Benefits and Services PDF
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Uploaded by AppropriateRevelation
De La Salle University – Dasmariñas
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Summary
This document outlines various benefits and services provided to employees, including supplemental pay, sick leave, and severance pay. It also describes different compensation models, such as direct base pay, performance-related pay, and organizational performance pay.
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
