Discretionary Benefits 1

A set of flashcards covering key terms and definitions related to discretionary benefits and employee preferences discussed in the lecture.

Discretionary Benefits

Benefits provided by employers that are not required by law, which enhance employee compensation packages.

Cafeteria Style Benefits

A flexible benefits plan that allows employees to choose from a variety of benefit options to suit their individual needs.

Paid Time Off (PTO)

Time that employees can take off from work while still being compensated, which may include vacation days, sick leave, and personal days.

Traditional PTO

A benefits system where different categories of paid time off are provided separately, such as vacation and sick leave.

Bank PTO

A system where all paid time off is pooled together without distinct categories, allowing employees to use it flexibly for any of their time-off needs.

Family Planning Benefits

Employer-sponsored programs that help employees with child care, elder care, and family leave.

Wellness Programs

Employer initiatives aimed at promoting physical and mental health to reduce health costs and improve productivity.

Life Insurance

A protection program that pays a specified amount to an employee's beneficiaries upon the employee's death.

Unlimited PTO

A policy where employees can take as much time off as they feel necessary, without a set number of PTO days.

Employee Assistance Programs (EAP)

Employer-sponsored programs designed to help employees with personal issues and improve their mental health.

Income Protection Programs

Benefits designed to provide financial support to employees during times of income loss due to disability or unemployment.

Presenteeism

The practice of employees coming to work despite being unwell, often encouraged by bank PTO systems.

Leave Payout Program

A program where employees can receive cash for unused PTO when they leave a company.

Demographics in Benefits Selection

The influence of different generations and gender on preferences for various employee benefits.

Paid Family Leave

Legally mandated time off that employees can take to care for family members, often compensated.