Discuss each of the following statements from the standpoints of equity and efficiency. (a) "Everyone in society should be guaranteed the best health care possible." (b) "When workers are laid off‚ they should be able to collect unemployment benefits until they find a new job.." Answer (a) If everyone were guaranteed the best health care possible‚ much more of society’s resources would be devoted to providing health care than is now the case. Would that be efficient? If you think that
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their families) as they adopt and sustain behaviours that reduce health risks‚ improve quality of life‚ enhance personal effectiveness‚ and benefit the organization’s bottom line” (Berry‚ 2010). This definition covers the relevant components of all-inclusive wellness programs. Companies want to gain benefits of wellness programs while avoiding problems. BENEFITS Higher Productivity results in an elevated level of output by employees taking advantage of wellness programs. Higher employee morale
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investment. As a result‚ a variety of new pay systems have been developed‚ each with its own objectives‚ benefits and risks. Some companies have already installed new pay plans‚ and many more are considering it. Strategic compensation planning allows an organization to focus on its strategic objectives and develop a comprehensive plan‚ considering base pay‚ short- and long-term incentives‚ benefits and growth opportunities. This kind of planning helps ensure that the compensation system will support
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strategies within organizations. First‚ an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to the organization’s success. (Noe‚ Hollenbeck
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Periwinkle Pty Limited Case Study A Fringe Benefit is a form of pay that employees pay employees by providing the employee to enjoy certain privileges. Providing a company car for the employee to use is a commonly used fringe benefit that is made available for management and field work workers. Also‚ the company can decide to offer cheaper prices for its employees by availing the services and products to the employees. This allows the employee to access the products of the company at a price that
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increased responsibilities‚ Status etc‚ is referred as: a. Separations b. Transfer c. Promotion d. Demotion 9. Any wage cost not directly connected with employees productive effort‚ performance‚ service or sacrifice‚ is called: a. Compensation b. Fringe Benefits c. Incentives d. Allowances 10. The level of
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the different designations of employment laws that are listed. Benefits decreases for the entire employee population Describe the scenario that you have selected and its corresponding employment laws. The scenario I chose was benefits decrease for the entire employee population. The State I live in is Maryland and will be getting information from www.md.gov. There are many laws governing fringe benefits in Maryland. Fringe benefits includes minimum wage‚ overtime‚ meals and break‚ vacation‚ sick
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Moreover‚ several racial discrimination lawsuits and antitrust proceedings affected the company’s corporate image and financial performance adversely. In the early 2000s‚ in order to improve its profit margins‚ XYZ Corp. started cutting several employee benefits‚ which demotivated its employees. To boost the employee morale‚ in 2006‚ Steve M‚ the then CEO of XYZ Corp.‚ appointed Lisa Steve as the Senior Vice-president of HR. If you look at the trend-setting population‚ and you look at the population at
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employee benefits can improve the overall competitive compensation strategy of the organization. A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent‚ many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employee benefits. Technology
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the financial and non-financial benefits given to employees in trade for their services to the company. The employees will give the company their time‚ their abilities and efforts to support the company in return for the benefits the company provides. Total rewards involve the combination of five essential elements needed to motivate‚ attract and retain employees needed to accomplish the organizations goals. They are: Employee Compensation Employee Benefits Employee Work-life Balance
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