Benefits and Services PDF
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Uploaded by AppropriateRevelation
De La Salle University – Dasmariñas
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Summary
This document describes different types of benefits and services offered to employees, including compensation, supplementary pay, and various reward systems, like direct and indirect pay. It also explains performance-based pay and job-sharing arrangements.
Full Transcript
BENEFITS AND SERVICES 1. Benefits – indirect financial and nonfinancial payments employees receive for continuing their employment with a company 2. Supplemental pay benefits – benefits for time not worked, such as unemployment insurance, vacation and holiday pay, and sick pay...
BENEFITS AND SERVICES 1. Benefits – indirect financial and nonfinancial payments employees receive for continuing their employment with a company 2. Supplemental pay benefits – benefits for time not worked, such as unemployment insurance, vacation and holiday pay, and sick pay 3. Sick leave – provides pay to an employee when he or she is temporarily out of work because of illness 4. Severance pay – humanitarian gesture, and it reduces the chances of litigation from disgruntled former employees 5. Employers – they are the one who contributes funds for workers’ compensation benefits 6. Workers’ compensation – provides income and medical benefits to employment – related accident victims or their dependents 7. Case Management – method used by employers to save money in workers’ compensation claims 8. Pension plans – financial programs that provide income to individuals in their retirement 9. Flextime – work schedule in which employees’ workdays are built around a core of midday hours 10. Compressed workweek – working fewer but longer days each week 11. Job sharing – allows 2 or more people to share single full-time job 12. Work sharing – a temporary reduction in work hours by a group of employees during economic downturns to prevent layoff 13. COMPONENTS OF REWARD SYSTEM a. Direct base pay – a fixed salary or wage b. Pay progression – may be related to age or length of service, or performance-related criteria c. Performance/variable pay – pay directly linked to work-related behavior such as performance or attainments. There are various types of variable pay - Payment by results – pay directly to the quantity of output produced by the individual or team; pay by piecework, commission, or output or target-based bonuses - Performance-related pay – offering additional payments for individual or team performance according to the range of possible performance criteria - Organization performance pay – based on the profitability of the firm - Indirect pay or benefits – non-cash items or services
