Read and Review Chapter 12.
"From a strategic perspective, it is imperative that employers provide the types of benefits that motivate workers and encourage them to stay with a company." Research indicates the importance for HR professionals to identify and implement competitive benefits that are desirable to employee.
Research Employee Benefits and explain/identify:
- How companies utilize benefits as a competitive advantage?
- Trends in retirement plans and also compare the advantages and/or disadvantages of a defined benefit versus defined contribution plans.
- Growth and trend of financial, family-oriented, and time-off benefits and outline their importance to employees.
- Importance of managing the cost of health benefits and identify how organizations are mitigating the rising cost(s)?
Paper Requirements:
"From a strategic perspective, it is imperative that employers provide the types of benefits that motivate workers and encourage them to stay with a company." Research indicates the importance for HR professionals to identify and implement competitive benefits that are desirable to employee.
1. How companies utilize benefits as a competitive advantage?
It helps them to control employee turnover and help in talent retention else good employees will be poached by competitors (this is in wake of reducing unemployment).
Giving them benefits like insurance, health, pension, holiday plans better than competition companies ensure constant supply of motivated and satisfied manpower for their business.
In addition it makes the company attractive in recruitment. It attracts top talent.
2. Trends in retirement plans and also compare the advantages and/or disadvantages of a defined benefit versus defined contribution plans.
Need for insurance plans for long term care
Companies will be planning retirement plans with employee participation and encourage them to start savings at earliest through their incremental contributions in retirement plans.
Defined benefit is like a mandatory pension scheme that depends on number of employment years and salary.
Advantages: It involves no deduction from salary. The employ cannot withdraw for some locking period so the money is secure. Employee exhibit loyalty to organization and stays longer. It is seen in government institutions. Millennials do not prefer it.
Disadvantage is that employee needs to be with organization for minimum number of years to reap this benefit.
Vs.
Defined contribution plans: In this both parties give contribution to pension scheme. So employee is free to leave an organization early and take his share. People don’t save as the scheme is not compulsory, this is the disadvantage.
3. Growth and trend of financial, family-oriented, and time-off benefits and outline their importance to employees.
Financial benefits are life coverage, education expenses, disability benefits etc. Family oriented benefits include crèche facility, leave on becoming parents, flexi-hours etc. Times off benefits are paid vacations, leave for funeral, rest intervals etc.
There is growth of them as all employees and employers get benefitted. They help in reducing stress of employee, give them more control, improves their quality of life. The companies who provide it are popular and attract top talent. Employees become more committed and loyal to organizations. It helps employee to get work life balance and increase their happiness quotient.
4. Importance of managing the cost of health benefits and identify how organizations are mitigating the rising cost(s)?
With changing healthcare laws in US the organization need to shell out for health coverage and thus managing costs is supreme for them. The organizations are mitigating it by following strategies:
Read and Review Chapter 12. "From a strategic perspective, it is imperative that employers provide the...
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