The strategic value of benefits programs in organizations cannot be understated. Growth in the cost of providing employee benefits is inevitable. Strategically planning the best and most cost-effective benefits program will be critical to organizational success.
Write a 5-7 page paper in which you:
- Identify and discuss two (2) external and two (2) internal forces capable of influencing the bottom-line impact of benefits programs. How does knowing about these factors affect the organization’s strategic planning?
- Describe a minimum of three (3) key ways that organizations might expand on defining their benefits and benefits management philosophies. Be specific.
- Compare and contrast the two approaches to strategic benefits planning referred to as “Top-Down” and “Backing-In”. Based on your current organization’s strategy, which approach would work best? Why?
- Review the nine (9) outcomes of successfully completed strategic benefits planning initiatives on page 496 of the text book. Then select any 3 outcomes you personally feel might be more important and explain why.
- Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Explanation & Answer
Internal and External Forces
Defining benefits and benefits management philosophies
Top-Down and Backing-In approaches
Running head: BENEFITS STRATEGY
Internal and External Forces
In Company restructuring, a company can be able to restructure its operations by
merging. Mergers help the company partner with other corporates to gain some advantages
like capitalization (Lee, Mauer & Xu, 2018). Alliances bring different internal strengths to a
company; one company may have administrative powers as the other can get financing for
the operations of the company. In so doing, the company would gain strengths against its
competitors. Merging also may bring market shares, as well as, technological forces to a
company, therefore, giving it mileage over the other companies in the market. New
technologies help the company take advantage of its production capabilities while reducing
costs in particular expenses to make profits (Bonaime, Gulen & Ion, 2018). Further, from
merging the company has the option of acquiring other companies that have skills of gaining
market shares in the organization, as well as, diversify their operations into different markets
in the economy. Acquisitions help businesses buy out competitors, reducing completion in a
particular niche. The firm also has the option of restructuring, that is, they can offer shares in
the market to raise capital for operations, in exchange for a stake in the firm’s ownership.
They can also bring in new investors by offering new share terms to the owners who would
inject more money into the company’s activities.
Secondly, internal forces have the business reengineering process, where the
managers in the organization need to look into the quality of everything in the organization.
The quality management, in this case, includes the human resource present in the firm.
Employees need motivation and rewards so that they can work harder. They need evaluation
to get training in the appropriate fields that would help the firm grow. They also need
employees that would help them to manage the customers appropriately. Proper customer
management will help the company to ...
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