ADMS 2600 Chapter Notes -Pension, Mandatory Retirement, Fixed Cost

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Monica Belcourt

Document Summary

Ex: instead of 2% raise, give 1% raise + dental care: based on organizational strategy. What are the objectives? (ex: attract employees: requirements for a sound benefits program, strategic benefits planning, allowing for employee involvement, benefits for a diverse workforce, providing for flexibility, communicating employee benefits info, requirements, based on organizational strategy. Match organizational objectives by offering stress reduction to managers, not just anyone to match specific needs of employees: allow employee input (committees, etc. , modify benefits to accommodate changing perceptions of fairness, providing flexibility. Employers must be cautious about the way benefits are offered and described. Largest cost: healthcare, then time not worked (vacation: 2 weeks with pay legal minimum) Management concerns: concerns, union demands for additional benefits, benefits offered by other employees, tax consequences, rising cost expensive, benefits coverage for domestic partners. Retirement programs: mandatory retirement age is being abolished in canada, golden (or silver) handshake benefits for several years or a cash bonus.