Case Study 2
When it comes to becoming a Benefits Coordinator there aren 't any formal education or certification qualifications. Many Benefits Coordinators learn their craft through on the job learning/training. Some employers require that anyone looking to become a benefits coordinator hold a degree, certificate or both. the increasing complexity of federal and state laws, regulations and guidelines that apply to employee benefits. If an individual was interested in certification to validate their capability the International Foundation of Employee Benefit Plans offers study guides and coursework. Certified Employee Benefit Specialist (CEBS), Compensation Management Specialist (CMS) and Group Benefits Associate (GBA) are a few common certifications that benefit coordinators should possess.
Offering a competitive salary combined with employee benefits is proven to be a winner in promoting improved work habits and reducing employee turnover. Benefits tend to give employees a sense of security. Health insurance is one of the major benefits that encourages employees to stay with an organization even in difficult situations. With health insurance companies attract and retain qualified employees. According to Optima Health (“Start...
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... weeks off if you want to use it all. You can roll over 40 hours of vacation time and sick time is paid out every year on your anniversary.” A lot of employees are very vocal about how Costco has a generous leave policy and allows employees to take unpaid time off during the first quarter of the year if they don 't have enough vacation. However, receiving time off is problematic, particularly around holidays if you are stationed at a small department. “You can contribute from 1% to 50% of your earnings to the Costco 401(k) Retirement Plan. Costco offers both traditional pre-tax contributions and Roth 401(k) after-tax contributions. Costco matches 50% of your contributions up to a maximum match of $500.” The company basically matches a % based on your contribution and years of service which I think is favorable. Employee benefits are extremely important traditionally
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- 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’.... [tags: Employee benefit, Employment compensation, Pension]
1475 words (4.2 pages)
- I’ve chosen the topic of employee benefits and the varying considerations given to benefits around the globe. What are the issues to be considered. What about the MNE employee. The content of this paper is a condensation (compacted by >70%) of current knowledge regarding the administration of employee benefits as published by McGraw-Hill 2011 in “The Handbook of Employee Benefits: Health and Group Benefits, 7th Edition. Jerry S. Rosenbloom, editor”. This is the reference textbook for the International Foundation of Employee Benefits Plans (IFEBP), and Wharton (University of Pennsylvania), for those looking to certify as “Certified Employee Benefits Specialists” (CEBS).... [tags: Pension, Employment, Retirement, Tax]
2727 words (7.8 pages)
- Offering Appropriate Benefits Employee Benefits in the U.S. In the U. S., employers and employees are generally free to negotiate the terms of employees’ benefits, subject to certain exceptions. There is no requirement that an employer offer a retirement plan or pension, nor are there any mandatory federal pension or retirement schemes in which employers must participate, other than Social Security and the Railroad Retirement Program (federal programs funded through taxation of employee wages).... [tags: Pension, Tax, Taxation in the United States]
1511 words (4.3 pages)
- In today’s society, there are a number of ways that compensation can be determine and there are a few salary trends that employers should be aware of in order to accurately pay employees based off his/ her qualifications and performance. Compensation has a very large impact on retaining and attracting employees and it takes a toll on the organizations profits (Mello, 2015). When an organization does not have a consistent pay scale and it not fair about how employee raises are given, it can really affect the attitudes and performance of their employers.... [tags: Employment, Employee benefit, Salary]
742 words (2.1 pages)
- Employee benefits refer to any form of compensation provided by the organization other than wages or salaries that are paid for in whole or in part by the employer. Employee benefit has become a major component of employee compensation that can even determine whether an employee will take a particular job and remain in it or not (Amah, 2006). There has been a reduction in the benefits offered employees in recent times because of the hard economic times. This has not augured well with employees who always want more.... [tags: Employee benefit, Wage, Employment compensation]
892 words (2.5 pages)
- variety of motivation mechanism to improve the work-life of employees/workers, such as initiating various reward or compensation systems, in turn boosts the contribution of knowledge in economic growth. However, Zareen, Razzaq and Ramzan (2013) observed that the main way to retain talented employees is to focus and also emphasize on their performance as it brings organisational loyalty, involvement, and contentment. The authors opine that employee retention is the ability of an organisation to retain and keep their competent staff.... [tags: Organization, Organizational studies, Management]
1053 words (3 pages)
- Over the last decade, various scholars have defined employee engagement as a two-way relationship between the employer and the employee based on an intellectual commitment of the employee to the organisation (Baumruk et al, 2006; Shaw, 2005). As employees perform their role they expresses themselves physically, cognitive and emotionally (Kahn, 1990), they are psychologically present (Saks, 2005) and have a positive, fulfilling, work-related state of mind that is characterised by vigour (energy and involvement), dedication (enthusiasm, pride to work for the organisation, inspiration, and challenges), and absorption (concentration) (Schaufeli et al, 2002; Baker et al, 2008).... [tags: loyalty, customers, performance]
1011 words (2.9 pages)
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1029 words (2.9 pages)
- Bank of America is the company I elected to discuss their unique benefits package. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users.... [tags: Employee Benefits ]
1184 words (3.4 pages)
- Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.... [tags: Work Employee Employer Job Salary]
1185 words (3.4 pages)