Employees’ Benefit Package

Employee Benefit Package

Employees’ Benefit Package

How Would you Handle the Selection of the Employees’ Benefit Package?

Selection of Employee’s Benefit Package

With high inflation rate and soaring prices of everything around us, attractive Employees Benefit Package play a vital role for the employees in making the right selection of a job. An employee compensation package consists of two components one is the fixed income in the form of basic salary and other is the deferred income in the form of employees benefits. At times the percentage of the basic salary is lower than that of the latter nevertheless the overall compensation package can still be very attractive.

There are numerous benefits that an employer can offer to its employees. Most common ones are the medical or health insurance, retirement plan, tuition fees and paid time-off. Previously, almost in every organization there used to be one package for all, in many organization still the similar scenario is prevalent. With the changing dynamics no longer one-for-all and all-for-one package is viable. Employees want perks and benefits as per their needs. The disadvantage of mono package is that it can leave the employees disgruntled and dissatisfied if he is drawing lesser basic salary and is unable to use the coverage amount fully. According to Beam and McFadden (2001) with the introduction of cafeteria plan in some organization employees now have the privilege of choosing the package of their own choice. Companies allocate and declare the coverage amount to its employees so that they can use and opt for the package that best suits their needs.

More and more companies are now focusing on devising competitive package to attract and retain the current pool of resources. Switching among companies have become very common. It is almost impossible to break this chain .However strategies can be applied to stay ahead of the competition and retain the current workforce.

The changing work dynamics is also forcing companies to revise and evaluate their policies from time to time. Joining of more women into workforce has made the maternity benefits an essential part of the compensation plan. Organizations where the number of women is considerably high then other then the maternity paid leaves and hospital bills, facility of day care centre is also seen in some organizations. With the availability of the trained and reliable staff, women workers can work dedicatedly without the care of her new born.

1. Describe the selection process you would use to make the most cost-effective and employee-friendly decision.

From the given information it is evident that a certain budget is already being allocated for the employees’ benefit package and there must be no additional expense in changing or modifying the package. However the allocated amount is not specified. Assuming it is X also assuming that the insurance provider currently is Y.

Firstly the understanding of the employees’ need is very important. I would assign a subordinate to interact on one-on- one basis with the employees to determine the desired compensation package they are looking for in the following year. Questionnaires can also be distributed to get better understanding of the employees’ needs and wants. Knowing their expectations for new policies would aid in making the decision which they value the most. It would not be just any package .It would be customer-driven, the benefits that they can reap in the short and long terms. Based on their feedback and company’s budget a coverage amount would then be decided (Dubrin,2008).

Plans marketed by companies other than Y would be evaluated for making a comparison among different plans. Package that makes more sense to the organization goals and employees’ preference would be selected as an option.

There would not be any change in the coverage amount however the new policy would be flexible so that an employee can choose on its own from the available options. In most medical insurances dental and optician expense are not covered .The new policy would be such that if an employee thinks that his dental expense would be more in the subsequent year then he can keep the option open and pay the bill from his coverage amount and the difference from his pocket.

Employees at times don’t have the knowledge required to evaluate the services, they look for support and candid opinions. Being a HR Director I would make sure that the employees gets a holistic view of the insurance plan before accepting and agreeing on one.

2. Identifythe information you would need to make this decision.

Three different sets of information would be necessary in making the right decision:

Firstly the information of the current employees benefit package .This information will be helpful in analyzing the policy loopholes and how it can be avoided in the new policy. Should the company hire the same provider or another?

The second set of information would be of the employees’ profile. Their family structure, salary, performance .If the employee has many dependents then life insurance plan would be of utmost benefit for him .In case he is single and has some kind of chronic disease then the medical or health insurance would be of prime importance.

The last set of information would be the extensive evaluation of all the plans and policies being bombarded and marketed by the insurance providers. Assessment of each policy would give great material in deciding on which policy to accept and which one to reject.

3. Discussthe ramifications of your decision on employees.

As employees’ interests and preferences are taking into consideration in every step of the decision making process this would make them happy and contend with the current organization. By repeating the same process every year would make them more loyal to the company and would raise their morale. The affect of the exchanged positive energies would be evident in their work in the form of a higher productivity. They would perform well in the interest of the organization .Key and talented employees would continue to work with the same dedication and the thought of leaving the organization for another one would never cross their minds. This attitude would further draw the attention of the talented pool of employees from the industry towards the very organization.

4. Evaluatethe factors that influence your selection of a package.

According to Atchison, Belcher and Thomsen (2010) there are various factors which would influence the selection of the package:

1) Employees’ Demographics Employees’ age, life cycle, gender, geographic location, income would greatly affect the selection of a package. The package attractive for one may not hold the same value for other.

2) Company’s Budget Every decision would be made in keeping the company’s budget in mind

3) Economic Factors This factor plays a huge role in the selection of a package. If the business is down due to social or political factors, then the company would not be able to meet the projected sales target .Unavailability of funds would hinder the selection of the high yielding benefit package.

4) Company’s Goals and Objectives Selected package must be in align with the company’s goals and objectives.

5) Competition in the Market Consideration of what benefits other rival firms or market is offering is important. In selecting the package. It must be competitive to retain the talented workforce and attract the prospective employees.

6) Employee’s Current Performance If the employee is performing surpassingly well then he surely deserves a custom built package. This will lure others into performing with the same zeal and energy.

7) Government Rules and Regulations What percentage of the benefit must be offered is depended on the imposed rules and regulations by the government .If the rule says that 5% must be allocated under disability insurance then the company must follow it.

8) Taxation Benefits can be both taxable and non-taxable. The company must promote and focus on benefits which are non-taxable.

5. Analyze to what extent the cost of the program influences your decision.

With limited budget in hand I would devise such a plan that doesn’t lead to the additional costs. The premiums charge by the service providers must carefully be evaluated so that the best deal out of the pool of choices can be selected. The plans suggested must be sustainable over the years. The company’s grow in terms of employees and business, strategy working out with the limited number of head counts may not work with the bigger force. Huge variation in the coverage amount in subsequent years would leave a negative impact on employees as they would demand the same or better packages in terms of benefits with each passing year. Cost must be allocated in such a manner that it yields better and sustainable plans over the span of atleast 5 years.

6. Explain possible alternatives if you chose not to participate in the benefits package for the upcoming year.

The same allocated budget of the last year can be used to offer bonuses to the best employee of the month. Some funds can be allocated to arrange a group activity along with their families so that employees can interact with each other and their supervisors in a stress free environment. On the other hand the information required to devise an attractive and competitive employee benefit package can be attained in detail in the current year to surprise the key employees in the following year.

Gifts can be exchanged on New Year and Christmas to keep the spirit of these events alive and eliminate any sign of frustration and discontent out of their minds and hearts for not meeting their expectations in the current year.

References

Colonial Life (2009) / Benefitting the Bottom Line Colonial Life White Paper

Beam, Jr. And Mcfadden (2001)/Employee Benefits .6th Edition Dearborn Financial Publishing, Inc. USA

Andrew DuBrin (2008)/Essential of Management 8 Edition .Cengage Learning, USA

Atchison, Belcher and Thomsen (2010) / Distance Learning Center/Employees Benefit Programs Library of Congress Cataloging-in-Publication Data USA, from http://www.eridlc.com/index.cfm?fuseaction=textbook.chpt20

Get Professional Assignment Help Cheaply

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

• Plagiarism free papers
• Timely delivery
• Any deadline
• Skilled, Experienced Native English Writers
• Subject-relevant academic writer
• Adherence to paper instructions
• Ability to tackle bulk assignments
• Reasonable prices
• 24/7 Customer Support
• Get superb grades consistently

Online Academic Help With Different Subjects

Literature

Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.

Finance

Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!

Psychology

While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.

Engineering

Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.

Nursing

In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.

Sociology

Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.

Business

We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!

Statistics

We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.

Law

Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

• When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
• We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

• The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
• We will have a different writer write the paper from scratch.
• Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY!!!