Textbook Notes (362,902)
Canada (158,096)
York University (12,352)
HRM 2600 (78)
Chapter 11

Chapter 11 - Employee Benefits

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York University
Human Resources Management
HRM 2600
Indira Somwaru

Chapter 11Purpose of benefit programsARMemployers offer benefits to attract retain and maintain employees Improve employee work satisfactionMeet employee health and security requirementsAttract and motivate employeesReduce turnoverMaintain a favourable competitive positionFeatures of flex benefit plansBenefit plans that enable individual employees to choose the benefits that are best suited to their particular needsoA basic or core benefits package of life and health insurance sick leave and vacation ensures that employees have a minimum level of coverageoEmployees use credits to buy whatever other benefits they needTo accommodate a diverse workforceMedium to large companies offer flex benefitsADVANTAGESEmployees select benefits to match their individual needsBenefit selections adapt to a constantly changing diversified workforceEmployees gain greater understanding of the benefits offered to them and the costs incurredEmployers maximize the psychological value of their benefits program by paying only for highly desired benefitsEmployers limit benefit costs by allowing employees to buy benefits only up to a maximum defined amountEmployers gain competitive advantage in the recruiting and retention of employeesDISADVANTAGESPoor employee benefits selection results in unwanted financial costsThere are certain added costs to establishing and maintaining the flexible planEmployees may choose benefits of high use to them that increase employer premium costs
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