Description
Given what you know about benefits plans and options, as well as costs and factors for designing a benefits plan, draft a basic plan for a start-up company of fewer than 100 employees in your local community. In your plan, include the following:
- Describe the benefits options you will offer along with the cost of these options. Explain why you chose these options.
- Explain which of the benefits you selected would be considered standard, which are unique for your industry, and which would attract highly qualified candidates.
- Describe your company's competition in your community, and describe strategies to manage the competitive factors that are at play for attracting employees.
- Determine an appropriate cost target as a percentage of the total compensation package for your total benefits package, as well as the process to determine the cost target. What trends will have an effect on your cost target?
- Explain how your plan will affect retention and motivation of the workforce. Propose a review plan to maintain a competitive benefits package into the future.
- Explain how you will ensure that your plan meets legal requirements now and into the future.
- Will any of your benefits show an unintended preference for people of a certain age, gender, marital status, or number of dependents? Describe the impact and any issues that might arise from this. Suggest best practices to avoid discrimination resulting from the plan.
- Explain whether you would be able to administer the plan in a small employer environment. What are the advantages and disadvantages of administering the plan in a small employer environment? How might the company leverage the advantages and manage the disadvantages?
Additional Requirements
- Length: Your plan should be 3–4 double-spaced pages.
- APA style and formatting: Be sure to cite all outside resources used in your assessment in proper APA (6th edition) format.
Explanation & Answer
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OUTLINE
Introduction
Thesis
Body
conclusion
References
Running head: DESIGNING A BENEFIT PLAN
Designing a Benefit Plan
Student’s Name
Institutional Affiliation
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DESIGNING A BENEFIT PLAN
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Designing a Benefit Plan
There are various benefit options offered along with the costs associated with my
hypothetical Health Insurance Company. The top-most item on the firm’s workforce benefit is
the budget, which is basically the most difficult to maintain as a result of the vastly augmenting
premiums. Many small firms do not yield health insurance due to the trend impelled by
healthcare legislation reforms.
There are two benefits options in this firm. HMOs (Health Maintenance Organizations).
This is the most typical option whereby the workforce are required to select a principal corporal
care from a practitioner who can assist manage overall health care as well as the costs related
(Ellis, 2014). They then pay copayment prior to every visit to the doctor; the insurance coverage
pays the rest. The associated expenses are too expensive. However, the HMOs currently are
drawing large doctors’ network with lower cost-rates.
The second option is PPOs (Preferred Provider Organizations), which tends to be the
most expensive option that is available. This option provides workers with numerous choices in
regard to hospitals an...
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