Chapter 12: Designing and Administering Employee Benefits and Services

Chapter 12: Designing and Administering Employee Benefits and Services
Challenges

After reading this chapter, you should be able to deal more effectively with the following challenges:

1.Understand the significance of employee benefits to both employers and employees.
2.Design a benefits package that supports the firm's overall compensation strategy and other HRM policies.
3.Distinguish between a defined benefit retirement plan and a defined contribution retirement plan, and recognize the situations in which each plan is most appropriate.
4.Explain how publicly funded health care and various supplemental health programs offered by employers relate to each other and to the funding of health care expenses in Canada.
5.Develop cost containment strategies for the different types of employee benefits.
6.Understand the administrative complexities of providing a full array of benefits to a company's work force, and suggest ways to deliver benefits effectively.
7.Recognize the HR department's key role in keeping accurate records of employee benefits and informing employees about their benefits.