MBA755 Exam 6 questions well
answered graded A+ rated
Elements of a successful benefits program - correct answer ✔✔Many forces are weighed and
kept in balance for benefits programs to succeed.
Needs of employees are considered as they can differ from firm to firm.
Designing benefit programs - correct answer ✔✔Purchase detailed compensation date
Hire outside firms to aid in the designing process
Involve employees participation
Establish committees to over look the program
Flexible benefits plans - correct answer ✔✔- Enable individual employees to choose benefits
best suited to their particular needs
- Prevent certain benefits from being wasted on employees who have no need for them
Advantages of flexible benefits - correct answer ✔✔Employees select benefits of greatest value
to them
Employers manage benefits costs by limiting the dollars being spent
Employees are compensated by funds for other benefits
Administering Benefits - correct answer ✔✔* Program can be costly and time consuming
* Managing the benefits program on an online platform becomes easier
* Online benefits system is called employee self-service
(ESS)
* Results in significant cost savings
, * Feedback of different online systems being trialed, can be
obtained
Income security act (ERISA) in 1974 - correct answer ✔✔Requires employees to be informed
about their pension and other benefits in a understandable manner
Allows suing of employers for misleading about health and welfare benefits
Designing Benefits Information - correct answer ✔✔-avoid complex language when describing
benefits
-explain purpose of a benefit, its value for employees, and pros and cons of different benefit
plans
-use graphics to make information understandable at a glance
-provide numerous examples illustrating how a benefit choice might affect different types of
employees
-Include mandatory notices
Cost Containment Strategies - correct answer ✔✔Firms require employees to pay part of the
cost of their benefits
Increase amounts paid for benefits in the form of premiums, copays, and deductibles
Large companies cut health care plans, formerly provided to retirees
High Deductible Health Plan (HDHP) - correct answer ✔✔Insurance plan characterized by high
deductibles and low premiums
Disadvantages of HDHP - correct answer ✔✔On receiving a treatment, employee has to pay a
deductible
Percentage of the employees care or all of it until a high threshold is met
answered graded A+ rated
Elements of a successful benefits program - correct answer ✔✔Many forces are weighed and
kept in balance for benefits programs to succeed.
Needs of employees are considered as they can differ from firm to firm.
Designing benefit programs - correct answer ✔✔Purchase detailed compensation date
Hire outside firms to aid in the designing process
Involve employees participation
Establish committees to over look the program
Flexible benefits plans - correct answer ✔✔- Enable individual employees to choose benefits
best suited to their particular needs
- Prevent certain benefits from being wasted on employees who have no need for them
Advantages of flexible benefits - correct answer ✔✔Employees select benefits of greatest value
to them
Employers manage benefits costs by limiting the dollars being spent
Employees are compensated by funds for other benefits
Administering Benefits - correct answer ✔✔* Program can be costly and time consuming
* Managing the benefits program on an online platform becomes easier
* Online benefits system is called employee self-service
(ESS)
* Results in significant cost savings
, * Feedback of different online systems being trialed, can be
obtained
Income security act (ERISA) in 1974 - correct answer ✔✔Requires employees to be informed
about their pension and other benefits in a understandable manner
Allows suing of employers for misleading about health and welfare benefits
Designing Benefits Information - correct answer ✔✔-avoid complex language when describing
benefits
-explain purpose of a benefit, its value for employees, and pros and cons of different benefit
plans
-use graphics to make information understandable at a glance
-provide numerous examples illustrating how a benefit choice might affect different types of
employees
-Include mandatory notices
Cost Containment Strategies - correct answer ✔✔Firms require employees to pay part of the
cost of their benefits
Increase amounts paid for benefits in the form of premiums, copays, and deductibles
Large companies cut health care plans, formerly provided to retirees
High Deductible Health Plan (HDHP) - correct answer ✔✔Insurance plan characterized by high
deductibles and low premiums
Disadvantages of HDHP - correct answer ✔✔On receiving a treatment, employee has to pay a
deductible
Percentage of the employees care or all of it until a high threshold is met
