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Strategy for Human Resource Management Lecture 25

Strategy for Human Resource Management Lecture 25. HRM 765. Last Lecture. Employee benefits (Other than pay/wages) Social security Old Age Benefit Domestic Partner Benefits Health Insurance Preferred Provider Organizations (Fixed Medical Rate)

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Strategy for Human Resource Management Lecture 25

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  1. Strategy for Human Resource ManagementLecture 25 HRM 765

  2. Last Lecture • Employee benefits (Other than pay/wages) • Social security • Old Age Benefit • Domestic Partner Benefits • Health Insurance • Preferred Provider Organizations (Fixed Medical Rate) • The Health Insurance Portability and Accountability Act • Benefits Overview Benefits that are common at large communications companies. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  3. Human Resource Management Process

  4. Topic Employee Benefits Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  5. Retirement Benefits Defined Benefit Plans • Plan specifies the Dollar/Rupees benefit workers receive at retirement. • Usually based on some formula of years of service and average final compensation. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  6. Retirement Benefits Defined Contribution Plans: • Employee and employer may contribute to account based on rules established for contributions • Amount of benefits depends on success of account investments. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  7. Retirement Benefits Money Purchase Pension Plan • Type of defined contribution plan • Organization commits to depositing fixed amount of money or percentage of employee’s pay annually. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  8. Retirement Benefits Profit-Sharing Plans • Company amount contributed depends on profit level in the organization. • Contribution is optional, not required. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  9. Paid Time Off Vacation and Holiday Leave • Vacation time is usually related to the length of time on the job. • Some companies also allow personal days that can be used for any reason. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  10. Paid Time Off Disability Insurance Programs • Provides salary continuation for: • Short-term disabilities (sick leave) • Long-term disabilities (coverage usually effective after 6 months). • Some companies provide financial incentives to employees to not use their sick leave. • Long-term disability plans usually replace a portion of the employee’s salary, often 60 percent. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  11. Survivor Benefits • Benefit payable to a designated beneficiary upon the Employee's death. • Usually are two types: • contributory • non-contributory • In non-contributory the employer pays the total cost of the benefit. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  12. Survivor Benefits Group Term Life Insurance: • Benefit is usually based on one to five times annual rate of pay. Travel insurance: • Life insurance for business travel-related deaths. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  13. The service side of benefits • social and recreational events • employee assistance programs • housing • tuition reimbursement • uniforms • company-paid transportation • parking • Employers often can provide services at no cost or at a significant reduction from the usual cost. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  14. An Integrative Perspective on Employee Benefits • Flexible benefits programs allow employees to choose which benefits they want and help to keep costs down. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  15. An Integrative Perspective on Employee Benefits Modular plans: • Employees choose a pre-designed package of benefits from several options. Core-Plus Options Plans • Employees given core coverage (e.g. medical, life, disability) with option to select other benefits. Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  16. Benefits in different countries Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

  17. Summary Vacation and Holiday Leave Profit Sharing plans Disability Insurance Programs contributory non-contributory • Social and recreational events, • employee assistance programs, • housing, • tuition reimbursement, • uniforms, • company-paid transportation, Modular plans: • pre-designed package. Core-Plus Options Plans • option to select other benefits. • Benefits in different countries Fundamentals of Human Resource Management 8e, DeCenzo and Robbins

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