Textbook Notes (368,844)
Canada (162,200)
York University (12,874)
HRM 2600 (78)
Chapter 11

Chapter 11

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Human Resources Management
HRM 2600
Shelley Millman

Chapter 11Employee BenefitsEmployee Benefits ProgramsConstituted an indirect form of compensation intended to improve the quality of work lives and personal lives of employeesRepresent up to 40 of total payroll costs to employersHRIS and Employee BenefitsAdministrating an organizations benefits program can be both costly and timeconsumingInteractive employee benefit systems are becoming mainstream for most employersThe benefits of HRIS are reduced costs increased efficiencies and accuracyOnline programscreate a form of selfservice administration and eliminate the annual open enrollment period for various benefitsoProvide flexibilityRequirements for a Sound Benefits ProgramThe reliability of a benefits program centers around two factors oSelecting benefits that target important employee needs while promoting strategic organizational objectivesoEffective administration of benefits programStrategic Benefits PlanningThe chief objectives of most benefit programs are tooImprove employee work satisfactionoMeet employee health and security requirementsoAttractmotivate employeesoRetain top performing employeesoMaintain a favourable competitive positionUniform package of benefits should be developedInvolves considering the various benefits that can be offered the relative preference shown for each benefit by management and the employees the estimated cost of each benefit and the total amount of money available for the entire benefits packageAllowing for Employee InvolvementThe need for a benefit needs to be establish before its introducedMany companies form committees that administer interpret and oversee their benefit policiesEngaging employers to design benefit programs aids in ensuring that management is moving in the direction of satisfying the employeeBenefits for a Diverse WorkforceBenefits must reflect the social changes that Canada is constantly facingMore employers are tailoring their benefit programs to be familyfriendly
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