Indirect Financial Compensation

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Indirect Financial Compensation by Mind Map: Indirect Financial Compensation

1. IFC includes all financial rewards that generally are not paid directly to the employee

2. Legally required benefits currently account for about 10% of total compensation costs: social security, unemployment insurance and workers' compensation

3. Discretionart benefits are benefits payment made as result of unilateral mangement decisions in firms and from labor management negotiations in unionized firms. And it includes payment for time not worker, health care, life insurance, retirement plan...

4. The cost gap for health care between smokers and nonsmokers will widen begining in 2018. Companies will health plans that spend much more than average will have to pay an additional federal tax

5. Premium pay is compensation paid to employees for working long periods or working under dangerous or undersirable conditions

6. Voluntary benefits are essentially 100% paid by the employee. However, the employee typically pays the adminstrative cost.

7. Customized benefit plans permit employee to make selections to largely determine their benefit package by choosing between taxable cash and numerous benefits

8. Organizations spend millions dollars each year for benefits. And workers need to fully understand the benefits that are provided

9. The job itself can be a powerful factor in the compensation equation. It is a job may be so boring or distasteful that an individual dreads going to work

10. The job environment can have a significant impact on compensation. The focus is on how to get the work done more efficiently. Including sound policies, capable managers, competent employees...

11. Workplace flexibility factors include flextime, the compressed workweek, job sharing. Two in a box, telecomuniting and part time work