MHR 523 Lecture Notes - Lecture 8: Life Insurance, Total Rewards, Employee Assistance Program

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21 Jul 2016
Lecture 8- Employee Benefits and Services- Chapter 13
Monday March 21, 2016
5 Components of Total Rewards
1. Compensation
2. Benefits
3. Work-life programs
4. Performance and recognition
5. Development and career opportunities
Employee Benefits
Benefits: Indirect financial payments given to employees (health, life insurance, vacation,
pension, educational plans, discounts
Benefits make up an important part of total compensation
Strategic Importance of Benefits:
Help attract and retain the right people to achieve business objectives
For aging workforce, health care benefits are becoming very important
Use benefits to attract and retain workers and promote things that are consistent to the culture
of the organization
Government-Mandated Benefits
Employment Insurance (EI)
Federal program intended to provide temporary financial assistance to eligible persons
who experience interruption to their work through no fault of their own
Provides roughly 55% of a person’s earnings to a maximum of $485 a week
Money from EI comes out of your pay cheque
For employees who are laid off, terminated without a just cause, or who quit job due to
justifiable reason
To receive the benefit, employee must have worked for a qualified period
Pay on Termination of Employment (does not apply when just cause for termination has been
Reasonable notice
Applies only to employees whose employment relationship is terminated
through no cause of their own
Pay in Lieu of reasonable notice: a lump-sum equal to an employee’s pay for
the notice period provided to employees who cease working immediately
A requirement that if you are terminated, you are entitled to 1 week for every
year of service
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