CEBS GBA 1: Assignment 1 Questions & Answers 100% Correct!!
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CEBS GBA 1: A
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CEBS GBA 1: A
3 types of total compensation/benefits policies that an employer could adopt - ANSWER1. follow the company's own prevailing compensation/benefits level in their firms industry or community or both
2. high comp/benefits policies attempt to attract higher levels of managment, technical and general e...
CEBS GBA 1: Assignment 1 Questions &
Answers 100% Correct!!
3 types of total compensation/benefits policies that an employer could adopt - ANSWER1. follow the
company's own prevailing compensation/benefits level in their firms industry or community or both
2. high comp/benefits policies attempt to attract higher levels of managment, technical and general
employee talent
3. low compensation/benefits policies are lower than average and more modest in scale
Broadview of employee benefits - ANSWERany form of compensation other than dirext wages paid
to employees. includes gov required benefits and private plans. employers share of soc security tax,
paid vacation and pension plans.
common employee needs or losses that could be met thru benefit plans - ANSWERmedical care, lost
wages due to illness, lost wages due to death, retirement needs, capital accumulation,
unemployment of temporary termination, financial counseling, losses from property and liability
exposures, needs for dependent care expenses, needs for educational assistance, needs for custodial
care expenses (long term care)
define accumulation oriented benefits - ANSWERtypically pension plans, profit sharing plans, savings
or thrift plans. have longer probationary periods. viewed as a reward for long service
define protection oriented benefits - ANSWERconsist of medical expense benefits, life insurance
benefits, and short and long term disability income benefits that protect employees from loss
exposures that could be financial disaster.
define the compensation/service oriented benefit approach - ANSWERemployers with this benefit
approach tend to relate employee benefits primarily to compensation or service or both when
creating plans within the constriants of any nondiscrimination rules thus the level of benefits would
be tied to the salary or pay of the employees and their years of service
define the needs-oriented benefit approach - ANSWERfocuses on the needs of the employees and
their dependents. employers with this philosophy ten to design benefits focus on this basis
, describe the 1948 national labor relations board ruling against Inland Steel - ANSWERthe duty to
bargain in good faith over wages also included insurance and fringes such as pension benefits.
describe the functional approach to benefit planning? - ANSWERthe application of a systematic
method of analysis to an employers total employee benefits program
looks at the organizations employee benefit program as coordinated. has ability to meet various
needs and to manage loss exposures within the employers overall compensation goals and cost
parameters.
describe the WW Cross and Co case - ANSWERNLRB rules that wages included a health and accident
plan
explain the Taft Hartley Act - ANSWERrelated to employee benefit planning. it is the framework for
good faith collective bargaining over wages, hours, conditions and terms of employment and
employee benefits. works along with the Internal Revenue Code to establish the distinction between
retirement benefits and welfare benefits.
also provides the regulatory framework for administration of these benefits in a collective bargaining
agreement.
how can replacement ratio be used to set benefit levels of retirement and disability plans? -
ANSWERthe retirement income objective might be expressed in terms of a percentage of the
estimated final pay of an employee. when a retirement plan is created to replace income then soc
sec money, various other capital accumulation benefits and the retirement plan itself would be
considered
for disablity plans can also apply the replacement ratio using average or normal earnings. income
from all sources under the total compensation package as well as the disability income plan itself
should be considered
how does an employers industry affect its compensation philosophy and benefits approach? -
ANSWER1. liberal approach- taken by nonprofits, larger and mature industries, financial industries
2. short term oriented compensation- developing firms or growth industries. also applies to seasonal
fluctuating businesses or ones that are highly competitive. applies to depressed industries unwilling
to add to fixed labor costs
how many categories of benefits fall under the broad view of employee benefits? - ANSWER5
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