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CHAPTER 13
McGraw-Hill/Irwin
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Paid Leave
Group
Insurance
FamilyFriendly
Benefits
Retirement
Plans
Other Quality
of Work-Life
Benefits
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Vacation
Holidays
Sick Leave
Personal Days
Floating Holidays
Jury Duty
Funerals
Military Duty
Time Off to Vote
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Medical Insurance
70% of all full-time
Additional coverage
employees in the U.S.
may include:
receive medical benefits
Dental care
Vision care
Policies typically cover:
Hospital expenses
Surgical expenses
Visits to physicians
Birthing centers
Prescription drug
programs
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Figure 13.3:
Health Care Costs in Various Countries
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Life Insurance
Employers may provide life insurance to
employees or offer the opportunity to buy
coverage at low group rates.
Term life insurance if the employee dies
during the term of the policy, the employees
beneficiaries receive a death benefit payment.
Usually twice the employees yearly pay.
Disability Insurance
Short-Term Disability Insurance
Insurance that pays a
percentage of a disabled
employees salary as
benefits to the employee
for six months or less.
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Tuition reimbursement
On-site fitness center
On-site dry cleaning
services
Dues for professional
organizations
Off-site company
recreation area
Pet services
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Table 13.2:
An Organizations Benefits Objectives
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Organizations can
address differences in
employees needs and
empower their
employees by offering
flexible benefits plans in
place of a single
benefits package for all
employees.
Cafeteria-style plan: a
benefits plan that offers
employees a set of
alternatives from which
they can choose the
types and amounts of
benefits they want.
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Summary
Like pay, benefits help employers attract, retain, and
motivate employees. The variety of possible benefits
also helps employers tailor their compensation
packages to attract the right kinds of employees.
Employees expect at least a minimum level of
benefits, and providing more than the minimum
helps an organization compete in the labor market.
Benefits are also a significant expense, but employers
provide benefits because employees value them and
many benefits are required by law.
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Summary (continued)
Employers must contribute to the Old Age, Survivors,
Disability, and Health Insurance program known as
Social Security through a payroll tax shared by
employers and employees.
Employers must also pay federal and state taxes for
unemployment insurance.
State laws require that employers purchase workers
compensation insurance.
The major categories of paid leave are vacations,
holidays, and sick leave.
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Summary (continued)
Medical insurance is one of the most valued
employee benefits.
To manage the costs of health insurance, many
organizations offer coverage through a health
maintenance organization or preferred provider
organization, or they may offer flexible spending
accounts.
Retirement plans may be contributory or
noncontributory. These plans may be defined benefit
plans or defined contribution plans.
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Summary (continued)
Employers have responded to work-family role
conflicts by offering family-friendly benefits.
In deciding the contents of a benefits package,
organizations need to establish objectives and select
benefits that support those objectives.
Organizations should also consider employees
expectations and values.
Employers must comply with the numerous laws and
regulations affecting how they design and administer
benefits programs.
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Summary (continued)
Communicating information about benefits is
important so that employees will appreciate the
value of their benefits.
Communicating their value is the main way benefits
attract, motivate, and retain employees.
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