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HR EXAM 3 (C12)
| Question | Answer |
|---|---|
| Benefit: | Tangible, indirect reward (Retirement plans, paid time off, health (and other) insurance, etc.) |
| Benefits should augment… | Recruiting and retention efforts, Improve organizational performance, Meet legal requirements |
| Benefits can influence… | Which employer to work for, Whether to stay or leave an organization, When to retire |
| Elements of a Successful Benefits Program: | Know funding, sustainability, and tax; consider employee needs; competitor benefits affects; benefits must be compatible with strategic compensation plan |
| Flexible Benefits: | Employees select benefits of greatest value to them; employers manage benefit costs by limiting dollars spent |
| Core Benefits: | Core benefits: Life and health insurance, sick leave, vacation; requiring core benefits ensures employees have minimum coverage for protection |
| Administering Benefits: | Can be costly, time-consuming; online benefit systems have become mainstream |
| Employee Self-Service (ESS): | Online benefit system, cost saving in benefits administration, improved decision accuracy, decreased processing time, greater employee satisfaction |
| Employee Retirement Income Security Act (ERISA): | Requires employees to be informed about their pension and benefits in an understandable manner |
| Personal Benefit Statements: | Translates benefits into dollar amounts |
| Pointers for Designing Benefits Information: | Avoid complex language, Explain purpose and value, Use info-graphics, Provide examples how a benefit affects different types of employees |
| Cost Containment Strategies: | Many firms require employees to pay part of the benefit costs or increase premiums, copays, and deductibles |
| Types of Benefits: | Some benefits are mandated by laws and government regulations Other benefits are offered voluntarily as part of HR strategy |
| Benefits Design: | Benefits as a % of total rewards, employee values, standard vs. flexible, budget, internal vs. external |
| Legally Required Benefits: | Social Security, Unemployment Insurance, Workers’ Compensation Insurance |
| Social Security Act: | Protects workers against the loss of earnings resulting from old age, disability, death of supporting worker, and unemployment |
| Old Age, Survivors, and Disability Insurance (OASDI): | Retirement Benefits, Disability Benefits, Survivors Benefits, Medicare |
| Retirement Benefits: | qualify by reaching retirement age (earning 40 credits), monthly benefit at full retirement age (65–67) or at a about 20% less if they choose to retire at 62 |
| Disability Benefits: | provide monthly payments those who can't work due to a year-long condition or result in death, typically amounting to about 30% of their prior earnings |
| Survivors’ Benefits: | based on a deceased worker’s SS–covered earnings, to eligible to widows or widowers, caregivers, unmarried children/grandchildren, dependent parents |
| Medicare: | Retirees 65+ are eligible; includes both medical and hospital insurance and prescription drug coverage (funded by annual deductibles and monthly fees) |
| Unemployment Insurance: | Provides up to 26 weeks of benefits to eligible laid-off workers, funded by employer payroll taxes and based on prior wages |
| Workers Compensation: | state-mandated, no-fault insurance, covers medical care, income, and death benefits for work-related injuries or illness, while limiting lawsuits |
| Consolidated Omnibus Budget Reconciliation Act (COBRA): | employers with 20+ employees offer continued health coverage at employer rate for 18–36 months to eligible employees, spouses, and dependents |
| Family Medical Leave Act (FMLA): | requires employers with at least 50 employees to provide eligible workers up to 12 weeks of unpaid leave for childbirth, adoption, family care, etc. |
| Work-Life Discretionary Benefits: | Many organizations are seeking to create a work-life organizational climate that allows employees to balance their work with their personal needs |
| Elder Care: | Care provided to an elderly by an employee who remains actively at work (elder care counseling, fairs and seminars, etc.) |
| Sick Leave: | Provides full pay for each day an employee experiences a short-term illness or disability that impacts job performance |
| Vacations with Pay: | U.S. employees at large companies typically get 10 paid vacation days annually, often use-it-or-lose-it |
| Paid Holidays: | Paid time off on 1 or many of the 10 legal holidays (New Years Day, Christmas Day, Labor Day, etc.) |
| Sabbaticals: | Paid (or unpaid) time away from a job for 4 or more weeks to renew one’s self before returning to work |
| Severance Pay: | One-time payment sometimes given to an employee who’s being in terminated |
| Life Insurance: | Provides a benefit to the survivors of deceased employee |
| Long-term Care Insurance: | Designed to pay for nursing home and other medical-related costs during old age |
Created by:
IanMcCormick20