CEBS GBA - Module 1 LATEST QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

Fringe Benefits - ANSWER Addition of benefits as an offset to higher labor Broad View - ANSWER "Virtually any form of compensation other than direct wages" Limited (Narrow) View - ANSWER Benefits that stem from an employment relationship, not underwritten or paid for directly by the government Reasons for growth in Employee Benefit Plans - ANSWER Business, tax legislation, collective bargaining, efficiency of the approach Labor Management Relations Act (Taft Hartley Act) - ANSWER Administered by the NLRB, requires good faith bargaining between employers and employees in the matters of hours, wages, and working conditions. Effect of the Industrial Revolution - ANSWER Employees started moving to employers in Cities, the grouping of employees made it easier to cover all employees under one contract. Employer benefits are convenient and simple. Effect of World War II - ANSWER Wages were limited due to the government, employee benefits were deemed as compensation. Group Technique - ANSWER Only certain groups are eligible (a specific company's employees), steady flow of lives (cost increases as age increases), minimum number of lives. Functional Approach - ANSWER Organized system for analyzing audience, participants exposure to risk, focused on employee needs, reducing company loss, and being thoughtful of cost parameters, originated in 1967 by George C. Foust.