About This Chapter
Employee Compensation and Benefits - Chapter Summary and Learning Objectives
Human resources departments play a large role in determining employee compensation and benefits. It is important that managers stay on top of the current trends and understand the best practices for compensating employees. In these engaging video lessons, our instructors will teach you about topics related to employee compensation and benefits. Use the quizzes located in each lesson to test your comprehension of the material. The information in this chapter includes:
- Definitions of direct and indirect compensation
- Different compensation methods used by organizations
- How HR uses different incentive and reward systems
- Types of benefits employees receive
- Ways HR can implement programs to support employees and improve their work-life balance
- Steps involved in the termination process
- Benefits of using certain technology and tools in HR
- Improving work by examining current HR trends
|Understanding Employee Compensation||Compare direct and indirect employee compensation.|
|Common Compensation Systems: Salary, Hourly, Contractor, Pay-For-Performance||Evaluate compensation systems and the methods organizations use to compensate employees.|
|Incentive Compensation Plans: Merit Pay, Piece Rates, Commissions, Bonuses & Skills-Based||Consider the issues some have with merit pay programs.|
|Organizational Incentive Programs: Profit Sharing, Gain Sharing, and Employee Stock Ownership||Dissect the three different kinds of organizational incentive programs.|
|Profit Sharing & Ownership: Features & Criticisms||Assess the different criticisms of profit sharing and ownership pay programs.|
|Criticism of Gainsharing, Group Incentives & Team Awards||Critique gainsharing, group incentives and team awards pay programs.|
|Insurance & Flexible Benefits for Employees||Explain the different benefits employees can receive, including health insurance and flexible benefits.|
|Role of HR in Employee Support Programs||Prioritize the programs that HR may choose to maintain in order to support their employees.|
|HR's Role in Benefit Service & Product Provider Contracts||Justify HR's responsibility for certain benefit contracts and why their role is essential.|
|How Organizations Promote Work-Life Balance: Definition and Common Practices||Calculate how organizations can improve the work-life balance of their employees.|
|Employee Motivation Programs: Incentives and Reward Systems||Outline how incentive and reward programs are used to motivate employees.|
|How HR Manages Employee Re-Entry||Summarize how HR managers are involved in the re-entry process of employees after maternity leave, layoffs and other absences.|
|Types of Termination: Attrition, Layoffs, Resignation, Retirement & RIF||Classify the different ways employees can be terminated.|
|Terminating an Employee: Process & Best Practices||Compare the different steps in the termination process and the best practices involved in this process.|
|What Is an Exit Interview? - Definition & Examples||Analyze the exit interview process, including the questions asked and how the answers are used.|
|Human Resources: Service Delivery Tools||Distinguish what technology and tools HR must use to perform their function.|
|Deciding on an Appropriate HR Delivery Model||Categorize the different delivery models in human resources.|
|Importance of HR Knowing Trends in the Workplace||Illustrate how knowing the trends can help HR perform many tasks, including tasks concerning compensation and benefits.|
1. Understanding Employee Compensation
Compensation is pay for services during the course of employment. This can be direct (or monetary) compensation and indirect (or non-monetary) compensation in the form of benefits provided to the employee.
2. Incentive Compensation Plans: Merit Pay, Piece Rates, Commissions, Bonuses & Skills-Based
An important role of human resource management is to develop a compensation system to encourage productivity. In this lesson, you'll learn about merit pay, piece rate pay, commissions, bonuses and skills-based pay and how they help achieve this goal.
3. Profit Sharing & Ownership: Features & Criticisms
Profit sharing is a common way that employers attract top talent in a world where salary alone might not close a deal. In this lesson, we will analyze the advantages and disadvantages of profit sharing in companies.
4. Criticism of Gainsharing, Group Incentives & Team Awards
Gainsharing, group incentives, and team awards are common methods for business to involve and reward employees. This lesson explains these incentive programs as well as the criticism they receive.
5. Insurance & Flexible Benefits for Employees
Employee benefits, such as insurance and flexible spending accounts, offer a valuable incentive for employees to join and stay with a company. In this lesson, we'll explore a few common types of benefits and how they work.
6. Role of HR in Employee Support Programs
This lesson explores the role of human resources in employee support programs, such as tuition reimbursement, health and wellness programs, and employee assistance programs.
7. HR's Role in Benefit Service & Product Provider Contracts
This lesson examines the role and responsibility of human resources to coordinate service and product provider contracts to offer employee benefits. The lesson explains the importance of product provider contract agreements to the organization.
8. How Organizations Promote Work-Life Balance: Definition and Common Practices
The overall trend in organizations to keep employee turnover rates down is to offer significant programs that provide a work-life balance. A work-life balance is an organizational concept that empowers employees to split time and energy between work and other important areas of their life successfully.
9. Human Resources: Service Delivery Tools
This lesson explores how human resource managers and teams leverage the use of technology to deliver human resource services. The lesson focuses on specific human resource services such as payroll, employee self-service, and social networking.
10. Deciding on an Appropriate HR Delivery Model
This lesson goes over numerous HR delivery models, including the generalist model, Ulrich's three-legged stool model, self-service model, and outsourced model. You'll also learn about some of their advantages and disadvantages.
11. Importance of HR Knowing Trends in the Workplace
In this lesson, we'll earn why HR needs to stay informed and aware of trends that impact talent and workers in the marketplace as it relates to hiring/recruiting, training resources, and improving benefits/compensation for employees.
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Other chapters within the Business 306: Strategic Human Resources Management course
- Strategic Human Resource Management
- Human Resource Management Theory
- Employment Law & Rights of Employees
- Equal Employment Opportunity
- Workplace Diversity & Multiculturalism
- Recruiting & Selecting Employees
- Collective Bargaining & Unions
- Organizational Training Programs
- Employee Motivation Theory
- Performance Management
- Employee Value & Competitive Advantage
- Human Resource Management Around the World
- Human Resource Metrics & Measurement
- Required Assignments for Business 306
- Studying for Business 306