About This Chapter
Employee Compensation & Benefits - Chapter Summary
Our expert instructors present employee benefits and compensation concepts for your review in this easy-to-follow chapter. In these lessons, you'll find topics on employee incentives, COBRA, the Family Medical Leave Act and ERISA. You should be able to complete the following objectives once you've worked through these lessons:
- Explain employee compensation
- Outline the different types of employee incentives
- Define financial rewards for employees
- Discuss the importance of COBRA
- Identify the wage and hour laws under the Fair Labor Standards Act
- Describe the importance of the Family Medical Leave Act (FMLA)
- Detail the requirements and laws under HIPAA
- Provide an explanation of ERISA law and its importance
To ensure you're able to study at your convenience, we've made these learning tools available to you 24 hours a day. These videos are easy to navigate using the video tabs feature if you'd rather watch just one part of a video than the entire lesson. An instructor is available to help you with any questions that you have along the way.
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. What Are Employee Incentives? - Types & Examples
Employee incentives can take many forms, but, ultimately, they are tools managers use to reward good work and encourage employee retention. Find out about incentives, and take a quiz to test yourself.
3. Financial Rewards for Employees: Definition & Types
For most companies, people are the biggest asset. Motivated employees help the company achieve its mission and goals, and one way to motivate employees is through financial rewards. Let's discuss this method of motivation further in this lesson.
4. COBRA: Overview and Importance
Health insurance is one of the most important benefits an employee receives. In this lesson, you'll learn how COBRA allows an employee to keep his insurance coverage after he has left employment. A short quiz follows.
5. Wage and Hour Laws: Overview of the Fair Labor Standards Act
Most people work for others to make a living by trading their labor for a wage and other benefits. In this lesson, you'll learn about the Fair Labor Standards Act and the minimum standards it sets for certain labor practices.
6. Family Medical Leave Act (FMLA): Overview and Importance
Sometimes tragic or important personal events, such as a birth, medical illness or death of a loved one, require us to take time off from work. In this lesson, you'll learn how the Family and Medical Leave Act protects employees during these times.
7. What is HIPAA? - Definition, Requirements & Laws
This lesson discusses the United States Health Insurance Portability and Accountability Act of 1996, better known as HIPAA. Let's take a look at the legal protections and administrative requirements of this law.
8. ERISA Law: Explanation & Importance
In the U.S., individuals are primarily responsible for saving for retirement. A pivotal vehicle is employer-sponsored retirement plans. In this lesson, you'll learn about ERISA, which is an important law that regulates private sector benefit plans.
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