Employee Benefits - Chapter 2
Which of the following is accurate about employers with fewer than 50 employees? Select all that apply.
- Employers are not required to provide health insurance. - Paying health insurance premiums for employees may be cost effective. - Employers can attract top tier prospective employees with an attractive benefits plan.
Which of the following benefits are required by the U.S. government? Select all that apply.
- Give employees time off to vote. - Grant leave for military service. - Allow employees to attend jury duty.
Which of the following considerations are important for selecting a benefit provider? Select all that apply.
- company size - the number of HR representatives available for benefits assistance - the number and type of benefits the company offers
Which of the following are ways employers can enhance communication with their employees? Select all that apply.
- providing educational websites that explain benefit options - providing bilingual fact sheets that increase understanding among non-native English speakers - maintaining continuous communicating to inform employees of benefits changes in a timely manner
Which of the following is accurate about employee benefits?
Benefits packages are an investment into employees to boost loyalty.
All of the following is true about employee engagement EXCEPT _____.
Employees who are engaged in their work typically burnout.
Which of the following accurately describes the link between financial literacy and employee benefits?
Employees who are financially literate have a better understanding of benefits options.
Which of the following is an important strategy for developing an employee benefits package?
Recruit employees to select optional benefits packages.
Which of the following is true about employer contributions?
Small companies may benefit from offering health insurance premiums for their employees.
Which of the following is a research finding about employees who feel their work is valued?
They have decreased feelings of stress at work.
Which of the following is an accurate research finding about employees who feel their work is valued?
They have decreased feelings of stress at work.
One way to reinforce a positive relationship between employers and employees long term is _____.
a quality benefits package
One way to increase work morale is _____.
allow employees sufficient access to health insurance
All of the following are examples of how employers can better understand trends in employee benefits EXCEPT _____.
assuming employees needs
Which of the following benefits are required of employers by the U.S. government?
employers must allow employees time off to vote
Each of the following is a consequence of employers who use available resources to design employee benefits EXCEPT _____.
employers will create vacant positions to assure business growth
True or false: Hiring and training new employees is an inexpensive way to combat low retention rates.
false
True or false: The Small Business Health Options Program (SHOP) was designed to promote access to disability and life insurance for companies with between five and 50 employees.
false
According to the 2017 Metlife 15th Annual U.S. Employee Benefits Trends Study, _____.
over 50 percent of employers agree they have a responsibility toward the health of their employees
Employers who do not offer competitive employee benefits _____.
risk losing employees to competitors
Employees who are engaged in their work on a daily basis _____.
share an emotional connection to their job
What is one criterion of a quality benefits package?
to drive employee commitment to the company on a daily basis
What is one goal of the SHOP Exchange?
to promote access to medical and dental insurance for companies with five to 50 employees
True or false: Research shows employees perform better, feel less stressed, and are absent less frequently when their workplace supports their well-being.
true
Which of the following is an important strategy for developing and implementing an employee benefits package? Select all that apply.
- Create incentive plans for using optional benefits upon enrollment. - Distribute special announcements from service providers on a timely basis. - Share stories from employees about how they used their benefits. - Recruit employees to select optional benefits.
How can employers effectively determine what goes into an employee benefits package?
- Evaluate the demographics of employees and their families.
Which of the following are ways that employers can understand the trends in employee benefits? Select all that apply.
- Research relevant studies that evaluate how employees feel about benefits packages. - Pay attention to employee sentiments concerning finances, job satisfaction, and retirement. - Ask the company's current employees about their levels of satisfaction.
Which of the following is accurate about employment costs? Select all that apply.
- Seventy percent of an employer's cost per employee is accounted for in wages and salary. - The average value of an employee benefits package is approximately $18,000 annually. - The costs of employee benefits increases total payroll expenses by nearly 50 percent.
Which of the following is an example of an important planning strategy that produces an effective benefits plan? Select all that apply.
- engaging in market research - analyzing which benefits options fit their business profile - setting both short and long term goals that can be met in a timely manner
Ongoing evaluations should include questions that _____. Select all that apply.
- inquire about employees' level of satisfaction with the claims process - uncover whether benefit packages increase employee satisfaction
Administering employee benefits includes _____. Select all that apply.
- planning and background research - educating employees about benefits options - attending to problems that arise when processing employee claims
How is financial literacy related to employee benefits?
Employees who are financially literate about their benefits resist looking for another job.