Employee benefits

Question 1

define indirect financial compensation*

Answer 1

refers to benefit and services

all employer-provided rewards and service,other than wages or salaries.

Question 2

What is the role of employee benefits*

Answer 2

it contributes to attracting,retaining and motivating(ARM) employees. thus,communicating benefits to employees is important as well.
variety of possible benefits helps employers tailor their compensation to the kinds of employee they need.
employees have come to expect that benefits will help them maintain economic security.
benefits impose significant costs.
the importance of benefits is subjected to government regulation.

Question 3

what is voluntary benefits

Answer 3

1.life insurance
one of the oldest and most widely available employee benefit.
employers pay the entire insurance premium for employees.
provide financial support for survivors following an employees’ death,
2.health insurance
pay for physician,hospital,surgical and major medical expenses as they occur

Question 4

what is the purpose of family friendly benefits

examples?

Answer 4

the 2 purpose:

1. assist employees manage work and family role
2. increase loyalty to companies who show they care
   examples: paid time off-family leave,child care leave,paternity leave,elder care. employees can enjoy time with their families and refresh their bodies and spirits.

Question 5

examples of employees services

Answer 5

1. pre-retirement
2. financial services
3. education programs

Question 6

what is flexible-cafeteria-style benefits?*

advantages?disadvantages?

Answer 6

offer employees a set of alternatives from which they can choose the types and amount of benefits they want.
Advantages:
1.more aware of the value of the benefits
2.avoids the cost of non-valued benefits
3.match their needs to the benefits
Disadvantages:
1.higher administrative costs
2.selection of frequently used benefits

Question 7

what are examples of optional benefits

Answer 7

1. paid leave
2. other quality of work-life benefits-pet services,employee discounts on products
3. “family-friendly” benefits
4. group insurance
5. retirement plans

Question 8

what are the considerations when offering benefits to employees*

Answer 8

1. the organisational’s goals and objectives
2. the organisation’s budgets
3. expectations of the organisation’s current employees and those it wishes to recruit in the future

Question 9

what happen when the organisation does not offer expected benefits*

Answer 9

difficulty in attracting and keeping employees

Question 10

list 4 steps in making an effective benefits program*

Answer 10

1. set objectives and strategy for benefits
2. involve participants and unions
3. communicate benefits
4. monitor costs closely

Question 11

importance on communicating benefits to employes

Answer 11

so that they will appreciate the value of their benefits. creativity in communicating benefits may reap great rewards in terms of committed and satisfied employees.

Question 12

what are the techniques to communicate benefits

Answer 12

1. word of mouth
2. employee meetings
3. posters