Employee Benefits
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I need an essay in the following subject:
Identify and assess the benefits that should be part of a core package and those benefits that should be part of a flexible package. Defend the use of such benefits and how they may be superior to others with regards to motivation.
The following conditions must meet in the essay:
1) I want a typical and a quality answer which should have about 1400 words.
2) The answer must raise appropriate critical questions.
3) The answer must include examples from experience or the web with references from relevant examples from real companies.
4) Do include all your references, as per the Harvard Referencing System,
5) Please don’t use Wikipedia web site.
6) I need examples from peer reviewed articles or researches.
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SAMPLE ANSWER
Employee benefits comprise of various types of non-salary compensations that are Employee benefits comprise of various types of non-salary compensations that are accorded to employees in addition to their basic salaries or wages. A set of core benefits must be covered in the various company plans with significance. Some benefits that employees need to receive are well stipulated in the law, such as unemployment compensation, social security as well as worker compensation. Employees, therefore, have the right to be provided with such benefits. Other types of benefits are diverse and distinct from one farm to another or different industries e.g. pension, life insurance, health insurance, gratuity, medical plan, and paid vacation.
Flexible business plans should enable employees to make a choice of the benefits that they need or want from a program package that is offered to them by employers (Wayne, 2010). This paper is the identification and assessment of the various benefits that should from part of the core package and the benefits that should form part of a flexible package. There is an analysis on the superiority of the respective benefits in regards to motivation in this discussion as well.
Creating a benefits package that is comprehensive for employees encourages them to lead productive and healthy lives at the workplace. Such unique core benefits like on-site care during work, pet insurance, sponsorship of corporate events, and the matching of the company with donations for charity all make a very important difference. However, in compiling the core benefits package, employers should be able to choose the benefits that perform optimally with the culture of the company and determine how programming of benefits will ultimately affect the bottom line (Wayne, 2010). In some instances, it is those smallest perks that are less costly in both financial and time frameworks that bring in the most impact. In the present day, organizations are increasing their creativity by compiling their core benefits packages such that stress on the health benefits to employees. Such programs that have been included in the CORE plans even include; flu shots on the worksites, prenatal care, CPR training, and smoking cessation programs (Wayne, 2010).
A study has shown that organizations that present attractive packages to their employees enjoy significantly reduced turnover rates as compared to an organization that don’t do the same. In terms of the level of motivation that core benefits packages are set to increase on the part of the employees, retirement and benefits programs often come first, and then the preferred network of partnership programs come second. Retirement planning and the administration of these benefits is one essential core package content that should be put into consideration by employers. Organizations should involve an experienced team in implementing health plans, disability and life insurance, 401ks, and accounts for tax saving (Hunt, 2007). The employer’s network affiliates should look at the unique employee situations and then customize a harmonized retirement and benefits plan. In regard to preferred network for partnership as the second most crucial package of the benefit plan, organizations should strive to offer sound advice and customized solutions to help employees achieve their short and long-term objectives, making sure a secure financial future is guaranteed. The preferred partners that they hire should provide educational guidance and information on mortgages, home buying, insurance, financial planning and many more (Hunt, 2007). This will save their employees on money and time substantially.
The reason retirement and benefits programs will come before the preferred network for partnership in terms of employee motivation is because a core benefits package must include supplemental health products as the most significant component. The supplemental health benefits offer creative solutions to the issue of the cost of healthcare, at the face of sky rocketing healthcare costs. Employees need to benefit by having a catastrophic coverage, but still under reasonable deductions, and that’s why this package must be included in the core benefits package. In an era of sky rocketing costs of benefits, employers are in a dilemma concerning the cutting down of costs related to employee benefit while at the same time providing a comprehensively attractive benefits plan. A research survey done by LIMRA shows that 63 per cent of the employees stated that core benefits were an important factor in the selection of job offers from two different companies (Hunt, 2007). Core benefits for full-time employees include basic life insurance and personal accident insurance; longtime disability coverage; tuition remission; and tuition exchange, among others. The core benefits that are awarded to both part time and full time employees include; business travel and accident travel insurance and health advocate and employee assistance programs (Hunt, 2007).
Flexible benefits packages allow employees are normally formalized systems that enable employers to make a variation of their benefits and pay package in order to meet their personal wants and requirements (Wayne, 2010). Majority of organizations only give chance limited form of flexibility for a few number of benefits, but in the recent developments in the realms of the work environment, a comprehensive flexible benefit culture has been adopted, but still they are not adopted widely as much as Core benefits are. Companies should however introduce a flexible benefits package scheme as part of a broad move towards more flexible environment for work. Flexible schemes will increase the reward value that is perceived as being offered to employees at no extra cost, hence boosting the employee motivation levels. The inclusion of benefits plans ranges from organization to the other with some organizations favoring a limited approach as opposed to the limited one (Wayne, 2010).
In order of decreasing impact on the level of employee motivation, the flexible benefit package content can be listed as follows: company pension scheme, life assurance, private medical insurance, critical illness insurance, personal accident insurance, and holidays (Henricks, 2013). It is evident that this list encompasses mostly on the flexible health benefits. This is because they perform better in the realms of employee motivation, tax and national insurance implications, as well as the impact to the organizations determined by employee health. Other flexible benefits that fall behind the above listed category include flexible schemes on; marriage and divorce, birth or child adoption, death of a dependent, absence of long-term sickness, and promotion (Henricks, 2013).
In the case of a flexible business plan, employees are actual contributors to the benefits plan because they are accordingly deducted from their before-tax income, hence reducing their contribution of the employers (Gould, 2010). The flexible plans have increased in popularity with employers in the present day workplace setting. This is because of such corresponding changes in the health and child-care cost, which have dramatically and tremendously risen in the last few decades. The organizations, therefore, have to customize and harmonize on the benefits to offer and which not to offer because, in the general sense, all employees expect benefits as a result of employment. In return, they will be motivated, and this will benefit their employers (Gould, 2010).
At Suncor, for example, the organization has believed the importance of rewarding people who have a hand towards the success of the business. This can either take monetary as well as nonmonetary form; examples of employee packages that have been implemented in this organization include career development programs, benefits and pensions. The organization has specifically implemented competitive saving plans and pension schemes, insurance and comprehensive healthcare, generous time of duty put together in a package that is adjustable to accommodate the constantly changing needs of individual employees and their families (Compensation & Benefits – Careers – Suncor. (n.d.). Flexible benefits scheme can allow employers to give room to staff to choose the benefit that they feel suit them, in the USA; this benefit is considered a popular method of integrating benefits packages. During acquisitions and mergers, flexible benefits scheme a diverse option from which the employees can choose from. These include provision of mobile phones, vouchers and childcare
In the general analysis, the main logic of offering employee benefits besides employee motivation is to meet the changing workforce needs (Johnny, 2011). Especially with the generation z entering the workforce and the generation y extending their retirement times, it is becoming increasingly important and common to create a workplace whereby the employee benefits cover both generations working in this setting. By offering both core and flexible benefits, employers are offering the employees an opportunity to the choice of packages that will best satisfy their various unique requirements, hence keeping them motivated to the goals of the organization (Johnny, 2011).
References
Johnny F. (1 February 2011) “Flex Plan Enrollment Rules Eased” Employee Benefit News.
Henricks, Mark. (May 2013) “Take Your Pick: Want to keep health-care costs low and employees happy in today’s economy?” Entrepreneur.
Gould, Jay (24 November 2010, “Flexible Spending Accounts Benefit Both Employees, Employers.” San Antonio Business Journal..
Wayne R. (11 December 2010), “How to Set Up a Cafeteria Plan.” Capital District Business Review. 11 December 2000.
Hunt, Kelly A. (August 2007), “Survey Finds Flexible Benefits on the Rise, Particularly Among Public Employers.” Government Finance Review.
Compensation & Benefits – Careers – Suncor. (n.d.). Retrieved November 13, 2014, from http://www.suncor.com/en/careers/544.aspx
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