which of the following is an advantage of flexible benefit plans course hero

Why do companies offer Flexible Benefit Plans?

Apr 14, 2016 · Flexible Benefits Plans: Advantages and Disadvantages Advantages Employees select benefits to match their individual needs. Benefit selections adapt to a constantly changing (diversified) workforce. Employees gain greater understanding of the benefits offered to them and the costs incurred. Employers maximize the psychological value of their benefits program by …

What are the advantages of employee benefit plans?

Feb 25, 2022 · What are the advantages and disadvantages of flexible benefits? Business Management Human Resource Management MHA 618 Answer & Explanation Solved by verified expert All tutors are evaluated by Course Hero as an expert in their subject area. Advantages- 1. Employee requirements 2. financial management/control 3. Extra cash in hand Disadvantages- 1.

Why does GrindStop have a flexible benefit plan?

Apr 03, 2020 · 18. Which of the following is a disadvantage of flexible benefit plans? A. Flexible plans fail to equip firms to meet the changing needs of employees. B. Flexible plans make introduction of new benefits more costly. C. Flexible plans increase administrative burdens and expenses. D. Flexible plans decrease the value of benefits as perceived by ...

Are flexible benefits subject to nondiscrimination?

Aug 22, 2020 · 25) A) Flexible plans decrease the value of benefits as perceived by employees. B) Flexible plans are not suited for companies with diverse workforce. C) Flexible plans make introduction of new benefits more costly. D) Flexible plans fail to equip firms to meet the changing needs of employees.

Which of the following is an advantage of flexible benefit plans?

Which of the following is an advantage of flexible benefit plans? They require no expenditure from the employers. They decrease the administrative burdens for employers. They decrease the costs as employees pick only those benefits they will use resulting in the subsequent high benefit utilization.

Which of the following is a disadvantage of flexible benefit plans?

The major disadvantages of a flexible benefits package are: • Employees make bad choices and find themselves not covered for predictable emergencies. Administrative burdens and expenses increase. Adverse selection: Employees pick only benefits they will use; the subsequent high benefit utilization increases its cost.

What is flexible advantage?

A benefit program that offers employees a choice between various benefits including cash, life insurance, health insurance, vacations, retirement plans, and child care.

What are the advantages and disadvantages of flexible benefits?

Flexible benefits allow employees to choose the benefits they value most, which is great for employee recruitment and retention. The disadvantages of offering a flex benefits package pertain to time, resources, communication and cost.

What is the major advantage of a flexible spending account?

From an employee perspective, one of the biggest advantages of participating in an FSA is the tax-free nature of the account. Employee and employer contributions are not included in an employee's gross income and qualified expenses are paid or reimbursed on a tax-free basis.Jun 25, 2020

What is flexibility and example?

Flexibility definition Flexibility is defined as the ability to change, to bend, or to persuade. An example of flexibility is being able to work whenever one wants.

What is flexible benefits give a concrete example?

Flexible benefit plans allow employees to deposit funds through payroll deductions from their pretax income, thus lowering their taxable income. For example, if an employee contributes $1,200 a year to a flexible spending account, he could reduce taxes by $400 a year if he is in the 30 percent tax bracket.

What is flexibility What are its benefits and how can it be enhanced?

Stretching your body to become more supple and flexible offers many physical benefits. Such training allows for easier and deeper movements while building strength and stability. Stretching your muscles and joints also leads to greater range of motion, improved balance, and increased flexibility.

Why are flexible benefits offered?

They increase the involvement of employees in choosing benefit plans. Cost pressure related to increasing diversity of the workforce is one of the reasons companies are offering flexible benefit plans. True. A job ad stating generous benefits leads applicants to place higher value on benefits in choosing among jobs.

Why are new benefits more difficult to introduce?

New benefits are more difficult to introduce. A major reason for the proliferating cost of benefit programs is the narrow focus of benefit administrators.

Which company combines benefits offered for couples who work within the organization?

Alpha Corp. combines the benefits offered for couples who work within the organization. DLG Corp. excludes its new recruits from benefit coverage until they complete a year. Kimberly Corp. requires employees in the lowest salary quartile to pay for 20 percent of benefits. Amethyst Corp. limits its employees to avail coverage for only two dentist ...

Can you substitute insurance for job security?

Employers can substitute insurance benefits for job security. Group insurance benefits has relatively easy qualification standards. Most employee benefits are taxable. Many group-based benefits are obtained at a higher rate than could be obtained by employees acting on their own.