voluntary Benefits Programs : 

Voluntary Benefits Programs Insurance Protection Retirement Plans Compensation for Time Not Worked

Compensation for Time Not Worked : 

Compensation for Time Not Worked

Employer-Purchased Insurance : 

Employer-Purchased Insurance Health Insurance Life Insurance Disability Income Replacement

Health Insurance (1 of 2) : 

Health Insurance (1 of 2) Traditional membership programs Pay for both physician and hospital expenses as these costs are incurred Approach is not preventive Health maintenance organizations (HMO) Outpatient and hospital coverage offered for a fixed monthly fee Prepayment for comprehensive health care that promotes preventive care

Health Insurance (2 of 2) : 

Health Insurance (2 of 2) Preferred provider organizations (PPO) Health care plan based on agreements between doctors, hospitals, and other related medical service facilities with an employer or an insurance company Services provided for a fixed fee Incentives to use selected providers Emphasis on cost control

Pension Benefits : 

Pension Benefits Defined benefit pension plan Specifies the benefit employees will receive at retirement Defined contribution pension plan Specifies the employer’s contribution Cannot predetermine the employee’s actual pension benefit

Flexible Benefits (Cafeteria) Plans : 

Flexible Benefits (Cafeteria) Plans Allow employees to choose between two or more types of benefits Common choices include: health care life insurance disability insurance option of receiving cash to spend on coverage in the open market

Reimbursement Accounts : 

Reimbursement Accounts Also known as flexible spending accounts Provide funds from which employees pay for expenses not covered by the regular benefits package Funds can be allocated for: unreimbursed health care childcare care for elderly or disabled dependants

Managing an Effective Benefits Program : 

Managing an Effective Benefits Program Step 1: Set Objectives and Strategy for Benefits Pacesetter strategy Comparable benefits strategy Minimum benefits strategy Step 2: Involve Participants Step 3: Communicate Benefits Step 4: Monitor Costs Closely

Cost Analysis of Benefits : 

Cost Analysis of Benefits 1. Total cost of benefits annually for all employees 2. Cost per employee per year basis 1 divided by number of employee hours worked 3. Percentage of payroll basis 1 divided by annual payroll 4. Cost per employee per hour basis 2 divided by employee hours worked

Summary (1 of 2) : 

Summary (1 of 2) Top managers must consider the following when making decisions about benefits: Mandated programs must be funded There is little evidence that benefits and services really motivate performance Benefits do not necessarily increase satisfaction Most employees view benefits and services as entitlements

Summary (2 of 2) : 

Summary (2 of 2) Competitors, and industry trends continue to pressure employers to provide or increase voluntary benefits Costs of benefits and services continue to escalate dramatically To avoid administrative nightmares, employers should concentrate on fewer benefits plans If possible, implement those preferred by most employees

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