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HRM 2600 (105)
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ADMS 2600 - 11.docx

6 Pages

Human Resources Management
Course Code
HRM 2600
Ron Ophir

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CH. 11 Requirements for a Sound Benefits program - Strategic benefits planning - Communicating employee benefits information - Providing for flexibility - Allowing for employee involvement - Benefits for a diverse workforce Management Concerns Concerns of Managements - Union demands for additional benefits - Benefits offered by other employees - Tax consequences of benefits - Rising costs of providing benefits Strategic Benefits Planning/Objective of Benefits Program - Improve employee work satisfaction - Meet employee health and security requirements - Attract and motivate employees - Reduce turnover - Maintain a favourable competitive position Providing for Flexibility Flexible Benefits Plans (Cafeteria Plans) - Benefit plans that enable individual employees to choose the benefits that are best suited to their particular needs. - A basic or core benefits package of life and health insurance, sick leave, and vacation ensures that employees have a minimum level of coverage. - Employees use “credits” to “buy” whatever other benefits they need. ADVANTAGES - Employees select benefits to match their individual needs. - Benefit selections adapt to a constantly changing (diversified) workforce. - Employees gain greater understanding of the benefits offered to them and the costs incurred. DISADVANTAGES - Poor employee benefits selection results in unwanted financial costs. - There are certain added costs to establishing and maintaining the flexible plan. - Employees may choose benefits of high use to them that increase employer premium costs. Communication Benefits Information - In-house publications (employee handbooks and organizational newsletters) - Group meeting and training classes - Audiocassettes/videotapes - Bulletin boards - Payroll inserts/pay stub messages - Specialty brochures - Employee self-service systems (ESS) Concerns of Management - Union demands for additional benefits - Benefits offered by other employees - Tax consequences of benefits - Rising cost of providing benefits - Benefits coverage for domestic partners Benefits Mandated by Law Required by Law - Canada/Quebec pension plans - Employment Insurance - Worker’s Compensation - Provincial Hospital and Medical Services Discretionary - Health care - Payment for time not worked - Severance Pay - Life and LT Care insurance - Retirements and pensions Canada and Quebec Pension Plans - Covers all employees between ages of 18 and 70. - Used to pay retirement pensions, disability benefits and survivor benfits. - All contributions come from employers and employees Employment Insurance - Benefits paid to claimants who are unemployed and actively seeking employment. - Amount paid is determined by the number of hours of employment in the past year, and the regional unemployment rate. - Additional benefits may be extended for situations involving illness, injury, quarantine, and for maternity, paternity or adoption leave. Worker’s Compensation Insurance - Provincial and territorial insurance (funded by an employer payroll tax) provided to workers to defray the loss of income and cost of treatment due to work-related injuries or illness. - Factors influencing the employer’s insurance rate: Reducing Worker’s Compensation Costs: Key Areas 1. Perform an aud
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