Scenario 11.2
Bradshaw, Petrilli & Blake Inc. (BPBI) is a Canadian financial planning firm that provides financial advice for companies across Canada and the United States. The firm offers employees great benefits and excellent salaries. Its workforce is composed of predominantly "Generation Y" employees. These employees are very tech-savvy, achievement focused, and, most importantly, family centric (they value flexible schedules and
work-life balance). While they understand the demands of the job, they often get caught between the needs of the organization's clients and their family responsibilities, especially as related to their children. Currently, there is little flexibility if employees want to attend to family needs during work hours. BPBI is now looking into ways of helping its employees better meet these dual needs.
Refer to Scenario 11.2. BPBI would like to also set up an employee assistance program (EAP) to
help employees solve their personal problems, or at least prevent those problems from turning into crises that are likely to affect their ability to work productively. Which of the following are programs offered by EAPs in today's organizations?
a. seminars and workshops to help prepare for retirement
b. counselling and referral services for alcohol or drug problems, emotional problems, or financial or family crises
c. increased pension benefits or cash bonuses
d. salary
continuance programs, sick leave credits, and weekly indemnity plans
What factors determine employee compensation and benefits?
5 essential factors for determining compensation.
Years of experience and education level. It probably goes without saying, but the more experience and education a candidate has, the higher their expected compensation. ... .
Industry. ... .
Location. ... .
In-demand skill sets. ... .
Supply and demand..
What are the importance impacts of the compensation and benefits program to the organization?
Compensations and benefits are an important aspect of human resource management as it helps the workforce keep going. These compensations keep the workforce motivated to achieve more. It helps the organization award its employees on the basis of their performance and helps them excel at every venture they undertake.
What are the factors affecting compensation management?
Factors affecting wages or compensation or determinants of wages or compensation: 1) Productivity of workers: to get the best results from the employees and to increase the productivity compensation has to be productivity based. 2) Ability to pay: it depends upon the employer's ability to pay wages to the workers.
What is the importance of compensation in an organization?
When employees are adequately compensated, they feel motivated to come to work. Their morale remains high, and their job satisfaction levels increase. High morale ensures that employees are motivated enough to come to work every day and deliver work to the best of their abilities.