Ch 9 - Incentive and Benefits Administration 2

Ch 9 - Incentive and Benefits Administration 2 - Incentive...

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Incentive and Benefits Administration
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Benefits n Benefits: Indirect financial compensation offered to attract and keep employees or to comply with legal mandates. n Mandatory benefits: Indirect financial compensation which must, by law, be offered to employees. n Voluntary benefits: Indirect financial compensation a company chooses, on its own, to offer its workers in an effort to attract and keep the best possible employees. 2
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Benefit Programs o For the most part, EE’s expect benefit package o Often linked to attracting and retaining personnel, motivate performance and increase job satisfaction. o The third most common reason employees leave the industry is lack of good benefits. o Accounts for 18% to 65% of total compensation packages
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Questions to Consider ü What benefits am I required to offer (mandatory)? ü What optional benefits can I offer (voluntary)? ü How should I administer the benefits? ü How can I contain the costs of benefits?
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Four General Categories of Benefits 1. Mandatory Benefits 2. Optional / Voluntary Benefits 3. Pension and Retirement Benefits 4. Miscellaneous Benefits
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This note was uploaded on 03/30/2012 for the course HRAD 3783 taught by Professor Slevitch during the Spring '08 term at Oklahoma State.

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Ch 9 - Incentive and Benefits Administration 2 - Incentive...

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