Exam 11: Employee Benefits

Ideally, which of the following should apply to an organization's benefits system?

In Canada, registered retirement savings plans (RRSPs)have grown significantly over the past few years. What is a key reason for this growth?

Legally required benefits amount to 50 percent of the benefits packages that Canadian employers provide.

Workers' compensation insurance is based on a system of individual liability.

Scenario 11.1 Canadian Fasteners is a Mississauga-based packing firm that packages nuts, bolts, and screws for various Canadian furniture companies across the country. The company has been growing at a rapid rate in the past couple of years. Previously, all HR-related functions were extremely informal or almost nonexistent. With the rising turnover, and a constant struggle to retain employees during the company's rapid growth, Canadian Fasteners has decided to implement an HR system that not only will assist with the recruitment and selection process, but also will help to administer a pension and benefit program. The newly promoted HR manager is excited about the company's future and is looking forward to the new challenges, but hopes efforts to more effectively capture and retain the right talent will be worth it, as turnover has caused the firm to lose one of its biggest clients. -Refer to Scenario 11.1. Canadian Fasteners is a small-size firm that still needs to monitor its costs. Which of the following would be most cost-effective for the company?

Great Parcel Inc. has numerous office locations across Canada, including isolated areas with no access to the Internet. What would be the most efficient way for the company to communicate a new benefit to all its employees?

Explain the concept of family-friendly benefits. Name and discuss at least five of these benefits employers offer their employees.

Scenario 11.1 Canadian Fasteners is a Mississauga-based packing firm that packages nuts, bolts, and screws for various Canadian furniture companies across the country. The company has been growing at a rapid rate in the past couple of years. Previously, all HR-related functions were extremely informal or almost nonexistent. With the rising turnover, and a constant struggle to retain employees during the company's rapid growth, Canadian Fasteners has decided to implement an HR system that not only will assist with the recruitment and selection process, but also will help to administer a pension and benefit program. The newly promoted HR manager is excited about the company's future and is looking forward to the new challenges, but hopes efforts to more effectively capture and retain the right talent will be worth it, as turnover has caused the firm to lose one of its biggest clients. -Refer to Scenario 11.1. Some of Canadian Fasteners' employees have been around since its inception and are well into their late 40s. Which of the following pension plans would be most effective in allowing employees to have a decent pension when they retire?

Bob Jones has just been permanently laid off from his present position. His company, ACME Manufacturing, has issued Bob a cheque that represents one month's pay for every year Bob worked at ACME. What does this cheque represent?

Which of the following statements does NOT describe management concerns about benefits?

A primary objective of most benefits programs is to increase turnover.

Workers' compensation covers certain work-related examples of which of the following?

People who have been resident in a Canadian province for three months are eligible to receive health care benefits.

Which of the following is NOT a potential advantage of family-friendly benefits?

In a defined-contribution pension plan, the amount an employee is to receive upon retirement is specifically set forth.

Once extremely popular, group life insurance for employees has steadily declined in use.

Many firms outsource their cafeteria plans to a professional vendor because of the complexity of administering the system.

Which type of pension plan with fixed payouts is falling out of use?

Which of the following is a fast, convenient, and interactive way employees can learn about or change their benefits?

How has the diverse workforce impacted benefits programs?