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Explore the significance of employee benefits in compensation, types of required benefits, common paid leave forms, insurance and retirement plans, and strategies for aligning benefits with employee needs. Learn about regulations, communication, and cost considerations in benefits packages.
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Chapter 13Learning Objectives • Discuss the importance of benefits as a part of employee compensation. • Summarize the types of employee benefits required by law. • Describe the most common forms of paid leave. • Identify the kinds of insurance benefits offered by employers.
Chapter 13Learning Objectives(continued) • Define the types of retirement plans offered by employers. • Describe how organizations use other benefits to match employees’ wants and needs. • Explain how to choose the contents of an employee benefits package.
Chapter 13Learning Objectives(continued) • Summarize the regulations affecting how employers design and administer benefits programs. • Discuss the importance of effectively communicating the nature and value of benefits to employees.
Role of Benefits in the Compensation Package Costs - $18,000 per employee per year as of 2009, 30 percent of payroll Total Compensation Package Cafeteria Approach (Flexible Plans)
Categories of Benefits • Benefits required by law 2. Paid Leave and Insurances
Categories of Benefits 3. Retirement Plans 4. Family Friendly Benefits
Categories of Benefits 5. Other Benefits/Services
Communicating Benefits to Employees • Promotes employee appreciation of the value of their benefits. • Essential to achieve the objectives of attracting, motivating, and retaining good employees. • Employee interest and informed choices.
