How to quantify the total costs of benefits?

Content Type

User Generated

User

oafgrjneq

Subject

Business Finance

Description

Assignment Overview

Type: Individual Project

Unit: Benefits Programs

Due Date: Tue, 8/22/17

Grading Type: Numeric

Points Possible: 150

Points Earned: 0

Deliverable Length: 5-8 paragraphs and 1 chart

View objectives for this assignment

Assignment Objectives

Explain the components of employee benefit programs

Construct an incentive plan for a given organization

Assignment Details

Assignment Description

After receiving a positive response from StopNShopToday, Inc. management about the recommendations for the incentives and performance appraisal projects, the HR generalist has been assigned a project that will prove to be very challenging: assessing the competitiveness of the company benefits package.

The owners of StopNShopToday, Inc. are very concerned about the escalation of health insurance costs. When they started the business in 1991, benefit costs were much less and employees were happier with what the company provided. Now, however, the owners regularly hear employee complaints about the growing health insurance premiums they pay.

In addition, the owners are tired of employees always requesting that they be allowed to take a greater number of paid personal absence days. Scheduling employee vacations and holidays is difficult because the company's store locations are open all day and every day, except for Christmas and New Year's day. As a result, the owners want to compare StopNShopToday, Inc.'s benefits package with other similar companies. They intend to use these facts to make better decisions and communicate their problems more accurately to employees.

As the HR generalist, you quickly realize that the corporation had never quantified the total costs of benefits. After 1 month of exhaustive review of benefits bills and payroll records, you have summarized the corporate compensation and benefits costs as seen in the following:

Percent of Total Compensation:

Total wages and salaries: 50%
Total benefits costs: 25%
Paid leave: 5%
Supplemental leave: 2%
Insurance: 6%
Retirement and savings: 2%
Legally required benefits: 10%
Other benefits: 0%

With this information, you will now attempt an external benefits comparison. To get benefits data from other companies, review the following data from the U.S. Department of Labor Bureau of Labor Statistics. Some of the most pertinent survey results are in Appendix A.

Click here to view the U.S. Department of Labor Bureau of Labor Statistics 2005 data.

Click here to view the U.S. Department of Labor Bureau of Labor Statistics 1986–2001 data.

Prepare a comparison of the compensation and benefits costs that you will deliver to the company's owners. Create at least 1 chart to visually depict the most relevant data. Address the issues of greatest concern to the owners. Provide several paragraphs to summarize your findings. Use Appendix A or additional data provided in the U.S. Department of Labor Bureau of Labor Statistics documents.

Please submit your assignment.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

This assignment will also be assessed using the Common Assessment criteria provided here.

For assistance with your assignment, please use your text, Web resources, and all course materials.

****If you need to access my class for further reading or to access the US Dept. of Labor links above, go to "AIU Login" and my credentials are:

User Name: Brigetta.Steward

Password: Kendall2016

I am also going to attach the first part to this assignment which was from last week and the feedback that my instructor provided below:

Unit 4 - Individual Project

Brigetta,

Prepare a presentation that you, as an HR generalist, will give to the vice president of human resources and the company's owners recommending changes to the current performance appraisal program at StopNShopToday, Inc.

Address several different types of performance appraisal systems, and make other comments or suggestions that address the applicability of the performance assessment categories that are currently used.
Address each of the 6 performance assessment categories ( Procedural knowledge and skill; Verbal communication skills; Creativity; Consistently good judgment; Attendance and Customer service skills) and make recommendations for changing any or all of them.

Overall you have a good start to this assignment. You chose great performance appraisal systems to discuss but you should elaborate further. You also have a good start to your analysis of the current assessment categories.

Individual Project Rubric

Grading Criteria	Percentage
Deliverable requirements addressed; understanding of material and writer's message and intent are clear.	35%
Scholarly research supports the writer's position and is properly acknowledged, and cited direct quotations may not exceed 10% of the word count of the body of the assignment deliverable (excluding title page, abstract, table of contents, tables, exhibits, appendices, and reference pages). Inclusion of plagiarized content will not be tolerated and may result in adverse academic consequences.	20%
Critical thinking: Position is well-justified, there is logical flow, and there are examples.	20%
Structure: Includes introduction and conclusion, proper paragraph format, and reads as a polished, academic paper or professional presentation, as appropriate for the required assignment deliverable.	10%
Mechanical: No spelling, grammatical, or punctuation errors.	10%
APA: Deliverable is cited properly according to the APA Publication Manual (6th ed.).	5%

Unformatted Attachment Preview

Steward 1 Name: Brigetta N. Steward Instructor: Professor Christen Garcia Date: 08.15.17 Performance Appraisal Performance appraisal addresses the manner in which firms evaluate the strengths and weakness of its workforce to promote and enhance improvement. It offers a good chance for the managers to set new objectives for the employees. It is significant to note that performance appraisal is done to establish the worth of a worker in any given firm. Accordingly, it is one of the best practices in any given organization. There are several types of performance appraisal system that used by firms. These are discussed here in. Behavioral checklist involves a list of criteria that any worker in a form sought to have to fit as a diligent worker. It significant to note that behavior differs across the diverse types of jobs being assessed (Thurston and Laurel 8). The type is best since there is no comparison done with other workers. 360-degree appraisal involves the assessing and evaluating the worker's full profile. Feedback is obtained from managers, supervisors, team members and any other direct report. Additionally, there is the in-depth collection of the employee feedback. Management by objective involves an agreement between the managers and the workers on specific and achievable goals (Thurston and Laurel 10). The goals have to be within a specifically defined timeframe. The type of appraiser offers the appraiser a chance to define success and failure easily. Psychological appraisal evaluates the intellect, emotional stability and other psychological features of the workers in a firm. The method offers the managers a chance to Steward 2 position the workers in suitable groups or team. Straight ranking involves comparing employees to each other and then sorting them from the best to the worst (Thurston and Laurel 24). Finally, paired comparison involves comparing a worker with other employees in the same group. The type is best where only one employee is needed to be promoted. About this, the employees are ranked against each other on various factors until one stands out. On the current categories, the types have been mixed up thus the major reason as to why they are having a problem in the firm. Procedural knowledge ought to be done away with since it is one of the criteria firm checks once one is employed. Maybe the firm should consider inservicing training and employee retraining. Creativity falls under psychological appraisal and is very key in the firm thus should be upheld and continued as the category in performance appraisal. Consistent good judgment is very subjective. What one considers as good may not be the same thing on the other party. It is not thus a good category for performance appraisal and should be discarded. Verbal communication, attendance and customer service skills are vital categories in a firm. They belong in the behavioral checklist since they address the behaviors of the employee and not comparing him or her to other employees in the organization. These are the characteristics that can be used to define diligent workers in a firm. Accordingly, they should be upheld and followed seriously in any system of performance appraisal. From the above analysis it is evident that the StopNShopToday, Inc. does not have a single specific type of performance appraisal leading to resentments rejection. Accordingly, the firm ought to adopt the 360-degree performance appraisal system where the employee is assessed and evaluated holistically. The above system will help reduce subjectivity, biases and shallow employee evaluation. Additionally, the system will allow for inclusive performance Steward 3 appraisal where feedback is obtained from managers, team members and the employee themselves or any other report. In this way, the appraisal system will be effective. Steward 4 Work Cited Thurston Jr, Paul W., and Laurel McNall. "Justice perceptions of performance appraisal practices." Journal of Managerial Psychology, 25.3 (2010): 201-228.
Purchase answer to see full attachment

Tags: "J.D Salinger" "Algebra"

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running Head: QUANTIFYING THE TOTAL COST OF BENEFITS

Quantifying the Total Cost of Benefits
Name
Course
Tutor
Date

1

QUANTIFYING THE COST OF BENEFITS

List of figures
Figure 1: Compensation and Benefit costs………………………………………………………5

2

QUANTIFYING THE COST OF BENEFITS

List of charts
Chart 1: Stop N Shop……………………………………………………………………………5

3

QUANTIFYING THE COST OF BENEFITS

4

Table of Contents
Cover page .......................................................................................................................................1
List of figures ...................................................................................................................................2
List of charts ....................................................................................................................................3
Body .................................................................................................................................................6
References ........................................................................................................................................9

QUANTIFYING THE COST OF BENEFITS

5

Compensation and Benefit costs
Stop N Shop (costs

Other companies

in %)

(costs in %)

Total wages and
salaries
Total benefit costs

50

70.2

25

29.8

Paid leave

5

6.7
...