HRM599StrategicValueofEmployeeBenefitsPrograms.LarryRatliff.docx

Running Head: STRATEGIC VALUE OF EMPLOYEE BENEFITS PROGRAMS 1

STRATEGIC VALUE OF EMPLOYEE BENEFITS PROGRAMS 2

Strategic Value of Employee Benefits Programs

Larry Ratliff Jr
Strayer University
HRM 599
Dr. Wash
May 31, 2021

Strategic Value of Employee Benefits Programs

Abstract

It can be a challenging task for a firm to attract as well as motivate and even retain good employees in the company. Provision of attractive types of benefits is considered to be a key way for the retention as well as the motivation of employees. Organizations need to appropriately design various types of benefits programs which are considered to be highly attractive to the staff as well as essential to the overall company. Employees are usually looking for various types of benefits packages which will help them as well as their family if they possess one. An appropriate way to the identification of the vital variable is through looking into what companies referee to as Total Rewards Packages (WorldatWork, 2018).

Important Variables to be Considered in Development of Employee Benefits Programs

The three key variables that are vital for an organization are benefits as well as performance management and talent Development. Benefits have been considered as being the Strategy of the company to attract as well as motivate, facilitate retention and engagement of employees. They have been perceived as being a crucial component in the total rewards associated program. It is vital for firms to first carry out a discussion of the manner in which to effectively educate their staff regarding the various types of benefits which will be provided to them. It is vital for the employees to be educated and in making them to comprehensively Understand the significance as well as the value of the various types of benefits programs for the individual Employees (AHIP, 2014).
Another key element is the consideration of the high-performance management. This can be achieved by the development of high-performance types of programs to the staff. Businesses need to make sure that their various types of programs for employee development are aimed at enhancing the employees to work hard and be active. Through the use of technology types of programs, firms can efficiently as well as effectively analyze as well as supply the identified staff with the programs that are cost effective. It will also assist the business in making the decisions which can effectively assist the firm in the various types of superiority specifications. The other key element is talent Development. It is vital in assuring the employees that they will get a platform that will develop them and in making them to be better and in overall organizational efficiency via their improved ways of performing tasks. Employees want to be in places that develop them (AHIP, 2014).

Income protection programs vs. Pay for time not worked programs

An income protection type of program is considered to be an insurance type of policy which is often considered to pay benefits to the identified policy holders who are usually considered to be incapacitated as well as are usually incapable of working because of illness or even accidents. Income protection insurance types of policies were initially referred to as Permanent Health Insurance. An income protection type of program usually allows for an identified employee to offer a certain percentage regarding their identified income as a form of benefit type of payment if an identified employee is considered to happen to be Ill or when they get injured or hurt in the course of their job. A standard income protection type of program will assist in the protection of people from an identified financial type of disaster via the identified provision of income for them to effectively meet their various daily needs in case of any disability (Forbes, 2017).
Under the identified federal law, the employer may be needed to make a payment to the employee for the identified time that they are not working. Employers in general terms are usually needed to make a payment of their identified workers for the identified time which is usually spent under the control of the employer as well as for the given benefit regarding the identified employer. The pay for time not worked types of programs are the types of programs which are usually associated with the giving of the staff some of the cumulative number of off data which usually come with pay as well as which the identified employees can utilize as they desire to attend to personal types of needs as well as taking a vacation or even sick days (Forbes, 2017).
Both of these types of programs are considered to be types of requirements that are dependent on the industry regarding the given organization. Because firms are usually needed to offer different types of benefits to the employees, both the identified income associated protection as well as the pay for time not worked types of programs are usually considered to be parallel accessible to the certain kinds of employees. A second type of commonality is that firms usually use this kind of tool to help in the engagement as well as the preservation of employees that are highly qualified utilizing the program as a form of motivation. The key difference between the two types of programs is that income associated protection usually pays out to the identified employee if they are injured and the pay for the time not worked type of program pays the employees for aspects such as traveling (Forbes, 2017).

Other Benefits

Other benefits which could be effectively recommended to the identified management team as being necessary types of factors in an identified benefits type of package are considered to be vital when formulating items that will help in the attraction of the employees. Other types of benefits can be considered to be work life associated benefits which are associated with leaders along with administrators continually recognizing the dire need for the employees to be in possession of opportunities to enjoy their identified personal time off r (Gautam & Jain, 2015). Employers can always provide their employees the identified freedom of operating flexible hours through allowing those that are ready to work from their homes to effectively do so. Incorporation of social types of activities within the identified workday offers the feeling of downtime while the employees are still on the clock.
There is also Performance as well as service recognition. There was a period when the employees used to work their whole career for a single employee. Despite the fact that those days are considered to be long gone, firms are still involved in finding ways to effectively recognize Performance as well as loyalty to the firm. This can entail service associated awards as well as spot awards and performance associated evaluations. Another type of benefit is considered to be career development. These are considered to be the types of opportunities for an identified employer to develop individuals while they are with the given firm. These employees will also be involved in the recognition that these types of skills can be utilized in propelling them to the current levels in their identified career (Gautam & Jain, 2015).

Employee Benefits Package for Exempt and Non-Exempt Employees

Exempt jobs are always held by the higher-level positions as well as the managers or even other skilled types of professionals. Employees always attain a fixed annual base type of salary and are usually considered to not be eligible for the identified overtime pay. Exempt types of employees usually operate more than the usual 40 hours weekly. The benefit types of packages for the exempt types of employees are usually considered the he more beneficial as compared to the non-exempt types of employees. The various benefits may entail health insurance as well as life insurance, retirement plan and other aspects. Firms may be involved in the provision of non-traditional types of benefits like the daycare along with the cafeteria plans to the identified employees either for free or at a minimized cost (Gautam & Jain, 2015). The compensation or even the benefit package for the identified exempt employee will entail key primary benefits for the full-time employee benefits that are available for the ones that are operating 30 hours or even more weekly which will include:

· Pension: The identified employer is involved in the contribution of money to the identified pension plan while the employee is working. The money will be paid to the Employee and is often as a monthly check in the retirement after they get to the particular retirement age. A formula is used in the Determination of the amount of pension income that they will attain once they retire.
· Flexible Working Time: Employers can provide their identified staff that the identified freedom regarding working flexible hours through allowing of those who are ready to operate from the home to do so. The identified application regarding this benefit package can help in bringing about huge level of boost in the identified staff associated Productivity while at the same time offering emotional and even mental associated relaxation.
· Health Insurance: Fixed amount for the identified employee as well as family if both of the spouses operate for the identified company, both would earn the fixed dollars amount as an offset against the identified health associated insurance premiums with some types of the choices that are concerning the kind of level regarding the health insurance to with the allotment of ones Health insurance (Forbes, 2017).
· Group Disability & Life Insurance: All of the employees will opt into the self paid type of insurance plans as well as the pre taxes in case of any kind of short term associated disability to entail but not usually limited to the pregnancy leave for the identified ladies with up to 90 days leave at the expense of full pay.
· Leave Days: Upon the yearly anniversary for any kind of Employee, one week regarding the paid vacation as well as leave Days will be involved in accruing after the end regarding the employment year. National holidays will also be observed by the identified law whole any kind of personal as well as family and even sick leave will be considered to be paid at a certain rate regarding one per month associated with work (Forbes, 2017).

Conclusion

Employee Benefits package are good for the success of the company. It is vital for any company to ensure that everything is set and okay for the benefits package so as to help in the success of the overall company. They help in the motivation of the employees to work harder and smarter. The management needs to plan on these benefits and choose the most effective ones for each category of their employees (WorldatWork, 2018).

References

AHIP. (2014). Guide to Disability Income Insurance. American Health Insurance Plan.
Forbes. (2017). 14 Employee Well-Being Initiatives That Will Boost Engagement And Productivity. Retrieved from https://www.forbes.com/sites/forbescoachescouncil/2017/07/05/14-employee-well-beinginitiatives-that-will-boost-engagement-and-productivity/
Gautam, A., & Jain, S. (2015). Factors Essential for an Effective Performance Management
System: A Literature Review. Vidya International Journal Of Management Research.
WorldatWork. (2018). Paid Time off Programs and Practices. World at Work.

http://www.usbankhr.com/hr/docs/benefits/benefits-at-a-glance-next.pdf

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