...Introduction 5 Research Findings 6 Health Benefits 6 Retirement Planning 7 Employee Rewards and Incentives 8 Recommendations 10 Conclusion 11 References 12 Executive Summary We need to re-evaluate our current employee package. Our compensation strategy needs an entire tune-up. We do not offer competitive benefits that will entice the type of employees we want working for our company on a long-term basis. A new, improved, and luring employee benefit package will help set us apart from our competition. Our current benefits policy includes: Paid vacation for salaried employees only after 1 full year of continuous service, paid sick days for salaried employees only after 1 full year of continuous service, medical and dental only to all employees after 6 months of continuous service, holiday dinner for corporate employees and their spouse/domestic partner. We can improve these areas and add some other options to our current employee package, Our current health benefits are through an HMO, which is the best option at this time. Perhaps in the future when we have become a 500+ employee company we can look at the other option, a PPO coverage with an additional option to include an HSA account. Our current HMO plan provides coverage with a small co-payment and a 20/80 % coverage with a $1000 annual deductible. The only way I can see right now to improve our health benefits option is to add vision coverage and also make it...
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...BENEFITS – REI REI began as a group of 23 mountain climbing buddies, but is now the nation’s largest consumer cooperatives. It is a multi-channel retailer of gear and apparel for outdoor recreational activities. REI has stores located in more than 34 states. REI embodies its values by serving and supporting its employees through programs that allow them to flourish and do their best. Employees are offered a variety of benefits and perks that show REI’s respect for its employees and their families. REI offers competitive pay and benefits such as: 401K, vacation, paid holidays, paid sick leave, casual dress, life insurance, disability, flexible work schedule, and educational benefits. All employees who were paid an annual salary as high as $70,000 per year had the following benefits: 401K, vacation, paid holidays, paid sick leave, casual dress, flexible work schedule. Employees with life insurance and disability made a salary as high as $82,000 annually. Employees with education benefits made salaries as high as $65,000 per year according to Pay Scale report of 2009. In addition to these benefits, REI also has an Incentive Plan, Healthcare, Family & Medical Leave, Employee Discounts and Pro-deals, Work/Life Employee Assistance, Public Transit Subsidy, Relocation Support, Sabbaticals and Adoption Assistance. Controlling employee benefit costs can be a tricky subject for an organization such as REI. However, every business wants happy and healthy employees and this is why most...
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...The Consumer XXXXX HSA 505 Strayer University XXXXX May 27, 2012 1. Describe the selection process you would use to make the most cost-effective and employee-friendly decision. Benefits being provided by an employer can provide a source of financial protection to an employee. Today many health care organizations offer health benefits along with disability, basic life and tuition assistance. In an attempt to recruit and retain skilled employees, employers should consider significantly improving the selection of benefits they provide. The position as HR Director requires me choosing the most cost-effective and employee-friendly benefit package for the company. For me, the most important step in the selection process would be to create a list of what the needs of the employees might be. In the U.S. today many companies are made up of a diverse workforce and making a cost-effective and employee-friendly decision when it comes to employee benefits can be difficult. In this case, the company is looking at their benefits package as a means of saving money. Employee benefits can be used to by employers to strengthen the relationship with their employees. So, when choosing the best benefits package it is very important to consider the workers. The wants and needs of the workers may vary in a diverse work environment. In a workforce comprised mostly of women who have young children health care and childcare may be options that will motive them. Then again, if the majority...
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...HUMAN RESOURCE the comany assets Tax-deferred - Investment earnings such as interest, dividends or capital gains that accumulate tax free until the investor withdraws and takes possession of them. The most common types of tax-deferred investments include those in individual retirement accounts (IRAs) and deferred annuities. 360 Survey: An employee feedback program whereby an employee is rated by surveys distributed to his or her co-workers, customers, and managers. HR departments may use this feedback to help develop an individual's skill or they may integrate it into performance management programs. 401(k) Plan: An employer-sponsored retirement plan that has become an expected benefit and is therefore important in attracting and retaining employees. A 401(k) plan allows employees to defer taxes as they save for retirement by placing before-tax dollars directly into an investment account. Employers also contribute to the plan tax-free, for instance by matching contributions. Some plans enable employees to direct their own investments. These plans can be expensive and complex to manage. It is common for companies to outsource all or part of their plan. No tax is levied until the employee withdraw the amount. A Absenteeism Policy: A policy about attendance requirements, scheduled and unscheduled time off, and measures for dealing with workplace absenteeism. Repeated absenteeism can lead to termination. * Scheduled time off: Excused absences from regular...
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...MANAGING A REWARD STRATEGY Top of Form 1 History of Reward The aims of a reward strategy are to try and be systematic about which HR mechanisms attract, retain and motivate staff. Historically the view was that salaries were what attracted a person to an organisation, benefits kept them there, while bonus and incentive schemes motivated them. Reward was regarded as consisting of three distinctive parts: Remuneration - covering such aspects as job evaluation, salary structures and incentive schemes. Benefits - which tend to be offered to all employees irrespective of their grade, such as paid leave, employee assistance programmes or Christmas parties. Perquisites - which are benefits that tend to provided to discrete categories of employees, such as a company car/car allowance, private healthcare or concierge service. 2 Reward Today More recently, this divide between which parts of reward are best suited for attraction and recruitment, retention and motivation has broken down. Modern research shows that individuals are attracted, retained and engaged by a whole range of financial and non-financial rewards and that these can change over time depending on their personal circumstances. The financial elements of a package are not considered particularly important by individuals in some situations. For instance, people at the beginning of their career may be more interested in getting access to training and career development. People at the end of their career are...
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...<<your name>> <<instructor’s name>> <<course title>> <<date>> Assume you are the HR Director for a midsized company and must make a decision about the company’s employee benefits package. You have not been in this position before and must maintain the current benefits budget; there may be no increases or changes to the package that will result in additional spending. 1. Describe the selection process you would use to make the most cost-effective and employee-friendly decision. Answer – Choosing the right type of benefits package is a very critical component of being attractive employer, helping attract and retain satisfied employees, by ensuring that majority of employee needs are taken care of. Given the huge number of options that are available in the market, with many more coming up every year, it becomes very tricky to determine what benefits package would be the most beneficial to the employee. Given the constraints on budgets, there must be multiple trade offs made between the extent and variety of benefits provided, and therefore the employer has to determine which package would cover the needs of majority of its employees. In this scenario, given that the available budget is fixed and the benefit plan for the next year has to at least as good as or even better than the previous year, the HR director has to think creatively to come up with a package that best aligns with the needs of the employees. The end result...
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...Business School Department of Business System NEW ADVANCES IN BUSINESS 12-13TYAABSS007-3: INNOVATIVE MOTIVATION IN ECONOMIC CRISIS: THE FLEXIBLE BENEFITS SCHEMES BY Mai Ngoc Nguyen 1215894 An assignment submitted in partial fulfillment of the assessment for the New Advances in Business (12-13TYAABSS007-3) unit March 2013 * Contents Contents 2 EXECUTIVE SUMMARY 3 LIST OF FIGURES 3 LIST OF TABLES 3 1 Introduction 4 2 Literature review 6 3 The economic crisis and the transition in methods of motivation: The need for an innovate benefits package 9 3.1 Impacts of the economic crisis on employees and employers 9 3.2 The transition in methods of motivation: The need for an innovative benefits package 12 3.3 The traditional benefits package and its motivating effectiveness 14 4 The flexible approach to benefits provision in a gloomy economy 16 4.1 Effectiveness of the flexible benefits schemes in motivation 17 4.2 Factors affecting the motivating effectiveness of the flexible benefits schemes 18 4.3 Current issues influencing the adoption of the flexible benefits schemes 20 5 Conclusion 21 APPENDIX - Changes in the British WorkForce 22 REFERENCES 23 FURTHER READING 27 * EXECUTIVE SUMMARY In recent years, in the UK, both employees and employers have to bear negative impacts from the recession, especially employees with their financial difficulties and diverse needs. It is more important than ever for motivation. However...
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...workers learned that the white minority prevented their wage increase,they decided to demonstrate,but the demonstarion became a riot.The city was in a state of emergency,and in the mayhem,stores were looted and four men loss their lives while others were injured.The ruling class could no longer ignore the workers cries for more equitable wages.Following a discussion with the Duke of Windsor where the workers were represented by Milo Butler,A.F.Adderly,Percy Christie and Dr.Claudius Walker the workers were granted an increase of one shilling per day and a free meal at lunch. The Burma Road Riot was a critical element in the fight for workers rights and resulted in the first increase in wages for Bahamian workers and the first fringe benefit which was a free meal.The Riot was also the catalyst for organized labour in the...
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...Spending Plans December 8, 2011 Until recently employers have offered employees benefits in a standard way. All employees received the same benefits in the same way, regardless of what they needed as an individual. This standard method of benefits is much easier for employers to offer; giving them choices is generally too much work. But employees may want something different than what the employer may be offering. There have been recent developments that have opened up with a new approach offering benefits called “flexible benefits”. Some included benefits are flexible spending accounts which include health care and dependent care options. The health care FSA allows employees to use tax free dollars for eligible health care expenses that are not covered by insurance for the employee, their spouse and eligible dependants. The dependent care FSA lets employees use tax free dollars to pay for children and elder care expenses incurred so that employees may work or attend school full time. By offering a flexible spending plan employees can direct a portion of their gross income into an account and take out pre taxed dollars to pay for health care or child care expenses. A flexible spending plan is good for the employer as well as the employee. Flexible spending accounts allow employees to pay for out of pocket health care and dependent day care expenses with tax free money. Flexible benefits plans are also authorized under section 125 of the Internal Revenue Code. Flexible...
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...Compensation and Benefit Plans Name: Institution: The strategic goal of any company is to provide the best service to customers while remaining cost effective and decreasing expenses. The company’s decision to hire a Computer Information System (CIS) Programmer is aimed at helping the company close the organization’s current gap and save the organization money in the long run. The incoming CIS programmer is expected to help the company achieve a stress free working environment for the rest of the employees and help the company make more profits from delivering to the company’s expectations. Hiring a new employee calls for implementation of a compensation and benefits plan that meets the needs of both the employee and the hiring organization. Benefits plan are designed to address specific needs and are often not in cash form. There are different approaches that an organization can choose to use while implementing a compensation and benefit plan. One such justifiable approach is one that recommends that the employee get insurance benefits, health and security benefits, vacation pay, stock options, profit sharing, contribution to retirement and pay for time not worked. Benefits are forms of value, apart from payment, that are given to employees in return for their inputs to the organization. There are other forms of intangible benefits that the company can decide to extend to the employee, which includes,...
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...Request: Development an installation of a benefits election system to support the tracking and reporting of employee (union and non-union) benefits. Background of Request: Memo to Graham Grove, 3/22/04 , on Health Insurance Benefits. This memo is located on the Huffman Trucking Intranet site under Human Resources - Communications tab. Expected Results/Impact when completed: Creation of a project plan in Microsoft Project that will be used to manage, track and report the progress of this software development to the management team. Facts About Huffman Trucking Huffman's primary customers include: • U.S. Government • Automotive parts suppliers to major manufacturers • Electronic consumer products • Raw materials (polymer) for manufacturers of plastic products • Any customer requiring special accommodations, such as wine, computers, munitions, etc. Huffman has facilities in: • Cleveland, OH • Los Angeles, CA • St. Louis, MO • Bayonne, NJ Huffman employs: • 925 drivers • 425 support personnel Huffman owns and operates: • 800 road tractors • 2,100 45' trailers • 260 "roll-on/roll-off" units SR-ht-001: Create a Benefits Election System Define Problem 5 days Analyze Situation 15 days Design Solution 10 days Implement Design 20 days Support Product 10 days Define Problem - Understand Organizational Context of Huffman Trucking HR Department - Understand the history of the problem with Benefits tracking System - Identify the team to...
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...project” from week two. Look at page 49 of that project) Wages and Salaries: We have a total of 400 employees. Average wage is established at $12 per hour. 40 hour work weeks. 160 work hours in a month. 160 hours X $15= 2,400 2,400 X 400 employees= $960,000 a month in wages for all four warehouses, January thru November. We said that the month of December will award a 10% Christmas bonus for all staff. The 10% bonus is $96,000 + $960,000= $1,056,000 for the month of December The total annual wages is $11,616,000 (add the month of December to 960,000 X 11 months to get that answer) We will provide employee benefits (Insurance). {Extracted from “solar light” project, page 54} Workers Compensation. $450,000 annually Liability. $275,000 annually Professional Liability $4,000 a year Health Insurance $700,000 annually Total Insurance and benefits annually= $1,429,000 OR $119,083 a month. Utilities: Utilities are for...
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...Benefits programs that a company chooses to employ have an impact on the attraction and retention of employees and offering only minimally required standards is not enough. As an HR consultant to the small business, I would recommend the following to be added. First, paid sick leave would be an important voluntary benefit program to have. Employees are liable to be absent from work due to medical reasons and the company should excuse them for that. Even though some employees abuse such programs, there can be ways to get around that issue such as paying employees for the number of days of unused sick leave. Related to this is extending the number of holidays and vacations beyond the minimum requirement. This could be really important because it helps relieve stress, reduce fatigue and increase employees’ productivity. Another benefit program is educational assistance where the company rewards employees for striving to enhance their knowledge by taking courses that are related to their line of work. This is beneficial because employees feel that they can accomplish more in the organization and become more ambitious if a reward is a job promotion for example. In addition, financial services such as discount plans (buying company products at a discount) are really attractive for some employees and encourages them to join the company. The most important benefit to add would be child care. It would help retain key employees and reduce stress related to balancing work and...
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...our profits to reinvest into our employees. Until now our employee benefits have consisted of medical, dental and life insurance. We would like to add tuition reimbursement to make a more rounded benefits package. An excellent benefit is to add tuition reimbursement for the bachelor’s degrees in business and communication. The benefits of adding tuition reimbursement are endless within our company. This tuition reimbursement program is beneficial to both RJ Welch and its employees. This would offer new opportunities to our employees such as better careers, a higher earning potential and higher company moral. The company would benefit from this addition by being a more attractive company to work for and will increase employee retention. Tuition reimbursement would better employee careers by offering an education that they otherwise may not be able to obtain financially on their own without school loans. The cost of a degree at the end of 2011 will cost approximately $13,000 to $62,000 per student based on research done at (http://www.geteducated.com/online-college-ratings-and-rankings/best-buy-lists/best-buy-online-bachelor-business-managementand). With the cost of this schooling I don’t believe loans of this size are not profitable for enough for employee’s to obtain on their own. With this type of tuition assistance our employees will have enough reason to achieve this type of education. This added benefit will also offer higher earning potential to our employees. People that...
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...plant and equipment * Working with the SEC to reduces burdens on small businesses and help them gin capital. * Tax credit for companies hiring veterans * Tax credit for businesses hiring long-term unemployed * Cutting payroll taxes in half Creating more jobs: * Preventing layoffs of union workers (teachers, cops, etc) * Renovating schools to both create jobs and improve learning. * Create more jobs by fixing and improving our roads, rails, and airports. And something called project rebuild which will create more construction jobs. * Expanding access to high speed wireless which will free up the nations spectrum (whatever that means). Unemployment: * Reform that includes extending unemployment benefits. * A work sharing plan that will allow employees to keep their jobs at less hours rather than being laid off * Wage insurance to help reemploy older workers and help people start their own businesses. * A discrimination act which prohibits employers to discriminate against unemployed workers. * Expanding job opportunities for young workers The President also talked about working with Fanny Mae and others to help people refinance their homes at lower rates which will help put more money in their pockets. Obama promised that $447 billion will be completely paid for without adding the U.S. deficit. How this is possible,...
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