Question
This week's 'HRM by the Numbers' focuses on the cost of union and non-union benefits. Use the table below to provide the correct answer for
This week's 'HRM by the Numbers' focuses on the cost of union and non-union benefits. Use the table below to provide the correct answer for each question. Not all of the data in the table will be used. See the point value for each question. They must be answered correctly. No partial credit. They must also be rounded to the nearest hundredth which is 2 decimal points (i.e. 23.45, 53.00, 6.10) to be considered correct.
Union Costs - .5 points each
- The hourly compenstation costs of paid leave: $_____________
- The hourly compensation costs of legally required benefits" $___________
Nonunion Costs - .5 points each
- The hourly compenstation costs of paid leave: $_____________
- The hourly compensation costs of legally required benefits $___________
Comparison (Percent Cost Difference Between Union and Nonunion Benefits = ((Union Benefits Cost - Nonunion Benefits Cost) / Nonunion Benefits Cost) 100%
- 1 point - The percentage cost difference between union and nonunion benefits for wages and salaries______%
- 2 points - The percentage cost difference between union and nonunion benefits for paid leave and legally required benefits _____%
Table:
Compensation Component | Union | Nonunion |
Costs | Costs | |
Wages and salaries | 22.89 | 17.82 |
Paid leave | ||
Vacation | 1.40 | 0.90 |
Holiday | 0.82 | 0.52 |
Sick | 0.42 | 0.21 |
Personal | 0.14 | 0.10 |
Insurance | ||
Life | 0.06 | 0.03 |
Health | 4.78 | 1.72 |
Short-term disability | 0.14 | 0.04 |
Long-term disability | 0.10 | 0.03 |
Retirement and savings | ||
Defined benefit | 2.47 | 0.27 |
Defined contribution | 1.02 | 0.54 |
Legally required benefits | ||
Social Security | 1.50 | 1.18 |
Medicare | 0.38 | 0.30 |
Federal unemployment insurance | 0.02 | 0.02 |
State unemployment insurance | 0.18 | 0.14 |
Workers' compensation | 0.82 | 0.32 |
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