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Providing employee benefits
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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’. 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 …show more content…
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 (“Starting in 2015, employers with 50 or more full-time equivalent employees are required to offer affordable, minimum-value group health insurance. If they don’t, they may be assessed government penalties.” n.d.). There are other helpful health insurance benefits such as deducting 100 percent of their employees ' health insurance cost as a business expense. If the organization is incorporated the owner’s insurance cost is also deductible. But if it’s a small business with less than 25 employees, they may be able to receive a tax credit if they’re with a small group insurance. If there’s 50 or more employees the business is eligible for a larger group health insurance which offers lower rates. Also with employee health insurance employees have a bigger chance of being able to pay medical expenses. In addition to valuable benefit retirement saving plans are essential part of your future financial security. All employees are encouraged to save for retirement. Tax advantages are also accessible to business owners that offer retirement plans. All …show more content…
As we all know Costco is a membership warehouse club, dedicated to bringing members the best possible prices on quality brand-name merchandise. "Great health and dental insurance plan, 401k, paid vacation, paid holidays and paid sick time for both part time and full time employees." In my opinion it doesn’t get any better than that! Employees regularly rave about their exceptional employee benefits. Unlike many companies Costco offers health insurance to part-time employees that work 23 or more hours per week. “There is a variety of health plans you can choose from and they are very affordable. The company 's contribution allows full and part time employees to participate in the program.” The majority of the employee based reviews in reference to Healthcare benefits are positive and this company was given a 4.67 stars on GlassDoor.com. “After 20 years you have 5 weeks off, 9 days’ sick time, and 7 paid holiday closures. You basically get 8 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
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.
A company cannot be successful without the support from the employees. Therefore, there is a need to maintain a good moral workforce and provide different benefits to the employees. Benefit programs are essential and critical for employees especially when social security insurance does not cover short-term disability that results from a job-related accident. There are a lot of jobs with high risk where employees can get injured such as roofers, painters and electricians (Snell, Morris, & Bohlander, 2016, p.431). Employees might not feel safe or comfortable if their insurance does not cover their short-term disability. It is very important to pay close attention to those employees since there is so much at stake with with the possibility
The cost and administrative burden of providing health care benefits to employees has grown rapidly in the last several years, and organizations have opted to cheaper means of doing this by resorting to CDHPs programs that are little bit cheaper when using deductible health insurance plans. This has led to the hope of healthier generation in the near future as the cost of health services would be manageable (Buntin, Damberg, Haviland & Kapur, 2006).
Q: Which of the following two concepts is more critical for international Human Resource Management: understanding the cultural environment or understanding the political and legal environment? Why? Include key terms and concepts from the textbook.
Most people rely on their employers to provide them with health insurance, but with many health care is not available through the employers. Many small businesses can simply not afford the high cost of health care, or it may be available, but the employee needs to pay the entire premiums. A lot of employers are utilizing part time employees, the part time employees are usually not qualified for benefits, like health insurance. This is very unfortunate for these part timer’s not only because they will not get benefits such as health insurance, but also they probably have a slim chance of going full time because of the health insurance dilemma. Business owner’s need to assess what is good for them financially, and having plenty of part time employees who do not require insurance is probably the most cost effective method to keep the Business up and running.
The steady rise of healthcare costs and the ever increasing cost of health insurance premiums are making it harder and harder for employers to pay healthcare premiums for their employees. In the past, it was almost a given that employers picked up the tab for health insurance coverage. The health coverage was usually exceptional with little or no money paid out of pocket by the individual for the insurance premiums. Those appear to be the “good old days”, with fewer and fewer employers shelling out money for health insurance premiums and demanding a larger percentage to be paid by the employee. Other employers are simply unable to financially provide healthcare coverage for their employees and have stopped all together.
Some of the big concerns people have when thinking about employment is benefits. What can a company provide to the potential employee in terms of insurance, vacations, advancement, and all the extras associated with the perks of certain companies? At the time do these people wonder about the organizations that may have a say in those benefits they so covet. The labor unions
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.
Rising insurance costs are one the primary reason employers are investing in corporate wellness programs more than ever before. Companies spent nearly $348 billion on employee healthcare premiums in 1997 according to a study conducted by (Kuttner, 1999). A quick overview of health insurance is necessary to better understand the methodology behind corporate wellness, starting with the fact that all insurance companies exits to make a profit. They review the company’s utilization each year (how much they paid out for all employees at the company) and weigh that against premiums collected (how much they took in from employees.) Then they figure out their additional costs to administer the program and a fair profit. So if there are a lot sick people, rates are going to go up a lot. If there are more healthy people the rates will still go up but only 4-5% (to account for inflation). So the company either needs to pass those costs along to the employee or figure out how to lower those costs, which is where corporate wellness comes in.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Employee benefit means non-salary compensation furnish to workers in addition to their normal wages. This kind of benefits can include health insurance, life insurance, disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation, and funding of education. Even though providing employee benefits are expensive, but it will keep highly qualified staff and also it will increase the number of new employees entering the company. Employees will become more creative and responsive in the design, timing and generosity of their benefit plans. The advantage for the employees of this benefit is it will improve the productivity of their work, they will be more effective because they are assured of security for themselves and their families (Hrcouncil,
An employee may find that their healthcare plan is provided by their employer and as such may find that even though their payment sums may be hefty, their employer may be paying even more. In a recent survey conducted by the Kaiser Family Foundation, only 30% of the cost for a doctor’s visit or family plan will be covered by the worker; therefore, the other 70% is then covered by the employer’s finances. With the average family health plan cost on the rise at $18,142, it may be a bit clearer as to why companies are searching for any means to lower this expense (Kaiser 2016). A corporate wellness program pitch loaded with quality statistics on the importance of preventative measures to effectively dodge physician bills then commodifies wellness as the straightforward answer to the issue of hefty expenditures. However, a substantial payment is not the only deterrent from seeking standardized
Ashok Som (2008) , the study examined that the role of innovative Human Resource Management (HRM) practices and specifically questions how HRM practices, such as the role of HR department, recruitment, retraining and redeployment, performance appraisal and compensation, enhance corporate performance during the change process. A multiple-respondent survey of 69 Indian organizations was undertaken to study the impact of innovative HRM practices on firm performance. The study found that the innovative recruitment and compensation practices have a positive significant relationship with firm performance. It was observed that recruitment, the role of the HR department and compensation practices seem to be significantly changing within the Indian firms in the context of India’s economic liberalization. The synergy between innovative HRM practices was not significant in enhancing corporate performance during the liberalization process.
Human resource management (HRM) processes are crucial to the success of an acute care hospital facility. In this paper, I will give insight on how HRM processes have to align with the organizations goals and objectives in order to operate successfully. Hiring, training and benefits are a few of the major roles that human resources control in an organization. Therefore, it is important that human resource managers are abreast of all current policies and procedures.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay