Employee Benefits and Compensation Programs Quiz
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Questions and Answers

What do benefits managers plan, direct, and coordinate for an organization’s employees?

  • Sales strategies
  • Work schedules
  • Retirement plans, health insurance, and other benefits (correct)
  • Customer service initiatives
  • Who establishes performance standards for benefits managers?

  • Outsiders
  • Members of the profession (correct)
  • The government
  • Employees
  • Which organization is mentioned in the text as serving the benefits profession?

  • United Nations Educational, Scientific and Cultural Organization
  • International Foundation of Employee Benefit Plans (correct)
  • Doctors Without Borders
  • World Health Organization
  • What is the projected annual growth rate for opportunities in employment as compensation and benefits managers through 2024?

    <p>6 percent</p> Signup and view all the answers

    In which industry was the highest mean annual compensation found for compensation and benefits managers?

    <p>Financial securities</p> Signup and view all the answers

    What factor influences salary levels for compensation and benefits managers according to the text?

    <p>Educational credentials</p> Signup and view all the answers

    What type of professionals are inclined to develop the benefits program within an organization?

    <p>HR professionals</p> Signup and view all the answers

    What creates challenges for employee-benefits professionals in developing the benefits program?

    <p>$100,000 competition for limited funds</p> Signup and view all the answers

    What program provides benefits to workers who experience work-related injuries or illnesses?

    <p>Workers' Compensation</p> Signup and view all the answers

    Which type of health care plan allows employees to have more control over how their healthcare dollars are spent?

    <p>Consumer-Driven Health Care</p> Signup and view all the answers

    What is the term for the pay increase based on an employee's years of service in an organization?

    <p>Seniority Pay</p> Signup and view all the answers

    In a defined contribution plan, the retirement benefit is based on:

    <p>A predetermined formula</p> Signup and view all the answers

    Which federal act provides health insurance reforms in the United States, including coverage for pre-existing conditions and expanding Medicaid?

    <p>Patient Protection and Affordable Care Act of 2010</p> Signup and view all the answers

    What type of financing in employee benefits involves the employee sharing the cost of benefits with the employer?

    <p>Contributory Financing</p> Signup and view all the answers

    Which type of health care plan emphasizes preventative care and wellness programs?

    <p>Alternative Managed-Care Plans</p> Signup and view all the answers

    What type of retirement plan promises a specific benefit amount upon retirement?

    <p>Defined Benefit Plan</p> Signup and view all the answers

    What did frustrated employees at Easy Crafts trade minor pay cuts for?

    <p>Increased retirement benefits</p> Signup and view all the answers

    What made retirement benefits a significant concern for the older workers at Easy Crafts?

    <p>Proximity to retirement age</p> Signup and view all the answers

    How did Easy Crafts differentiate its retirement plan from Makers Crafts' plan?

    <p>Providing more significant contributions by the company</p> Signup and view all the answers

    Why was Latonya collecting information for Makers Crafts' benefits planning process?

    <p>To determine appropriate changes to the benefits plan</p> Signup and view all the answers

    What is the reason for Latonya's cautious approach in making changes to the benefits plan?

    <p>To avoid hasty decisions</p> Signup and view all the answers

    What is one key consideration in Latonya's strategic benefits planning process?

    <p>Effective collection of information</p> Signup and view all the answers

    Why did Easy Crafts recruit many workers from Makers Crafts successfully?

    <p>Due to offering more attractive benefits</p> Signup and view all the answers

    What was part of Easy Crafts' strategic planning process to grow its market share?

    <p>Determining attractive benefit packages for older workers</p> Signup and view all the answers

    What is a key factor that influences employees' endorsement of employer-sponsored benefits?

    <p>Fair determination of employee contributions</p> Signup and view all the answers

    Why might health-care benefits be redundant for some dual-income families?

    <p>One partner is already covered under the other's plan</p> Signup and view all the answers

    What kind of benefits might the younger segment of the workforce benefit from according to the passage?

    <p>Family assistance programs</p> Signup and view all the answers

    Why might some employees protest certain benefits offered by employers?

    <p>They believe the benefits favor certain coworkers</p> Signup and view all the answers

    What is a common challenge faced by companies concerning employee benefits?

    <p>Balancing employee preferences with company needs</p> Signup and view all the answers

    Which internal environmental factor influences companies' workforce characteristics?

    <p>Workforce demographics</p> Signup and view all the answers

    Why might older segments of the workforce rely more on defined benefit plans?

    <p>To support progressive retirement-income streams</p> Signup and view all the answers

    Why is it important for companies to offer flexible benefits offerings?

    <p>To accommodate diverse employee needs and preferences</p> Signup and view all the answers

    What is the main concern of company executives regarding the new discount chain?

    <p>Losing customers due to lower prices</p> Signup and view all the answers

    Why is the sudden employee attrition at Makers Crafts a top priority for the new Director of Human Resources?

    <p>It requires examination of the benefit offerings</p> Signup and view all the answers

    What has Makers Crafts done well according to the text?

    <p>Training employees effectively</p> Signup and view all the answers

    How has Makers Crafts responded to cost concerns regarding benefits offerings?

    <p>By scaling back its contribution to the employee retirement plan</p> Signup and view all the answers

    What effect have the changes in benefits offerings had on Makers Crafts' employees?

    <p>Caused dissatisfaction</p> Signup and view all the answers

    How has Easy Crafts capitalized on the employee dissatisfaction at Makers Crafts?

    <p>By offering a generous benefits package</p> Signup and view all the answers

    What is a major reason for the customer loyalty mentioned in the text?

    <p>Advice and ideas provided by committed staff</p> Signup and view all the answers

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