Important variables that almost always should be considered by organizations when providing 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 has evolved. You must now work with the company to define precisely where the various programs will be categorized.
Identify and discuss at least three 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 of what may be referred to as “Other Benefits” that you could recommend to the management team as necessary elements for the benefits package. Hint: Flextime and product or 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.
Examples: US Bank Benefits at a GlanceLinks to an external site. and UW-Madison BenefitsLinks to an external site..
Use at least four quality academic resources in this assignment. Note: You may only use the resources listed in the Course Guide and those that are specifically provided by the professor.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
The specific course outcome associated with this assignment is:
Design a strategic employee benefits package for an exempt or non-exempt position.
Sample Solution
Beyond traditional health-care plans and pensions, employees now expect a broader choice of benefits that reflect their changing needs and lifestyles. Meeting these expectations gives employers an opportunity to differentiate themselves in a competitive market for talent. Well-structured benefits plans enable employers to reward and incentivize staff, promote loyalty, and boost engagement and productivity. They also alleviate some of the most common causes of stress amongst employees, such as health care and financial security. As employers begin to offer greater customization, they are able to respond to employee demand for additional options that support their financial well being. Such security is a priority shared by employees of all ages, around the world. Align the benefit strategy with business objectives – Revisit the strategy regularly to ensure it evolves as regulations and employee requirements change, while still supporting business priorities.
