HowStuffWorks "How Employee Compensation Works"

[http://www.howstuffworks.com/] SUBSCRIBE Adventure Animals Auto Culture Entertainment Health Home & Garden Lifestyle Money Science Tech Video Shows Quizzes Business Economics Jobs Personal Finance Home / Money / Business / Employee Management How Employee Compensation Works by Lee Ann Obringer Page 5 Disability and Life Insurance 6 Paid Time Off 7 Other Leave and Benefits 8 Stock Options/Profit Sharing Other Leave and Benefits Jury Duty, Military Leave, and Bereavement Don't forget to include policies on jury duty, military leave, and bereavement. These situations may come up more often than you think, and even if yours is a small company, you need to have policies in place to address these so that you know you're handling them consistently. Typically, companies allow up to two weeks per year for jury duty or military leave and up to three days per year for bereavement. You'll also need a policy on maternity and/or paternity leave. Whether this leave is paid or unpaid is up to you (more on this later). Domestic Partner Benefits The very controversial subject of employment benefits for domestic partners has become more commonplace over the past few years. If yours is a very diverse workforce, you may want to consider covering domestic partners in your benefits program. The focus of most domestic partner benefits seems to be health care, but many also cross over into life insurance, family leave, and other areas. While you may think the reasons for including domestic partner coverage in your benefit program are simply a commitment to diversity and public image, also remember that your closest competitors may be offering this. If you don't offer it as well, you may be hindering your own efforts to attract talent to your workforce. Your company's values, beliefs, and your labor market will all be deciding factors in whether you offer domestic partner coverage. Check with regulations in your state's insurance laws and also with your insurer, because there are still a few restrictions that may affect your ability to offer the benefit even if you want to. Print Cite This! Close Please copy/paste the following text to properly cite this HowStuffWorks article: Obringer, Lee Ann. "How Employee Compensation Works" 01 January 2003. HowStuffWorks.com. 17 August 2014. Citation & Date Feedback Page 4 Health Insurance 5 Disability and Life Insurance 6 Paid Time Off 7 Other Leave and Benefits 8 Stock Options/Profit Sharing 9 Retirement Plans 10 Money Purchase Plans 11 Other Benefits and Policies More To Explore Get Math Help Addition Subtraction Multiplication Division Math See all Math articles >> You Might Also Like 10 Networking Tips for People Who Hate Networking Hate the idea of sheepishly handing out business cards to strangers while "selling yourself”? Try these tips for easing the pain. How to Leverage an API for Conferencing APIs are an important part of communication software. Learn more about APIs in this article. Popular Articles Who Said It: Gates or Jobs? 5 Things You Should Do Before Opening a 401(k) How to Start a Radio Station Most Popular Most Watched Most Popular 10 Great Reasons to Change Jobs How do CDs (certificates of deposit) work? 10 Quick Ways to Make Money Eye On the Money: Test Your Debt Knowledge 10 Tips for Staying on Budget Most Watched Stocks and the Stock Market Credit Card Videos How to Make Millions Frugal Living Saving Money Don't Miss Stuff You Should Know: Demystifying Your World Stuff Mom Never Told You: All Things Women and Gender Stuff You Missed in History Class: Fact or Fiction? CHECK OUT OUR PODCASTS HOWSTUFFWORKS NEWSLETTER THE LATEST AND GREATEST SUBSCRIBE HOWSTUFFWORKS Adventure Animals Auto Culture Entertainment Health Home & Garden Lifestyle Money Science Tech MORE STUFF Blogs HSW Tools RSS Maps Podcasts Quizzes Newsletters Video HSW Brazil HSW China STUFF WEBSITES BrainStuff CarStuff Fw:Thinking Stuff Mom Never Told You Stuff of Genius Stuff They Don't Want You to Know Stuff to Blow Your Mind Stuff You Missed in History Class Stuff You Should Know CUSTOMER SERVICE Advertising Contact Us Help CORPORATE About Us Careers @ HSW Privacy Policy Visitor Agreement TAKE US WITH YOU FOLLOW US Copyright © 1998-2014 HowStuffWorks, a division of InfoSpace LLC