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Related Flashcards
Related Topics
Cards In This Set
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Discretionary Benefits
3 main categories |
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Discretionary Benefits:
Protection Programs |
Provide family benefits, promote health, & guard against income loss provided by catastrophic factors such as unemployment, disability, or serious illness
Disability Insurance: replaces income for employees who become unable to work because of sickness or accidents Short Term Disability—an inability to perform any & every duty of the disabled person’s occupation *provides benefits for limited time (less than 6 months); usually 50-100% of pre-tax salary *conditions that fit here: recovery from injuries or surgery, treatment of illness requiring hospitalization, pregnancy Long Term Disability—an inability to engage in any occupation for which the individual is qualified by reason of training, education, or experience *provides benefits for extended periods (between 6 months-life; usually 50-70% of pre-tax salary *requires 6-12 month waiting period *requires that other benefits are used first (sick leave, PTO, short term benefits) Life Insurance: protects employees’ families by paying a specified amount to an employee’s beneficiaries upon employee’s death; can be better to have outside (non employer) based insurance so that it can go with you if you leave *may include Accidental Death & Dismemberment claims: pay additional benefits if death was result of accident or if the insured suffered an accidental dismemberment; these terms are usually very specific Retirement: pension plans, provide income to employees & beneficiaries during some or all of retirement; individuals may participate in more than one pension program simultaneously (i.e. employer sponsored & individual personal ones) |
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Discretionary Benefits:
Paid Time Off |
-provides employees time off with pay
-provides opportunity to balance work & non-work interests and demands help reduce absenteeism, increase overall productivity, increased quality, positive employee attitudes, & committment to company Major Categories are: Holidays Vacation Sick Leave Personal Leave Jury Duty Funeral Leave Military Leave Rest "break" period Lunch Period Sabbatical Leave Volunteerism Integrated Time Off Policies—combines holiday, vacation, sick leave, & personal leave into a single paid time off policy; provides individuals the freedom to schedule time off without having to justify reasons (requires advance notice unless of sudden illness) |
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Discretionary Benefits:
Services |
Provide enhancements, such as tuition reimbursement & day care assistance, to employees & their families
Employee Assistance Programs: help eee’s cope with personal problems that may impair work performance: *alcohol/drug abuse *domestic violence *clinical depression *eating disorders *dealing with emotional impact of AIDS or other diseases EAP advantages: make eee’s feel better & work more productively; reduce costs of turnover, absenteeism, medical cost, unemployment insurance rates, workers’ comp rates, accidents, disability insurance Family Assistance Programs: help employee provide elder care & child care -Making referrals to on-site child/elder care centers -Company sponsored day care programs Outplacement Assistance: technical & emotional support to employees being laid off or terminated; best suited for-- *layoffs due to economic hardship (also for people left in job: survivor syndrome) *Mergers & Acquisitions *company reorganizations *changes in management *site closures or relocations *elmination of specific positions Advantages: Reputational Capitol of the company, Helps with unemployment (experience rating) taxes, Shows support to current employees that they will always be taken care of Wellness Programs: promote & maintain employees’ physical & psychological health; may emphasize— *Weight Loss & Nutrition *Stress Management *Smoking Cessation *Fitness & Exercise Advantages: saves company $ and reduces needs for health care |
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Discretionary Benefits & Strategic Compensation
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