Scenario 1
Many employees in company A are not likely to have needs for the specifict benefit programs that the company offers, hence it makes sense to get rid of the benefit programs that some employees use and others do not use. The level of benefits provided must meet the needs or objectives of the employees and employers in order to attract employees' willingness to receive benefits instead of direct cash compensations. For company A, the characteristics of the workforce must be considered first when choosing the benefits. In this scenario, Sue is an old female employee whose children are out of college and parents are deceased. It is not likely that the child-care program along with an elder-care program would be highly valued and considered desirable to her. In addition, many other employees have no need for this benefit either currently or in the future. In another word, the benefits program which the company has offered is not attractive or adequate; employees cannot take full advantage of the use of these benefits.
The best way to solve the above problem is using the flexible benefits to employees who have no use of such benefits. A flexible benefit allows employees to choose from a selection of employer-provided benefits to satisfy their benefits need. For company A, the core benefit provides basic need of security to employees, including company retirement plan, health insurance plan, vacation, long-term disability and some additional benefits such as child-care, dental plan, employee and family assistance program, etc, which are based on employees' individual situations or priorities.
There are two parts to a fair benefits procedure in this scenario: purpose and policy. The details of procedure are described as follows:
Development Benefit Procedure
I. Purpose
Company A recognizes the need to implement a flexible benefits program as defined in a core-plus-options plan.
II. Policy
§ To demonstrate employee's eligibility for benefits, office of Human Resource must consider the most recent date of hiring and numbers of hour employee's work per week. Employees are eligible for benefits coverage from their date of hire.
§ Options plan can be allocated to employees according their full-or part time status plus a percentage annual salary. New employees can choose three options.
§ Generally, participants may not change their core-plus-options elections in the middle of the plan year.
§ Claim procedure for core-plus-options must be provided by each employee benefit plan.
§ Vacation benefit: annual leave of 1 calendar month.
§ Company must made employee benefits to all employees in a non-discriminatory manner such as non-discrimination on the basis of disability, sex and pregnancy and age.
Commonly associated with pay for employees, benefits is the second biggest obstacle for management. Like Volkswagen starts employees off at the basic pay the unions would achieve, a similar benefits program should be implemented (Greenhouse, 2014). The passing of the Affordable Health Care Act has made it possible for many citizens to receive coverage but it is basic at best. GMFC should create a plan based off of the Health Care Act and unionized plans and allow for extras to be added on. This allows for employees to pick the benefits package that works best for them.
Compensation is made of a base salary (paid by the hour, work or the year; excluding overtime or bonuses), variable pay (bonuses, profit sharing/stock options which work hand and hand with the performance of the company), and benefits (to include health insurance/savings plans – 401(k), or tuition reimbursement). The traditional way of determining base pay for jobs was to compare jobs in the same industry. Now industry and market, no long work by themselves, the current thinking is more person-based that considers knowledge, skills, and competencies of the work. This, however, is best suited for high-performing environments that remain flexible in their deployment of human capital.
Determine the Compensation Level: Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may not have been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor. Evaluate the Proposed Strategy: Affordability of these theoretical applications is not obtainable within the first couple of years of business.
“To make your company competitive and attractive to job candidates you have to offer an exceptional total benefits package” (Obringer, 2003, para.1). This is especially true in the current economic environment. The employee’s needs are changing so businesses are having to rethink their compensation and benefits packages. The home improvement industry is no exception to this phenomenon. Companies like Ace Hardware, Lowes Home Improvement, and The Home Depot have had to adapt their benefits packages to stay competitive in an industry with an ever-changing employee demographic. The following pages will include a comparison of all the benefits offered by Ace Hardware, Lowes Home Improvement, and The Home Depot, as well as, a glimpse into whether or not their strategies seem to have been successful. The majority of the benefits are available to all employees, but some of them are only available to corporate team members. To make sure that all of the available benefits are covered and for comparisons sake, the focus of this report will be on the corporate level of benefits. Also due to the wide salary ranges between low level employees and corporate employees, this report will not focus on salaries.
Insurance companies should provide the option for a member to claim an unemployed senior relative as an insurance dependent.
Working environment will be supportive and non hostile toward diverse employees. The plan will informed all employees that events posted on the company’s board will be all inclusive. Company sponsored events will have a committee that is well represented by all cultural backgrounds within the organization. Also, their will be heritage celebrations’ throughout the year to encourage all employees to learn their fellow employees cultural.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Many employers have been baffled as they attempt to sort through the overlapping obligations created when a sick or injured worker's medical condition triggers the different rights and responsibilities under new federal laws. If businesses want to avoid costly lawsuits from disgruntled employees it is essential to understand their responsibilities under the laws. Employers must make a tw...
When the project analyzing about age discrimination, it could not proceed without mentioning about the social economic status and retirement policies. Because of the employment market will be always influenced by economy and government’s strategic incentives such as social security policy, and medical care policy.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Other trends in paid benefits are the option to work flexible schedules, otherwise known as Alternative Work Schedules (AWS). AWS options include compressed work schedules, Flext...
This strategy aims to employ workers from different backgrounds to provide tangible and intangible benefits for the business. The employers are the ones who control everything from the wage, promotions, incentives and the termination of the older counterparts. They are increasingly concerned about updated skills, physical demands, early retirement, and the cost of maintaining an older worker. Despite how employers may feel, companies cannot afford to neglect talent at any age. The employer should take advantage of the skills that the older employee posses, and carefully position them in jobs that matches their skill level as well as the job to be done. “Regardless of the change organizations make in the structure and functioning of the workplace of the future, it appears likely that older workers will play a crucial role (Hedge,Borman,& Lammlein, 2006). Different acts and laws are governed to respond to any discrimination against older employees in the workforce. Employment agencies, labor unions, local, state and Federal government are bound by these laws such as: Older Workers Benefits Protection Act (OWBPA); The Americans with Disabilities Act (ADA), Older Americans Act (OAA), to name a few. Funds for service by the Congress are provided in forms of grants for various programs yearly. States, counties, and cities recognize the value of the servicing and are generous in providing additional funds, benefits and in-kind economic benefits too. Because area and state agencies on aging are doing very little in a way to use mass media to promote themselves, the aging network is probably missing a large number of disadvantage people who should be receiving services but who are unaware of them. Much more emphasis has been placed on tying together the federal services for the older workers, but it should not have taken a federal initiative to make states see
Company today doesn’t have a strong employee’s policy about the benefits and rules that are putting in place vacation, personal day, and sick day. To prevent absenteeism human resource have to researched in how important they human capital to they organization. They should separate the different department needed and how it effect productions when they is high absent from delay work. Usual company is not very clear about when to use your vacation and personal day. Also when to call out sick, what are the guideline?
Employee benefits coordinator play a significant role in Human Resource Management. Employee Benefits coordinators are responsible for assisting with employee benefits, maintaining employee data base, managing all insurance billings and maintain employee files, sick pay, vacation and retirement. This study explores the importance of employee benefits to corporations, government agencies and non profit organizations. This paper also researches the effects on the management team and on individual employees’.
The organization is able to manage a high coverage of risks at relative low costs owing to the availability of highly skilled personnel in the company’s team of employees. This benefit also brings about another advantage of easing the financial burden of the organization (Johnson, 2016). Besides, effective employee benefit system offered by the organization could improve the general productivity. This benefit is attributed to the fact that employees tent to be more effective when they are given assurance of job security. In addition, workers become more productive when they and their families are given the desired security by the employer. The other benefit to the organization if it employs an effective compensation and benefits system entail benefits from premiums (Wayne, Shore, M., Bommer, & Tetrick, 2002). These premiums are typically tax deductibles as corporate expense. As such, a company that has an effective compensation and benefits system is likely save extra money for other