Strategic Value of Employee Benefits Programs
To attract, motivate, and retain good workers, companies need to define what an employee wants from the employment relationship. One way to define employee needs is to consider “total rewards,” which are everything an employee perceives to be of value resulting from working for the company. Benefits are a core element of total rewards and the ever-growing package of offerings have evolved. You must now work with the company to define precisely where the various programs will be categorized.
Write a six to seven (6-7) page paper in which you:
- Identify and discuss at least three (3) important variables that almost always should be considered by organizations when providing employee benefits programs. Be sure the response is specific and relevant.
- Compare and contrast income protection programs and pay for time not worked programs, both of which are usual elements of benefits programs. How are the programs similar? Are they mandatory?
- Research and discuss at least four to five (4-5) of what may be referred as “Other Benefits” that you could recommend to the management team as necessary elements for the benefits package. HINT: Flextime and product/service discounts are good examples.
- Develop an employee benefits package for any exempt or non-exempt position level of your choosing, making sure you support the selection of your program elements. NOTE: The preferred method for presenting your benefits package information is using a table or exhibit, but either approach is not mandatory. HINT: http://www.isacs.org/uploads/file/Monographs/Business%20Operations/Benefits%20Plan.pdf