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Lecture

392__

31 Pages
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Department
Commerce
Course Code
COMM 410
Professor
Danielle

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Description
COMM 392 Managing The Employment Relationship Danielle van Jaarsveld Class 12 Course Schedule Introduction to The Employment Relationship Weeks 1 & 2 Legal Regulation of The Employment Relationship Weeks 2 & 3 Recruitment and Selecting Employees Weeks 4 & 5 Employee Compensation and Benefits Weeks 6 & 7 Unions and Collective Bargaining Weeks 8 Managing Employee Performance Week 9 Discipline and Fairness in the Workplace Weeks 10 & 11 THE UNIVERSITY OF BRITISH COLUMBIA Objectives •  Basic components of employee benefits •  Importance of communicating benefits information to employees •  Recent trends in benefits practices THE UNIVERSITY OF BRITISH COLUM3IA CEO Pay •  Complaints about excessive compensation •  US Ratios between CEO pay and average pay for hourly workers •  CEO pay is 369 times what an average worker receives •  CEO pay was 131 times what an average worker received in 1993 •  CEO pay was 36 times what an average worker received in 1976 •  More tightly link CEO compensation with performance •  Problem with stock options •  NCR Corp. CEO William Nuti •  Salary=$1 million •  $500,000 guaranteed bonus •  Stock options linked to company achieving cumulative net operating profit by December 2008 THE UNIVERSITY OF BRITISH COLUMBIA 4 CEO Pay •  Merrill Lynch-$76.3 million •  CBS-$73.4 million •  Goldman Sachs-$72 million •  Oracle-$56.8 million THE UNIVERSITY OF BRITISH COLUMBIA 5 Ben & Jerry's Case •  Top executives could not receive more than 7x amount of lowest- paid worker, and executive salaries capped at $100,000 •  Important goal is to enhance quality of life for workers •  To attract top candidate, company felt had to make pay package more lucrative/competitive •  New CEO offered base salary of $250,000 with potential bonus of $125,000 and lots of stock options •  Cap on executive pay had given way to executive labor-market pressures THE UNIVERSITY OF BRITISH COLUMBIA 6 Employee Benefits THE UNIVERSITY OF BRITISH COLUMBIA 7 Employee Benefits •  Benefits: Indirect financial payments given to employees •  Common benefits include: •  Extended health plans •  Life insurance •  Vacation time •  Pensions •  Education and training plans •  DiscountTHE UNIVERSITY OF BRITISH COLUMBIA 8 Employee Benefits 2 Types Legally Required Voluntary THE UNIVERSITY OF BRITISH COLUMBIA 9 Legally Required Benefits Employment Insurance •  Employer & employee contribute •  Provides weekly benefits to those unable to work through no fault of their own, excludes self-employed •  55% of average earnings during the last 20 weeks of the qualifying period THE UNIVERSITY OF BRITISH COLUMBIA 10 Legally Required Benefits Canada Pension Plan •  Employer & employee contribute •  Majority of employed Canadians between 18 and 65 covered, including self-employed •  3 types of benefits: > Retirement pension > Disability benefits > Survivor benefits THE UNIVERSITY OF BRITISH COLUMBIA 11 Legally Required Benefits Workers Compensation Plan •  Only employer contributes •  Provides income and medical benefits to victims of work related accidents or their dependents •  Accident occurred while employee was at work •  “No fault” insurance plan Provincial Health Care Plans (MSP in BC) Pay for time not worked (Vacations, Holidays, Leaves of THE UNIVERSITY OF BRITISH COLUMBIA 12 Voluntary Benefits •  Employer pension plan •  Vacation, and leaves of absence •  Additional pay for time not worked •  Long term disability insurance •  Short term disability/Sick Leave •  Insurance benefits •  Retirement benefits THE UNIVERSITY OF BRITISH COLUMBIA 13 Recent Trends in Benefits •  Due to changing demographics and social values in Canada – what are these? •  Phased-in retirement •  Eldercare •  Same Sex Benefits •  “Family friendly” benefits •  Wellness programs THE UNIVERSITY OF BRITISH COLUMBIA 14 Employee Benefits & Services Rising costs of benefits as key concern to employers, particularly in following areas: •  Workers compensation payments > Key strategy: reduce number of workplace accidents THE UNIVERSITY OF BRITISH COLUMBIA 15 Benefits of Benefits? Why do employers offer benefits? •  Cost •  Access to bulk rates /group discounts •  Attraction •  Benefits may play a role in attracting job applicants (e.g., flexible benefits, educational assistance) •  Organizational commitment •  Investment in retirement account (i.e., pensions) is associated with organization commitment •  Pay satisfaction •  Benefits satisfaction is one distinct dimension of pay satisfaction •  Reduces Turnover THE UNIVERSITY OF BRITISH COLUMBIA Cost Issues •  Current estimates suggest be
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