Bài giảng QUản trị nguồn nhân lực part 8 eng

Human Resource Management Session BENEFITS, NONFINANCIAL COMPENSATION, AND OTHER COMPENSATION ISSUES Benefits (Indirect Financial Compensation) All financial rewards that are not paid directly to the employee Payment for Time Not Worked Paid Vacations • Provide workers with opportunity to rest, become rejuvenated, and more productive • Encourage employees to remain with the firm • Increases with seniority • American workers are giving back 415 million vacation days a year • 35% of U.S workers feel stressed about work even while on vacation Payment for Time Not Worked - Sick Pay and Paid Time Off • Many firms allocate each employee a certain number of days of sick leave • Some managers are very critical of sick leave programs • Paid time off (PTO) - Certain number of days off provided each year that employees can use for any purpose Payment for Time Not Worked Sabbaticals • Temporary leaves of absence from organization, usually at reduced pay • Used for years in academic community • Some companies are now using • Helps reduce turnover and prevents burnout Factors Contributing to the High Cost of Health Care • Aging population • Growing demand for medical care • Increasingly expensive medical technology • Inefficient administrative processes Major Medical Benefits Plans provide for major medical benefits to cover extraordinary expenses that result from long-term or serious health problems Dental and Vision Care Employers typically pay entire costs for both types of plans except for a deductible Life Insurance Group life insurance commonly provided benefit to protect employee’s family in event of death Retirement Plans • Defined benefits plans • Defined contribution plan • Cash balance plan - 10 Defined Contribution Plans • Requires specific contributions by an employer to a retirement or savings fund established for the employee • Has been a shift from defined benefits to defined contribution pension plans • Amount of retirement income from a defined contribution plan will depend upon the investment success of the pension fund 11 Cash Balance Plans • Plan with elements of both defined benefit and defined contribution plans • Pension Benefit Guaranty Corporation usually insures cash balance plans • Employer contributes to each participant’s account annually, and investment earnings are at a set amount 12 Disability Protection Provides monthly benefit to employees who, due to illness or injury, are unable to work for an extended period 13 Supplemental Unemployment Benefits (SUB) • Provide additional income for employees receiving unemployment insurance benefits • Usually financed by company • Tend to benefit newer employees 14 Employee Services • • • • Relocation Child care Educational assistance Food service/subsidized cafeterias • Financial services • Legal services • Scholarships for Dependents 15 Premium Pay • Compensation paid to employees for working long periods of time or working under dangerous or undesirable conditions • Hazard Pay - Pay for work under extremely dangerous conditions • Shift Differentials - Pay for inconvenience of working less desirable hours 16 The Job Itself as a Nonfinancial Compensation Factor • • • • • • Answering following questions can provide considerable insight into value of job: Is job meaningful and challenging? Is there recognition for accomplishment? Do I get feeling of achievement from doing job? Is there possibility for increased responsibility? Is there opportunity for growth and advancement? Do I enjoy doing the job itself? 17 Illustration of Flextime Flexible Time a.m Core Time a.m Flexible Time (Lunch) Noon Core Time Flexible Time p.m p.m Bandwidth 18 Job Sharing • Two part-time people split duties of one job in some agreed-on manner and are paid according to contributions • Partners must be compatible, have good communication skills and trust must exist between job sharers and their manager 19 Telecommuting • Work arrangement whereby employees, called teleworkers or telecommuters, are able to remain at home, or otherwise away from office, and perform work using computers and other electronic devices that connect them with office 20 Other Compensation Issues • • • • Severance pay Comparable worth Pay secrecy Pay compression 21 Pay Secrecy • Some organizations keep pay rates secret for various reasons • If firm’s compensation plan is illogical, secrecy may be appropriate 22 ... Flexible Time p.m p.m Bandwidth 18 Job Sharing • Two part- time people split duties of one job in some agreed-on manner and are paid according to contributions • Partners must be compatible, have... following questions can provide considerable insight into value of job: Is job meaningful and challenging? Is there recognition for accomplishment? Do I get feeling of achievement from doing job?... Benefit Guaranty Corporation usually insures cash balance plans • Employer contributes to each participant’s account annually, and investment earnings are at a set amount 12 Disability Protection