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Benefits and Services

Benefits and Services CHAPTER OBJECTIVES After studying this chapter. you should be able to: EXPLAIN the multiple objectives of benefits management. DESCRIBE policies that minimize health benefit costs. DISCUSS the differences in pensions between defined benefits and defined contributions. IDENTIFY unique concerns in managing the benefits of international workers. EXPLAIN the pros and cons of flexible benefits…

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Hypothetical Benefit Selection by Two Different Workers

General Motors Layoffs are less common in Europe because of legislation and severance requirements that make getting rid of workers legally complex and expensive, By contrast, Japan’s largest firms typically offer lifetime employment (usually for adult males only) and historically steady growth to avoid layoffs. Layoffs also may b eased by accrued vacation pay. A…

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Chemical Bank,

Chemical Bank, Companies such as Chemical Bank, and Quaker Oats pay employees . not to get sick. These companies set aside a cash amount that ernpk yees can keep if they do not use. those moneys for health care. The Quaker Oats plan is a combination of a flexible spending account and a group plan. Each of the 6000…

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Intel Corporation

Intel Corporation The Intel Corporation is a multi-billion-dollar company that produces sophisticated microelectronics for the computer, communications, automotive, and other ndustries. Most IBM-compatible computers rely on “Intel Inside” chips, for example. This fast-growing profitable company is responsible for some of the significant breakthroughs in computer-ona- chip technology. Along the way, however, Intel has encouraged innovation by giving employees rewards and security…

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Cafeteria Benefits: A Proactive Solution

Cafeteria Benefits: A Proactive Solution  Cafeteria benefit, or flexible benefit, programs allow employees to select benefits and services that match their needs. Workers are provided a benefit and services account with a specified number of dollars in it. With the money from this account, employees choose and “purchase” specific benefits from among those offered by…

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Traditional Remedies

Traditional Remedies  The traditional remedy for benefit problems has been to increase employee awareness, usually by publicizing employee benefits.” This publicity starts with orientation sessions and employee handbooks. Company newspapers, special mailings, employee meetings, and bulletin-board announcements are also used to publicize the benefit package. Mass Mutual The Massachusetts Mutual Life Insurance Company has developed…

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Problems in Administration

Problems in Administration  The central problem in indirect compensation is a lack of employee participation. Once a fringe benefit program is designed by the company (and the labor union if there is one), employees have little discretion. For example, the same pension and maternity benefits usually are granted to all workers. Younger employeessee pensions as…

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Social service leave programs

Social service leave programs Social service leave programs are not widespread, but leading organizations such as Intel, Xerox, American Express, and IBM give fully paid leaves to employees who wish o work full-time in a community  program. At Xerox, employees are loaned out at full salary and be~efits to nonprofit organizations. Employees initiate proposals to the community and the…

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Relocation programs

Relocation programs Relocation programs consist of the supportin dollars or services that a company provides to transferred or new employees. At a minimum, this benefit includes payment for moving expenses. Some employees receive fully paid house-hunting trips with their spouses to the new location before the move, temporary living expenses, subsidized home mortgages, placement assistance for working spouses, and even…

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Elder care

Elder care Elderly parents present a special problem because of the limited day-care options available to their working children. As Fortune magazine concluded, “elder care could soon replace child care as the hottest employee benefit.” SBResearchers at the University of Bridgeport’s Center for the, Studying of Aging found that almost a fourth of employees age 40 and over provided…

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