ADM 2337 Chapter Notes - Chapter 11: Employee Benefits, Life Insurance, Elderly Care
2 Jun 2020
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Indirect form of compensation given to employees to improve quality of work lives and personal lives. Requirements for an effective benefits program (1) target important employee needs while promoting strategic organizational objectives (2) effective administration of benefits programs. Disadvantages of flexible benefits programs include the following: new benefits are more costly to introduce, bad decisions by employers about what to offer, increased involvement of employees, poor benefits. Insurance provided to workers to defray the loss of income and cost of treatment resulting from work-related injuries or illness. Heal care benefits: medical benefits, dental, optical, and mental health benefits, wellness programs, employee assistance programs (eaps) Severance pay: a lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination. Silver handshake: an early retirement incentive in the form of increased pension benefits for several years or a cash bonus.
