What are the three categories of discretionary benefits?

According to this week’s lecture, there are three main categories of discretionary benefits: protection programs, paid time off, and services (Lecture: Discretionary Benefits).

Which is a category of discretionary benefits?

According to this weeks lecture, there are three main categories of discretionary benefits. These include protection programs, paid time off, and services.

Which of the following is not one of the discretionary benefit?

Overtime payments is not a discretionary benefit.

What are discretionary benefits SHRM?

Discretionary benefits are those employee benefits that are mandated by law. 8. In an organization where the majority of employees are between the ages of 20 and 40, employees are more likely to value benefits related to child birth and child care.

Which of the following is an example of discretionary protection program?

Three important discretionary protection programs include disability insurance, life insurance, and retirement programs.

What are the three main reasons that employers offer discretionary benefits?

Three Main Roles of Discretionary Benefits:
  • Income and Health Protections (sick leave)
  • Paid Time-Off (vacation, holidays)
  • Accommodation and Enhancement (wellness programs or educational assistance are examples)

What are the 4 major types of employee benefits?

What are the four major types of employee benefits? Traditionally, most benefits used to fall under one of the four major types of employee benefits, namely: medical insurance, life insurance, retirement plans, and disability insurance.

What are good benefits packages?

The next most-valued benefits were ones that offer flexibility and improve work-life balance. A majority of respondents reported that flexible hours, more vacation time, more work-from-home options, and unlimited vacation time could help give a lower-paying job an edge over a high-paying job with fewer benefits.

What discretionary benefits are and how companies use them to benefit the company and its stakeholders?

Discretionary benefits are employment benefits that are not mandated by law. They can include a range of employee benefits, such as health insurance, sick leave, maternity leave, vacation leave, pension plans, life insurance, and prescription medicine insurance.

What is discretionary leave at work?

Definition. Discretionary Leave is paid time off work that a department or division head may award to a level 1, 2, or 3 professional staff employee to recognize noteworthy achievement and work effort that have significantly contributed to the unit’s mission, goals and/or objectives.

What is an advantage associated with offering discretionary benefits?

What is an advantage associated with offering discretionary​ benefits? They can promote particular employee behaviors that have strategic value.

What kind of discretionary benefits would help companies to have better control over absenteeism?

What kind of discretionary benefits would help companies to have better control over absenteeism? Integrated paid time off policies combine holiday, vacation, sick leave, and personal leave policies into a single paid time off policy. This allows employees to schedule time off without justifying the reasons.

What factors and steps should organizations take in developing their discretionary benefits?

5 steps to update your company benefits plan
  • Align the benefit strategy with business objectives. …
  • Aim for global consistency with local relevance. …
  • Provide core security and increase employee choice. …
  • Educate employees about the benefits programme. …
  • Deliver high-performing programmes.

What are voluntary benefits give 3 examples?

Voluntary benefits are insurance products that employees may choose to purchase through their companies at rates that are lower than they could get on their own. A few examples of voluntary benefits are dental, vision, life, disability, supplemental health and cancer insurance.

What do discretionary benefits mean?

Discretionary benefits refer to any type of benefits you are not required to provide by law. This umbrella term includes myriad benefit types, from supplementary dental and vision insurance to perks like wellness programs and child care stipends.

What are the implications of discretionary benefits for Strategic Compensation?

Discretionary benefits can also undermine the imperatives of strategic compensation. Companies that provide discretionary benefits to employees as entitlements are ultimately less likely to promote competitive advantage than companies that design discretionary employee benefits programs to fit the situation.

What is the difference between legally required benefits and discretionary benefits?

The first type of benefit is legally required benefits. As their name implies, these are benefits that employers are required (by law) to provide for their employees. … The second type of benefit is discretionary benefits. These are benefits that employers may offer even though they are not required to do so.