What does the aggregate cost of benefits suggest about employee benefits?
The aggregate cost of benefits suggests that benefits are no longer "fringe" amounts, but instead, employee benefits are one of the fastest growing costs facing employers. Which of the following is one of the fastest growing costs facing employers?
Does a flexible benefits approach increase the cost to employers?
When designed effectively, a flexible benefits approach should increase the variety of plans offered to employees without increasing the cost to employers. True or False: Flexible compensation packages have evolved because employees have different needs.
Does workers'compensation only benefit the employer?
Workers' compensation provides insurance and replaces wage and medical benefits if employees are injured on the job. In exchange for this benefit, employees waive their right to sue their employer for the tort of negligence leading to the injury. True or False: Workers' compensation only benefits the employee, not the employer.
How to ensure the organization is getting the most from its compensation?
To ensure that the organization is getting the most from its indirect compensation, assessments must be made of what the organization is doing, what other organizations are doing, and what employees prefer to see the organization doing.
Which is typically the worst thing to do with a company retirement plan when you get a different job?
Which is typically the worst thing to do with a company retirement plan when you get a different job? Cash out the money and pay off all loans.
Which job would most likely be paid salary plus commission?
Which job would most likely be paid salary plus commission? Vehicle salesperson.
Which is a disadvantage of being a salaried employee quizlet?
Terms in this set (10) Which is a drawback of being a salaried employee? Work weeks might exceed 40 hours without additional pay.
When completing your W 4 withholding what is usually the best strategy quizlet?
When completing your W-4 withholding, what is usually the best strategy? Try to have the same amount withheld as you expect to owe.
Which is a benefit of being an employee paid commission?
The pay your commissioned employees receive reflects their contributions to the company; if they're not bringing in revenue, you save on payroll costs. That reduces the cost of new employees learning the ropes or carrying those who are just sub-par. Commission pay is also a great motivator.
In what way are employee benefits actually better than wages?
Employee benefits are more important than salary, because they provide better experience for employees and increase satisfaction. While salary is important, other forms of compensation, whether they be benefits or unique perks, can often be even more effective to recruit and retain talent.
Which is a disadvantage of being a salaried employee?
Many salaried employees are not eligible for overtime pay, no matter how many extra hours they may work. Many salaried workers are on-call every day, all week. If an hourly employee cannot work, salaried employees often have to fill those hours themselves.
Which is drawback of being a salaried employee?
On the downside, salaried employees don't get paid more for overtime work. Thus they may be expected to work longer hours. Some workers who advance to salaried positions find they get paid less per hour than they did as hourly workers because they work so many additional hours.
What is a drawback of jobs that pay salary plus commission?
Disadvantages of salary plus commission Although it's guaranteed, your base pay may be minimal because you can earn extra money with a salary plus commission structure. Some employers may only compensate you more when your sales increase.
Which is the best way for a college student to start building their credit score quizlet?
Pay all bills on time. Don't create more credit card debt than you can pay off in a month. Pay off credit card balances in full each month. Don't just make the minimum payment.
Why is it important to complete and use the cash flow budgeting tool CFB )? Quizlet?
Why is it advantageous to fill out the Budget and Cash Flow spreadsheet at the start of the simulation? It can help the participant predict future expenses.
Why is it important to complete and use the cash flow budgeting tool CFB?
A cash flow budget is a useful management tool because it: forces you to think through your farming plans for the year. tests your farming plans, such as if you will produce enough income to meet all your cash needs. projects how much operating credit you will need and when projects when loans can be repaid.
Why are employers so concerned about indirect compensation?
Most employees today are extremely concerned about indirect compensation. As the cost of indirect compensation grows in proportion to total compensation costs, employers become more interested in choosing benefits that are most cost-effective (and choosing benefits that employees really value).
What is defined benefit plan?
A defined benefit plan is a retirement plan in which the employer commits (and pays) a specific monthly benefit (or amount) to the employee when the employee retires. In today's global, competitive environment, the number of defined benefit plans sponsored by employers has steadily declined.
What is a 401(k) plan?
401 (k) Answer: Employers. All 401 (k) plans are offered by employers to help employees save for retirement. Firms that offer traditional and Roth 401 (k ) plans provide added compensation and motivation to their employees.
Why are direct and indirect compensation the same?
Answer: False. Because direct and indirect compensation are both a part of the total compensation package, they share many of the same purposes. Such as, recruiting, retaining, and keeping employees for the long-term.
What is indirect compensation?
Indirect compensation, including employee services, benefits, training, etc., consists of rewards provided by the organization to employees for their membership and/or participation in the organization. Which of the following types of compensation includes wages, benefits, and training? Indirect compensation.
What can you use a flexible spending account for?
True or False: Flexible spending accounts can be used for any type of benefits that the employer offers including medical expenses, time off, stock options, etc. Answer: When all employees are offered a general benefits program and then can either increase or expand coverage or receive cash instead of the benefits.
What is core plus option?
The core-plus-option plan is a common approach to developing a flexible compensation package. The general core benefits program that is offered to all eligible employees, and an option is granted to either increase or expand coverage. In some instances, employees may elect to receive cash amounts rather than benefits.
