Human Capital Management: The challenge of recruiting and retaining qualified candidates, and helping new employees fit into an organization. The goal is to keep employees contributing to the organizations intellectual capital by offering competitive salary, benefits and development opportunities. The major functions of human capital management include Recruitment, Compensation, Benefits and Training.
These benefits, which are physiological, psychological and cognitive, promote increased employee satisfaction, increased understanding of information provided, decreased stress and increased productivity.
Sahoo, KC, Behera, N & Tripathy, SK 2010, ‘Employee Empowerment and Individual Commitment: An analysis from Integrative Review of Research’, , vol. 10, no. 1, pp. 40-56.
Cafeteria Plan: A plan in which an employer offers employees a variety of different benefits. The employee is able to choose which benefits would fit their individual needs. Examples of benefits offered in the cafeteria include group-term life insurance, dental insurance, disability and accident insurance, and reimbursement of healthcare expenses.
Carve-Out: The elimination of coverage of a specific category of benefit services (e.g. vision care, mental health/psychological services, or prescription drugs). The employer opts out of certain services with one vendor and contracts another to deliver them.
Using these two information, ABC would be able to analyze and get a big picture of how separated and current employees feel about the various aspects of the company such as compensation and benefits package, career advancement, training and education etc....
The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes....
Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events.
Employer Value Proposition (EVP): The core document for employer branding initiatives. A unique set of offerings, associations and values to positively influence target candidates and employees. Essentially, it is why an employee would want to work at a company. An effective EVP benefits recruiting, employee engagement and retention and can reduce the need to pay a wage premium for top talent. The EVP takes its name from the marketing term ‘Unique Value Proposition,” a statement that describes the benefit of a product.
Defined Contribution: A pension plan that clearly defines the amount of contributions, which is usually a percentage of an employees salary. The benefits payable at retirement depend on several factors including future investment return and annuity rate at retirement.
ERISA (Employment Retirement Income Security Act): A federal law that governs pension and welfare employee benefit plans. ERISA requires plans to provide participants with plan information including plan features and funding. It also requires that plans provide fiduciary responsibilities for those who manage and control assets. It gives participants the right to sue for benefits and breaches of fiduciary duty.
Core competencies: The particular set of strengths, experience, knowledge and abilities that differentiate a company from its competitors and provide competitive advantage. Employees should possess these qualities in order to advance business goals.
Empowerment on the other hand has been viewed as bestowing some level of autonomy on employees in an effort to build their self esteem and also to motivate them....
COBRA: Consolidated Omnibus Budget Reconciliation Act. 1985 Federal law that requires employers to offer continued health insurance coverage to terminated employees and their beneficiaries. The coverage may continue for the following cases: termination of employment, change in working hours, change in dependent status or age limitation, separation, divorce, or death.