chapter 10 Flashcards
beneifts
unrelated to work performance and important driver of job satisfaction
total rewards
all the way people are rewarded when they come to work, pay, benefits, and other nonfinacial rewards
legally required benefits
social security,unemployment insurance, workers compensation
unemployment compensation
provides workers whose jobs have been terminated through no fault of their own monetary payments for up to 25 weeks or until they find new job
workers compensation
provides a degree of financial protection for employees who incur expenses resulting from job related accidents or illnesses
discretionary benefits
benefit payments made as a result of unilateral management decisions in nonunion firms and from labor management negotiations in unionised firms
paid time off
means of dealing with the problem of unscheduled abscences by providing a certain number of days each year that employees can use for any purpose
benefits: high employee satisfaction, simpler administration etc
sabbaticals
temporary leaves of absence from an organisation usually reduced at pay
health maintenance organisation
managed care health org. that covers all services for a fixed fee but exercises control over which doctors and health facilities a member may use
preferred provider org.
managed care health org in which incentives are provided to members to use services within the system; out of network providers may be used at greater cost
point of service
managed care health org. that requires a primary care physician and referrals to see specialists as with HMOS but permits out of the network health care access
exclusive provider org.
managed care health org. that offers smaller preferred provider network and usually provides few if any benefits when an out of network provider is used
consumer driven health care plan
gives each employee a set amount of money annually with which to purchase health care coverage that involves high deductable insurance coverage combined with a tax advantaged account such as a health savings account, health reimbursement account and flexible spending account
health savings account
tax free health spendings and savings accounts available to individuals and families who have qualified high deductible health insurance policies as determined by IRS regulation
health reimbursement accounts
allows an employer to set aside funds to reimburse medical expenses paid by participating employees
flexible spending account
benefit plan stablished by employers that allow employees to deposit a certain portion of their salary into an account to be used for eligible expenses
retirement plans
defined benefit plans, defined contribution plans, cash balance plans
defined benefit plans
provides partiipant with a fixed benefit upon retirement
defined contribution plans
requires specific contributions by an employer to a retirement or savings fund established for the employee
cash balance plans
elements of both defined benefit and defined contribution plans
401k plan
defined contribution plan in which employees may defer income up to a maximum amount allowed
stock option plan
firm contributes stock shares to a trust which then alloctes the stock to participating employee accounts according to employee earning
employee services
child care, educational assistance, food services, scholarships for dependents, relocatin,domestic partner benefits
relocation benefits
company paid shipments fo household goods and temporary expenses covering all or a portio of the real estate costs associated with buying a new home and selling the previously occupied home
premium pay
compensation paid to employees for working lon periods of time or working under dangerous or undesireable conditions
hazard pay
additional pay provided to employees who work under extremely dangerous conditions
shift differential
additional money paid to employees for inconvenience of working less desirable hours
volontary benefits
benefits that are 100 percent pad by the employee but the employer typically pays the administrative cost
customised benefit plans
benefit plan that permits employees to make yearly selections to largely determine their benefit package by choosing between taxable cash and numerous benefits
nonfinancial compensation
consists of the satisfaction that a person receives from the job itself or from the psychological and physical environment in which the person works
job environment as a nonfinancial compensation factor
sound policies, capable managers, competent employees, congenil coworkers, appropriate status symbols, working conditions
work life balance
flextime, compressed work week, job sharing, two-in-a-box, telecommuting, part time work
flextime
practice of permitting employees to choose their own working hours within certain limitations
reduce stress
compressed work week
any arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five day work week
fatique but also reduced turnover, increased productiviy, less absenteeism
job sharing
two part time people split the duties of one job in some agreed on manner and are paid according to their contributions
customised benefit plans
permit employees to make yealry selections to largely determine their benefit package by choosing between taxable cash and numerous benefits
