Podcast
Questions and Answers
Which of the following is an important strategy for developing an employee benefits package?
Which of the following is an important strategy for developing an employee benefits package?
All of the following are examples of how employers can better understand trends in employee benefits EXCEPT _____?
All of the following are examples of how employers can better understand trends in employee benefits EXCEPT _____?
Which of the following is an accurate research finding about employees who feel their work is valued?
Which of the following is an accurate research finding about employees who feel their work is valued?
Which of the following benefits are required of employers by the U.S. government?
Which of the following benefits are required of employers by the U.S. government?
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What is one criterion of a quality benefits package?
What is one criterion of a quality benefits package?
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All of the following is true about employee engagement EXCEPT _____?
All of the following is true about employee engagement EXCEPT _____?
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Which of the following is true about employer contributions?
Which of the following is true about employer contributions?
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Which of the following is accurate about employee benefits?
Which of the following is accurate about employee benefits?
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What is one goal of the SHOP Exchange?
What is one goal of the SHOP Exchange?
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How is financial literacy related to employee benefits?
How is financial literacy related to employee benefits?
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Each of the following is a consequence of employers who use available resources to design employee benefits EXCEPT _____?
Each of the following is a consequence of employers who use available resources to design employee benefits EXCEPT _____?
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According to the 2017 Metlife 15th Annual U.S. Employee Benefits Trends Study, _____?
According to the 2017 Metlife 15th Annual U.S. Employee Benefits Trends Study, _____?
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Which of the following is a research finding about employees who feel their work is valued?
Which of the following is a research finding about employees who feel their work is valued?
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Research shows employees perform better, feel less stressed, and are absent less frequently when their workplace supports their well-being.
Research shows employees perform better, feel less stressed, and are absent less frequently when their workplace supports their well-being.
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Employers who do not offer competitive employee benefits _____?
Employers who do not offer competitive employee benefits _____?
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Which of the following is an example of an important planning strategy that produces an effective benefits plan? Select all that apply.
Which of the following is an example of an important planning strategy that produces an effective benefits plan? Select all that apply.
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Which of the following is accurate about employment costs? Select all that apply.
Which of the following is accurate about employment costs? Select all that apply.
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Which of the following benefits are required by the U.S. government? Select all that apply.
Which of the following benefits are required by the U.S. government? Select all that apply.
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Which of the following accurately describes the link between financial literacy and employee benefits?
Which of the following accurately describes the link between financial literacy and employee benefits?
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Hiring and training new employees is an inexpensive way to combat low retention rates.
Hiring and training new employees is an inexpensive way to combat low retention rates.
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Which of the following is accurate about employers with fewer than 50 employees? Select all that apply.
Which of the following is accurate about employers with fewer than 50 employees? Select all that apply.
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Which of the following is an important strategy for developing and implementing an employee benefits package? Select all that apply.
Which of the following is an important strategy for developing and implementing an employee benefits package? Select all that apply.
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Employees who are engaged in their work on a daily basis _____?
Employees who are engaged in their work on a daily basis _____?
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One way to increase work morale is _____?
One way to increase work morale is _____?
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The Small Business Health Options Program (SHOP) was designed to promote access to disability and life insurance for companies with between five and 50 employees.
The Small Business Health Options Program (SHOP) was designed to promote access to disability and life insurance for companies with between five and 50 employees.
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Which of the following considerations are important for selecting a benefit provider? Select all that apply.
Which of the following considerations are important for selecting a benefit provider? Select all that apply.
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Which of the following are ways that employers can understand the trends in employee benefits? Select all that apply.
Which of the following are ways that employers can understand the trends in employee benefits? Select all that apply.
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Administering employee benefits includes ____? Select all that apply.
Administering employee benefits includes ____? Select all that apply.
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Which of the following are ways employers can enhance communication with their employees? Select all that apply.
Which of the following are ways employers can enhance communication with their employees? Select all that apply.
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One way to reinforce a positive relationship between employers and employees long term is _____?
One way to reinforce a positive relationship between employers and employees long term is _____?
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Ongoing evaluations should include questions that _____? Select all that apply.
Ongoing evaluations should include questions that _____? Select all that apply.
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How can employers effectively determine what goes into an employee benefits package?
How can employers effectively determine what goes into an employee benefits package?
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Study Notes
Employee Benefits Overview
- Recruiting employees to choose optional benefits is a crucial strategy for developing benefits packages.
- Employers should not assume employees' needs; instead, they should engage in active research to understand employee preferences.
Employee Value and Engagement
- Research indicates employees who feel valued experience lower stress levels at work.
- Engaged employees demonstrate a strong emotional connection to their roles and are less likely to experience burnout.
Legal Requirements for Benefits
- In the U.S., employers are mandated to provide time off for employees to vote, as well as to offer leave for military service and jury duty.
- Employers with fewer than 50 employees are not obligated to offer health insurance, but competitive benefits can attract top talent.
Financial Literacy and Employee Benefits
- Financially literate employees tend to have a better understanding of their benefits, leading to lower turnover rates as they are less likely to seek employment elsewhere.
Costs and Investments in Employee Benefits
- Approximately 70% of an employer's cost per employee is allocated to wages and salaries, with the average value of an employee benefits package around $18,000 annually.
- Investing in employee benefits is crucial for enhancing loyalty and commitment among staff.
Importance of Employee Well-being
- Companies that endorse employee well-being can expect improved performance, reduced stress, and less frequent absences.
- Access to adequate health insurance is essential for boosting employee morale.
SHOP Exchange Goals
- The Small Business Health Options Program (SHOP) aims to facilitate access to medical and dental insurance for companies with 5 to 50 employees.
Planning and Strategy for Employee Benefits
- Effective benefits planning involves conducting market research, analyzing business needs, and establishing short and long-term goals.
- Communication strategies include using educational resources, bilingual materials for non-native speakers, and timely updates regarding benefits changes.
Evaluating Employee Benefits
- Ongoing evaluations should assess employee satisfaction with benefits and the claims process to ensure continuous improvement.
- Understanding demographic factors is vital in tailoring benefits packages to meet employee needs.
Conclusion
- Quality benefits packages are integral to fostering long-term positive relationships between employers and employees and can significantly reduce retention costs associated with high turnover rates.
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Description
This quiz explores the various aspects of employee benefits, including the importance of understanding employee preferences and the legal requirements for benefit offerings. Additionally, it examines how engagement and financial literacy impact employee satisfaction and retention. Test your knowledge on effective benefits strategies and legal compliance in the workplace.
