ch12_Benefits - Fundamentals of Human Resource Management...

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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Chapter 12 Employee Benefits Fundamentals of Human Resource Management Ninth Edition DeCenzo and Robbins
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Introduction Employee benefits Have grown in importance and variety Typically membership-based rewards offered to attract and keep employees Do not directly affect a worker’s performance, but inadequate benefits lead to employee dissatisfaction.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Introduction Costs of Providing Employee Benefits Benefit and service offerings add about 40% to an organization’s payroll cost. Benefits become the focus of negotiations with employees when large wage and salary increases are not feasible.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Introduction Contemporary Benefits Offerings Benefits today reflect the diversity of the work force. Challenge -- designing a benefits package which is attractive to applicants and current workers, and provides all the legally required benefits.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Legally Required Benefits Social Security Financed by equal employee and employer contributions, based on a percentage of earnings. Provides income for retirees, disabled workers and surviving dependents. Provides some health insurance coverage through Medicare.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Legally Required Benefits Unemployment Compensation Funded by employers who pay combined federal and state tax imposed on taxable wage base Tax varies based on organization’s unemployment experience. Provides employees with some income continuation during periods of involuntary unemployment Typical coverage is for 26 weeks.
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Legally Required Benefits Workers’ Compensation Paid for by the organization Rates based on likelihood of accidents, past history, and the type of industry. Benefits pay expenses and/or compensate for
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ch12_Benefits - Fundamentals of Human Resource Management...

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