Employee Benefits & Services and Benefits Administration

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Employee Benefits & Services and Benefits Administration

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Employee Benefits & Services and Benefits Administration:

Employee Benefits & Services and Benefits Administration Dr. G C Mohanta, BE, MSc(Engg), MBA, PhD(Mgt) Professor Al-Qurmoshi Institute of Business Management Hyderabad

Benefits & Services:

Benefits & Services Pension Plans Employment Insurance Workers’ Compensation Health Insurance Plans Holidays & Vacations Life and Health Insurance Salary Continuation Employee Security Paid Time-Off Benefits Employee Services Voluntary Legally Required

Insurance & Employee Security:

Insurance & Employee Security Insurance Life Insurance Health-related insurance Salary continuation for short and long-term disability Employee Security Benefits Employment income security e.g. severance Retirement security Defined Benefits Plans Defined Contribution Plans

Paid Time-Off & Services:

Paid Time-Off & Services Paid Time-Off Benefits On-the-job breaks Paid sick leave Holidays & Vacations Employee Services Educational assistance Financial services Social services e.g. Employee & Family Assistance Programs, relocation programs

Emerging Services & Trends:

Emerging Services & Trends Emerging Services & Trends Same-sex provisions Benefits for part-time Child & elder care Increased vacations Increased medical Pension coverage Paid leaves e.g. education Pension portability

Current Trends:

Current Trends Indirect compensation will form a greater proportion of total compensation offered Employer’s share of contributions will rise Employees may be able to make choices Need to adopt a total compensation approach Changes in the labour force will impact workforce demands

Flexible Benefits:

Flexible Benefits Allows employees to select benefits and services that match their individual needs Workers are provided a benefit and services account Results in employee participation Technology increasingly being used to handle enrollment and communication

Benefit Administration:

Benefit Administration Benefit administration is creation & management of employee benefits Providing a means for employees to be trained in understanding how the benefits work Making employees aware of the types of standards employees must meet in order to qualify for the benefits

Benefit Administration:

Benefit Administration Spending a lot of the day making sure benefit plans are running smoothly Reviewing accumulation of personal days, vacation days, and sick days Overseeing the health insurance coverage for qualified employees

Benefit Administration:

Benefit Administration O ver-seeing the daily functioning of the Benefit program, i f it includes an investment or retirement program Interacting with the employees to provide latest information regarding the status of their benefits Developing benefit programs those are good for the employees and the company is able to meet those benefit commitments

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