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Employee Benefits Plan Components

What are the major components of a benefit plan? and what are the key issues that must be considered when developing, designing, and administering a benefit plan? Why?

What impact does ethics have on the determination of compensation and rewards systems?

List (3) key elements necessary for establishing an effective employee relations program? Why?

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What are the major components of a benefit plan?

The U.S. government has played an important role in the growth of employee benefits in the United States. In fact, some employee benefits are mandated by either the state (government: workers' compensation), or federal (unemployment insurance and social security) (Milkovich & Newman, 2004). In addition to mandated benefits other, non-mandated, benefits should be considered by Riordan as well. Overall, while compensation and reward systems vary substantially from company to company, they are a major consideration in determining the company's strategy for attracting and retaining employees. Therefore, this will vary from employer to employer, but the most common ones are medical and dental insurance, educational credit, prescription drug coverage, child-care, enrollment change information, retiree benefits, tax deferred investments and vision care.

What are the key issues that must be considered when developing, designing, and administering a benefit plan? Why?

Benefits must have a benefit to employees in order for them to be attractive. Hourly employees in a job traditionally filled by part-time high-school students need not address ...

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