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Employee Benefits and Pay-for-Performance (Pay-for-Performance/Incentives,…
Employee Benefits and Pay-for-Performance
Benefits
Categories
Voluntary
Legally-required
Definition
non-wage compensation
Pay-for-Performance/Incentives
Definition
rewards employee depending on performance
Objectives
retain good employees
motivate
Types
Team based- e.g. gain-sharing
Organisation- e.g.profit-sharing, bonus
Individual - e.g. sales commission, piece-rate
Advantages of effective pay-for-performance schemes
retain
reduce employee turnover
develop healthy competition
motivate
Flexible Benefits / Cafeteria Benefits
schemes/plans
Core plus plans
e.g. of core benefits
hospitalisation & surgical insurance
dental care
term life insurance
medical outpatient expenses
Modular plans
Cafeteria plans
Flexible Spending Accounts
Definition
staff choose from a range of benefits