Chapter 12 - Work/Life balance and other Employee Benefit Programs

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Adoption assistance and maternity/paternity leave.

1. Adoption programs are very popular. 52% of employers provide one. Typically information, resource and referral. Financial benefits are also common. 2. $5,000 for child and 10,000 for a special needs child. Reimbursement that helps you to be a parent. 3. 100,000 children waiting to be adopted. 4. Can be excluded from income which = less taxes being taken.

Design of an Educational Assistance Plan...

1. After discussion with supervisor, submit application to outsourced provider and receive approval. 2. Enroll in course and pay tuition. 3. Complete course and apply for reimbursement. a. based on grade earned. A = 100% reimbursed. 4. Reimbursed tax free up to $5,250 per year. Some organizations may apply a claw back -

Why Work/Life balance benefits?

1. Baby boomers and sandwich impact (taking care of other generations). 2. More women in the workplace (make up 48%). 3. Greater family income because of dual careers but also more hours spent working. Average work week is not 47 hours.

Dependent Elder Care...

1. Education on eldercare issues... Information on available services in community. 2. Seminars on understanding insurance and government programs 3. Sponsored support groups 4. Making group long term care insurance available to parents and parents-in-law.

Work/life balance and changing demographics...

1. Marriage among adults is declining. Marriage is also being delayed. 2. Marriage between same sex couples is protected. 3. Multiple generations living together. 4. Children staying home longer. 30% of people between 18 - 34 live with their parents. 5. Changing workplace mindset. a. Employees want and demand more workplace flexibility and accomodations. b. Employers need work and life balance strategies to remain competitive.

Dependent Child Care and Employer approaches:

1. Parents are more concerned with reliable and safe childcare rather than price. a. employers provide literature, education and professional resources on daycare options. b. many employers provide a list of prescreened, reliable daycare providers. 2. Financial Aid - Dependent care flexible spending accounts. a. Using up to $5,000 before tax dollars to fund care and reimburse employee on a tax free basis. b. purchasing spots - organization buys place in vendor's off site child care facilities and allows employees to use. c. Direct subsidy = providing direct financial assistance to employee or daycare provider. 3. Direct provisions - company invests in bricks and mortar and builds its own on-site childcare center.

How do EAPs work?

1. Self referral - Through central access point (toll free number) for triage and referral. 2. Supervisor referral - poor performance or work behaviors lead to a referral through supervisor. - Privacy held because manager knows employee is going to EAP center but not why. 3. EAPs are available 24/7, 365 for employee and family help.

What is provided in educational assistance programs?

1. Tuition, books, fees, supplies, equipment,. 2. Requires: a. education must be job related b. Must maintain and/or improve skills to perform job. c. Cannot be sports, games, or hobbies. d. Cannot be a part of a section 125 Flexible Benefits Plan.

Dependent care...

1. also known as childcare. 2. a recognition of key labor force changes: a. more women in the force force b. more dual career and single parent families. c. a population that is aging. 3. Ability for providing dependent care by the family has lessened because of job mobility (parents live in New Jersey, grandparents in Florida, relocation to California, etc). 4. To meet employee needs: employees live in many different places and their access, quality, and cost varies significantly. 5. To meet employer needs: gain access to greater labor supply a. to attract and retain experienced workers b. to enhance public image of a responsible and caring employer.

What is work/life balance benefits?

1. set of benefits provided by employers to help employees achieve a balance between their work and their personal lives.

Educational Assistsance or Tuition Reimbursement...

A tax effective way for the employer to encourage employee education and career development. A qualified benefit program where educational expenses such as tuition, books and fees paid by the employer are tax deductible. Reimbursement of expenses to employees are tax free up to $5,250 per year.

Flextime

Allows time at work flexibility Work/life balance opportunity for companies to: a. Allow employees to set their own hours at work b. Allow emplyoees to work from home c. Provide compressed work weeks, summer hours, etc. d. Results in lower absenteeism. e. Extremely valued by employees.

Why offer Work Life Benefits?

Become an employer of choice to attract and retain the right talent at the right price. Improves employee engagement, productivity, and loyalty. Enhanced company social reputation. Expands markets and brand recognition.

History of Educational Assistance...

Began in late 1940's and were intended for military members written plan was codified under Section 127 in 1978. In 2001 Tax Relief Act made permanent the exclusion from income derived from the benefit. 80% of employers offer some form of tuition reimbursement to their employees.

Government support - Child and Dependent Care Tax Credit...

Financial Support - obtain a tax credit for qualifying expenses up to 3,000 for one dependent or 6,000 for two or more. Not a tax deduction. Instead, lowers amount of tax you are required to pay. Federal Government provides it.

Employee Assistance Programs (EAPs)...

Goal is personal wellness. Performance improvement. Alleviate stress. Programs typically include: treatment of substance abuse, including supervisory training to identity. Counseling for issue of daily living and stress Counseling for family and marital problems Financial, legal and tax counseling. Typical EAP ROI is $3 for every $1 spent Very positive.. Huge ROI.

Maternity and paternity leave...

U.S. is non-competitive. No paid leave. Maternity Leave is standardly provided through state and federal disability laws, but a. 180 countries now provide mandatory paid leave to female employees. U.S. does NOT. 60% of countries provide at least 75% of pay. b. In the U.S. a trend is emerging and accelerating. - many employers reviewing their policies on family leave (want to be more competitive). - providing 7 to 26 weeks of paid paternity leave to male employees. - Trump administration has proposed 6 weeks of mandatory paid maternity leave following childbirth for women.

Dependent Day Care...

Very expensive - in more than 50% of states, cost to put an infant in child care is more than tuition at their public university. Cost of raising a child to age 18 is $245,340.

How do we stack up against other countries and work/life balance?

We are fairly poor at it. Employees are working more than ever and receiving less time off. 1. Also an increase in debt 2. Changing Demographics - In the 1950's, 60% of families had one working parent and another at home. Now, only 20% have this.

What do employees rate their companies on?

Work challenges and personal development (key to jobs) Atmosphere and environment of workplace. Pay and benefits Organizational Pride.


Kaugnay na mga set ng pag-aaral

FOI.6 Nucleus: Understand the storage of genetic information and how it is passed down to successive generations and the principles of basic techniques in Molecular Biology

View Set

External Bones of the Cranium/Face

View Set

Psych History ch. 10, ch. 11, ch. 12, & ch. 13

View Set

Info. Man.: Terminologies, Data Names, and definition Classification of Attributes

View Set