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Understanding Employee Benefits and Their Importance in Business Practices

Explore the significance of employee benefits within businesses, focusing on how they enhance workforce satisfaction and performance. This overview discusses various types of benefits such as profit sharing, incentive pay, and paid leave, alongside legal considerations and operational practices of HR departments. Gain insights into why these benefits are crucial for employee morale and retention, and how they contribute to a company's overall success. Learn from examples and engage in activities that deepen your understanding of top employers and their offerings.

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Understanding Employee Benefits and Their Importance in Business Practices

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  1. Standard/EQ • BMA-IBT-11 Examine basic human resources and the legal aspects of a business while incorporating the methods into business practices. • Warm up/EQ: What are employee benefits and why are the important for companies?

  2. Vocabulary • Benefits • Incentive pay • Employee services • Profit sharing • Vested • Bonuses • Vacation/Holiday • Sick Pay • Leaves of absence • Insurance • Stock options • Pension • Savings plan • Travel expenses

  3. Why do we Work • http://www.youtube.com/watch?v=J8hdWy_Y9oM#aid=P85AVmr1wlw

  4. Human resources • Each business will have a HR department or person. • They handle things such as …. • Hiring • Firing • Training • Benefits • They have to follow Federal and State laws.

  5. Pay $$$$ • Full time job • Part time job • You can get paid the following way • Hourly pay Regular time, overtime • Salaried • Commissions • Combination • ALL companies will provide you with some sort of benefits.

  6. Benefits • A form of compensation paid by employers to employees over and above the amount of pay specified as a base salary or hourly rate of pay. • Benefits are a portion of a total compensation package for employees.

  7. ProfitSharing • Plan that allows employees to receive a portion of the company’s profits at the end of the year. • Incentive pay: • money offered to encourage employees to strive for higher levels of performance. Paid Vacations and Holidays • Set amount of paid vacation time • Earn more after each year you work with a company • Examples • Christmas • Thanksgiving • Fourth of July • Labor Day • Memorial Day

  8. EmployeeServices • Extras that companies offer in order to improve employee morale and working conditions. • Examples: • Free parking • Wellness programs • College course ChildCare • On-site child care services • Coverage of child-care expenses

  9. SickPay • An allowance of days each year for illness with pay • Example: • Teachers receive 10 days for sick pay. Leavesof Absence • Temporarily leave their jobs without pay for certain reasons • Job security • Examples: • Having a child • Completing education • Family illness

  10. Pension • Funded by employer • Vested-entitled to full retirement account after a certain amount of years • Savings Plans • 401K-private employers • 403b-government/non profit employers

  11. Insurance • Group Health Insurance • Group Life Insurance BonusesandStockOption • B-Incentive pay based on quality of work done, years of service, or company sales or profits. • SO-Employees the right to buy a set number of shares of the company’s stock at a fixed price.

  12. Travel Expenses • Provide a company car • Mileage allowance • Hotel • Meals • Company credit card

  13. Google • Google Life Video • http://www.youtube.com/watch?v=_QqT38QRA84

  14. Activity • Go online and locate a list of top 100 companies to work for. • Find 2 companies (your career choice) • Find the following information • Company name • What type of benefits do they offer? • What makes them so great to work for? • Any other cool information you can find. • Be prepared to share with your classmates.

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