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MGT 3320 (22)
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Final Exam Study Guide

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Louisiana State University
MGT 3320

Final Exam Study GuideChapter 13 Employee BenefitsCompensationBenefitsHow employees are compensated can take many formsoCompensationBenefitsoOn average benefits make up approximately 30 of the entire compensation packageoBenefitsthe hidden paycheckBenefits are UniqueHow are benefits different from traditional compensationoMore regulation of benefits than direct payoAlmost obligatory for employees to provideoComplex for employees to understandGrowth of Employee BenefitsBenefits as percentage of total compensationo1929 3o1955 15o1975 23o2011 30Reasons for Benefits GrowthThe Great DepressionGroup InsuranceWorld War IIOrganized laborTax treatment of benefits Employer programdifferentiation The Great DepressionDuring and after the great Depression several laws mandating benefits were passedThe New DealoEx Social Security ActHelp employees meet security needsWorld War IIWage and price controlsLabor market shortagesWhat are other ways to attract and retain employeesoBenefits werent covered by wage controlsoAfter the war these benefits remainedTax TreatmentFor both employees and employers tax treatment of benefits is more favorable than tax treatment of wages and salariesGroup InsuranceInsurance can be purchased at a lower rate for large group of employeesRisks are more easily pooledLarge groups can achieve greater bargaining powerOrganized LaborGrowth of organized labor1930s1950sUnions able to pursue their members interest in benefitsEmployer DifferentiationCan we provide better more unique benefits than the competitionUsing benefits to enhance corporate imageBenefits ProgramsSocial InsuranceRetirementFamilyfriendly policies
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