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31 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Reasons for providing employee benefits |
Concerns of employee welfare Improved corporate efficiency Attracting & retaining competent employees Favourable tax incentives Demands in Labour negotiations Advantages of group insurance Social and Govt pressure |
(CIFADAS) |
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Improved corporate efficiency |
Morale Employee identification with profits Facilitation of workforce reduction |
( MEF ) |
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Types of employee benefits |
Discretionary benefits Legally required benefits |
(LD) |
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Discretionary benefits |
Protection programs Other benefits Paid time off Services |
(POPS) |
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Legally required benefits |
Compensation for Injuries & Diseases Unemployment Insurance Fund Paid time off Skill Development Levy |
(CUPS) |
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Protection programmes |
Disability Extra-Statutory paid sick leave Life insurance Medical aid insurance Pension funds |
(DELMP) |
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Other possible protection programme benefits |
Personal accident cover Extra statutory redundancy pay Business travel insurance Information on severance packages Health screening Career counseling Organizational loans Relocation packages Fees to professional bodies Morgage assistance |
(PEBIHCOREM) |
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Paid time off |
Sabbatical \ Study leave |
S/S |
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Other discretionary paid time off benefits |
Parental leave Adoptive leave Career breaks Childcare 👶 Comprehensive leave Sports leave ⚽ Witness leave Time to vote leave ❎ Relocation leave 🚚 |
(PA CCC TSS W R) |
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Services benefits |
Wellness programs ➕ Employee assist programs Company car 🚗 |
W E C |
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Other possible services benefits |
Pre-retirement counselling 👵 Personal financing counselling ⛵ Personal financing 💵 Career counseling 💼 |
P P P C |
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Other benefits |
Staff lunches 🍲 Cellphone allowances 📱 Fleet/ Petrol ⛽ |
SCF |
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Legally required benefits |
*Compensation Occupation Injuries and Diseases *Unemployment Insurance Fund *Paid time off *Skills Development Levy |
CUPS ☕ |
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Exceptions to UIF |
Workers working less than 24 hours a month Employees who receive a state pension Learners Public servants Employees who are remunerated |
WELPE |
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COIDA Benefits are paid out on three categories of claimants: |
Employees who suffer temporary disability ♿ Employees who suffer permanent disability ♿ Dependents who have died as a result of illness and disease |
T P D ♿ |
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Skill Development Act Issues addressed in the Skills Development Act: |
To DEVELOP the skills of the South African workforce To INCREASE the levels of investment in education and IMPROVE rate of return To ENCOURAGE employers. |
D I E |
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SDA Issues addressed by the SDA To ENCOURAGE employers to: |
Provide employees with the opportunity to acquire new skills. Use workplaces as a active learning environment Provide new entrants to the work place with experience Employ persons who find it difficult to be employed. 💩 |
PUPE 💩 |
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Flexible benefits Two fundamental features of flexible |
Core benefits Operational benfits |
C O |
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Advantages of flexible benefits |
Shared responsibility of both employee and organizations
Increased SENSE OF OWNERSHIP due to employees increase in choice
Increased AWARENESS OF COST as employees pay for costs
Increased EMPLOYEE VALUE PROPOSITION
Possibility to alter PAYMIX in tough times
Providing the organization with COMPETITIVE ADVANTAGE
Improved ALIGNMENT of HR strategy, business strategy & remuneration
Improved PERCEPTION of fairness.
FAVOURED PERCEPTIONS of the organization for caring for the diverse needs of the employees
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S A P A E C I F S |
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Disadvantages of flexible benefits |
Time consuming & expensive to set up Trade Union resistance Increased administration Poor by employees results in no coverage |
T I I P 📍 |
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Strategies in designing employee benefits programme |
The remuneration should be linked to the HR strategy and overall business strategy.
Employee benefits should " foster a feeling of appreciation " and acknowledgment by employees.
Employee benefits "should satisfy individual needs.
Reward options should establish organization as" employer of choice" The benefit should be " BENCHEDMARKED against the benefits offered by other organizations. Tax implication on the provision of cer benefits Reward benefits should be designed to support the organizational culture
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LOSTFEB |
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Factors influencing the choice of employee benefits packages Two main factors influencing the choice of employee benefits packages
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Employer factors Employee factors |
E 2 |
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Employer factors depend on |
Legal requirement Role of benefits Relationship to total remuneration cost Competitior offer Cost relative to benefit |
L R C C R |
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Employee factors influences |
Personal needs Equity Fairness |
P E F |
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Employer factors influences Employer factors depends on: |
Attraction Retention Motivation |
A R M 🙋 |
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Employee factors depends on: |
Gender Age Marital status Number of dependents |
GAMN |
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Organisational factors Employer determining factors (5)
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Total remuneration cost Cost of benefits Competitors offerings Legal considerations Value of Attraction, Retention and Motivation |
T T C L V |
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Implementation & administration of employee benefits programme 3 |
Communicating employee benefits Processing of claims Cost management |
CPC |
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Basic reasons for making use of technology to communicate employee benefits include |
Access to information Increased controlled Improved effectiveness Meeting legal requirements |
AIMM (4) |
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Cost management Effective management of an employee benefit: |
Probation periods Benefit limitations Party 🎉 contributions |
P B P (3) |
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Party contributions |
Non contributions Contributory Employee financed |
NICE (3) |
