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HRM 200 (155)

Chapter 13 - Employee Benefits and Services.docx

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Human Resources Management
HRM 200
Katrina Di Gravio

Chapter 13 – Employee Benefits and Services Total Rewards  Employee benefits that are non-compensated  Benefits, hours, salaries, vacation Strategic Role of Employee Benefits  People seeking benefits want to know what the other rewards are other than pay  Employee Benefits o indirect financial payments given to employees o may include supplementary health and life insurance, vacation, pension or RRSP, education plans, and discounts on company products o Pension plan  Flexibility for employee satisfaction and cost management  Effective Benefits plan o Cost, attraction and retention, employee satisfaction with the plan, do the employee understand the benefit that they have or not o If it is not effective, employees don’t see it as a compensation. Government-Sponsored benefits  Employment insurance (EI)  Canada/Quebec Pension Plan (C/QPP)  Worker’s compensation  Vacation and Holidays  Leaves of Absence  Pay on Termination of Employment Employment Insurance  a federal program that provides income benefits if a person is unable to work through no fault of his or her own  EI today relative to current job rate is 55% of what your wage was and that is also impacted by geographic location and type of job. There is a maximum  Also pays for parental leave and sick leave. Canada/Quebec Pension Plan (C/QPP)  programs that provide three types of benefits: o retirement income o survivor or death benefits payable to the employee’s dependants regardless of age at time of death o disability benefits payable to employees with disabilities and their dependants  benefits are payable only to those individuals who make contributions to the plans and/or available to their family members Workers’ Compensation  provides income and medical benefits to victims of work related accidents or illnesses and/or their dependants, regardless of fault  people continue to get paid though no fault of their own if they get injured.  Also provides re-training if need be or will provide rehabilitation services Vacations and Holidays  labour/employment standards legislation sets out a minimum amount of paid vacation that must be provided to employees, usually two weeks per year, but the requirements vary by jurisdiction  paid time for vacation and statutory holidays o number of statutory holidays in Ontario: 8  New Year’s  Family Day  Good Friday  Victoria Day  Canada Day – July 1  Labor Day  Thanksgiving  Christmas Day o Optional days  Rememberance Day  Civic Holiday  Boxing Day Leaves of Absence (unpaid)  specified in employment standards legislation  maternity/parental leave – under Employment Insurance  adoption leave – EI will pay you but employer does not have to pay you  bereavement leave  compassionate care leave - leaving so you can care for a family member who is ill or at risk of death Pay on Termination of Employment  Specified in employment standards legislation o Pay in lieu of notice – maximum amount of notice you can be paid is 8 weeks  In organizations, people are paid in lieu of notice if I need you to go immediately and I don’t want you to do that  You can work out the notice so you have been given notice but you choose to continue to work but you will not get more notice o Severance pay  Need to work 5 years before you are eligible for severance pay  Paid one week’s pay for each year worked for a maximum of 26 weeks only payable if you are working with an employer over 5 years o Pay for mass layoffs  Only if there are 50+ people affected also impacted by how long the layoff is. Voluntary Employer-Sponsored Benefits  life insurance  supplementary health care/medical insurance o chiropractic, massage therapy  short-term disability and sick leave  long term disability  additional leaves of absence  additional paid vacations and holidays  retirement benefits Top Challenges in Improving How Mental Health Issues are addressed in the workplace  Biggest issues for employers is mental health care  To ensure they are paying for mental health care, it is still voluntary  Higher towards younger workers – pressure to succeed, creating work life balance  Largest long-term health care issue by 2020 and surpass other health care issues  What are my health care costs? Do I want these plans? o People have mental health issues but don’t tell others because of the stigma o Lack of front line workers knowing about issues – schizophrenia etc o Inability to identify flexible options o Lack of tools or support mental health in the workplace o Lack of funds or budget to create programs o Lack of senior management buy-in National Standard of Canada for Psychological Health and Safety in the Workplace – Jan 2013  Waterloo is an early adopter of this policy  By 2016, there will see if mental health is going to see the biggest problems and this may start to become mandatory in organizations  Mental Health Commission of Canada 6 P’s o Policy – do you have one to deal with psychological health and safety? o Planning – what plans are you putting in place/developing? o Promotion – how are you promoting awareness of these standards? o Prevention - What strategies are in place as part of prevention process? Are you educating people to be aware early on o Process - What processes are in place to help people deal with stigma and managers deal with identification o Persistence - How are you going to reinforce the importance of the Standard? Pension Plans  Two Categories: o Defined Benefit Plan – plan that contains a formula for determining retirement benefits – you know what you will receive at retirement and how much your pension will be o Defined Contribution Plan – employer’s contributi
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