8.7.1. Employer And Employee Benefits . •Remuneration Package

Holiday entitlements are statutory rights and this is a paid holiday provided to employees. Everyone receives this and they are entitled to 21 days that is applied to all employees who got a full contract. If the employee has half a contract then they are entitled to half of the holidays that mean they are allowed of 10 days off. At NewVIc the teachers must be agreed to the holidays with the college and this can be taken any time during the year since everyone has the right to take. This won’t affect the college since they would have fore planned. This means the college have organised a teacher for the specific period and time of the year. The benefit of this to the college is that it won’t affect the students and the organisation since it will let the college run

Holiday entitlement: I am entitled to standard Statutory Holidays in 12 months. At present this is 28

A vacation of two weeks after 12 months of service and within the following 10 months or, if the employee has been employed with the same employer longer than 8 years, a vacation of at least three weeks

PTO time will allow employees more flexibility when it comes to vacation time, emergencies, and even schedules events that require the individual to miss work. These twelve days will help the employee’s better plan his/ her vacation and other scheduled commitments and drastically reduce the number of unscheduled days off since all the days in one category instead of only allowing five sick days and seven vacation days. However, there will still be some days that the employees cannot request off in advance, but this policy would allow the employee a certain time period to tell the employer they cannot make it to work on a given day. By offering this type of time off structure, it will help the employer more time to plan and prepare for the staff shortage in a more efficient manner. Also, paid time off helps the employer and employee not have to differentiate what is acceptable and applicable to a holiday and sick day and it will help motivate the employees to not use a sick day unless he/ she is actually sick (Hulett, 2007). Therefore, if an employee is rarely sick, then that employee will have more vacation time to use

Base pay, protection programs, paid time-off programs, and work-related bonuses are all part of which type of compensation program?

Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory

This leave assists those who have an illness or caregivers of an ill family member; such as a parent with cancer and is in hospice. This allows an employee the peace of mind that they will have their position when they come back to work so this does not have to add to the stress of an already stressful situation.

These employees enjoy accrued benefit such as health insurance, vacation, Competitive wages, dental insurance, holiday and a retirement plan (Helms, 2001).

At the start of 2012 the company introduced a “no sick benefit” i.e. if an agent has no sickness from January – June they gain 1 extra day of holiday and if there is no sickness from July – December then a further 1 day of holiday is granted. This could be a reason for the general improvement.

28 days holiday (paid) for full time employees (part-time employees would receive this on a pro rata basis);

According to all the facts we have on the Fit Stop, we chose that the best suitable organizational performance pay plan for employees would be employee stock plans which are a plan through which employees acquire shares in the Fit Stop. We have chosen the three main employee stock plans i.e. employee stock bonus plan, employee share purchase plan and employee stock option plan. (Long, 2013)

“The purpose of the donated leave pool is to provide a means or employees to donate and receive paid leave to alleviate hardships caused to an employee or the employee’s family if an illness or injury forces and employee to exhaust all earned leave time”

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.

Provision is made for employee benefits accumulated as a result of employees rendering services up to the reporting date. These benefits include wages and salaries, annual leave, sick leave and long service leave.