Strayer University Value of Employee Benefits Program Paper

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Strayer University

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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 ever-growing package of offerings have evolved. You must now work with the company to define precisely where the various programs will be categorized.

Write a six to seven (6-7) page paper in which you:

1. Identify and discuss at least three (3) important variables that almost always should be considered by organizations when providing employee benefits programs. Be sure the response is specific and relevant.

2. 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?

3. Research and discuss at least four to five(4-5) of what may be referred as "Other Benefits" that you could recommend to the management team as necessary elements for the benefits package. HINT: Flextime and product/service discounts are good examples.

4. 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. HINT: http://www.isacs.org/uploads/file/monographs/busin...

http://www.usbankhr.com/hr/docs/benefits-at-a-glan...

5. Format your assignments according to these formatting requirements:

  1. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
  2. Include a cover page containing the title of the assignment (with running head), the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length.
  3. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length. Use the Strayer University Library at https://research.strayer.edu to locate additional sources to support your work.


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Explanation & Answer

Attached.

Value of Employee Benefits Program
I. Variables Organizations Should Consider When Providing Employee Benefits Programs
A. The demographics of the employee based on the type of generation
B. The type of industry where the firm operates
C. Benefits budget for the firm
II. Income Protection Programs and Pay for Time Not Worked Programs
A. Differences
1) Income protection programs are used back up the salaries of the employees
2) Employee is paid for the time he or she has not worked
B. Similarities
1) They are mandatory though it depends on the state or nation
2) Aim at sparing the employee from using his salary in specific issues
III. Other Benefits Recommended To the Management Team
A. Profit sharing
B. Paying employees for working on a holiday
C. Offering reimbursement programs for tuition
D. Paying housing expenses
IV. Exempt Employee Benefit Package
A. Exempt employees are usually in the managerial positions
B. Health Insurance- dental care, routine hearing examination
C. Retirement plans-401 (K) saving plan
D. Life and Disability Plans - Basic life term insurance for the employee at no cost
E. Fringe benefits- eligible for meals within the working hours


Running head: VALUE OF EMPLOYEE BENEFITS PROGRAM

Value of Employee Benefits Program
Name
Institution

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VALUE OF EMPLOYEE BENEFITS PROGRAM

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Value of Employee Benefits Program
Variables Organizations Should Consider When Providing Employee Benefits Programs
Employee benefits programs are essential for a business to be in a position of attracting
as well as maintaining qualified staffs. When providing these benefits programs, there are
variables that a firm should put into consideration. First, the demographics of the employee
based on the type of generation. Example, all generations have a unique value on medical
benefits apart from the Gen Y employees who value lifestyle benefits such as membership of
subsidized gyms as well as paramedical such as acupuncture among others. Usually, there are
differences in the preferences of the employees, and thus it is essential for an organization to
understand the type of generation for most of its employees (Goetzel, 2018). A company should
offer benefits programs based on what its employees love most to ensure the program motivates
it.
The second variable is the type of industry where the firm operates and what functions do
the employees do in the firm. Example if a firm has most of its employees working in the manual
labor such as mining and constructions; the benefits program should provide cover for both long
and short term disability. Such employees are in high risks of getting injuries that may bring
disability and thus it is essential for a firm to provide compensation if such a case happens.
Usually, such coverage overlaps with the employment and health insurance of the individual
(Goetzel, 2018). If the firm operates in the professional industry, the employees would be
performing ...


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