What tools or methods will you use to communicate the plan?

User Generated

puevfgvarj766

Business Finance

Description

What tools or methods will you use to communicate the plan? Please find attached the beginning of the assignment (PLAN) that you can use reference to answer this question. The response should be between 125-150 words. Please cite the reference you use and format it consistent with APA format.

The CEO of your company would like to revamp the retirement options offered to employees.

Create a proposal that describes two to three retirement plans that could be offered. In the proposal, you must identify specific requirements of the Employee Retirement Income Security Act of 1974 that the organization would need to fulfill.

In addition to the proposal, management has asked the HR Department to design a communication plan that encourages employee participation for one of the proposed retirement plans.

Prepare a 525- to 700-word proposal and communication plan. In your communication plan, include components that encourage participation in the retirement plan.

Answer the following questions:

How will you communicate information to employees?

How often will you communicate information to employees?

What tools or methods will you use to communicate the plan?

How will you overcome resistance to participation?

How will you get employees to enroll?

How will you communicate the plan to make it attractive

Format your paper consistent with APA guidelines.


Unformatted Attachment Preview

The CEO of your company would like to revamp the retirement options offered to employees. Create a proposal that describes two to three retirement plans that could be offered. In the proposal, you must identify specific requirements of the Employee Retirement Income Security Act of 1974 that the organization would need to fulfill. In addition to the proposal, management has asked the HR Department to design a communication plan that encourages employee participation for one of the proposed retirement plans. Prepare a 525- to 700-word proposal and communication plan. In your communication plan, include components that encourage participation in the retirement plan. Answer the following questions: How will you communicate information to employees? How often will you communicate information to employees? What tools or methods will you use to communicate the plan? How will you overcome resistance to participation? How will you get employees to enroll? How will you communicate the plan to make it attractive Format your paper consistent with APA guidelines. Heather’s Portion Retirement Plan Proposal The company needs to revamp retirement options to reduce cost and risk to the employer. The CEO foresees financial strain as existing employees approach retirement age and former employees are maintaining longer lifespans. Currently, employee pension plans are offered to all employees upon the completion of their fifth year of employment. Each year of employ following the fifth anniversary adds to the employees’ defined benefits upon retirement. At present, employees are not vested until 10 years of service is reached. However, supplying retirement funds at the current rates is not feasible for the growing company, so realigning the company’s retirement plan is essential. Retirement Plan Option: Reformed Pension Plan The company may choose to simplify changes to a retirement benefit by simply altering the existing pension plan. A pension plan that begins qualification after 10 years of employment while employees become vested after 20 years of service. The increase in time-qualifiers would reduce company risk and expense since fewer employees will reach either stage of the plan. Retirement Plan Option: 401(k) A defined contribution plan such as a 401(k) will alleviate the company of the burden and risk involved with committing to specific retirement funds. The company can contribute 100% of the employees’ contributions to their personal 401(k) retirement funds up to 6% of their annual salaries. The employee can contribute as much as they would like with the condition that annual contribution funds remain within the realms of what is approved by government regulation (Martocchio, 2017). Retirement Plan Option: Annuity Annuities are a defined benefit plan contracted through insurance companies instead of through the employer. Annuities, if set up correctly, could mimic the payouts provided by an employer pension plan. To implement the creation of annuities in a timely manner to benefit the employees, the company may choose to direct employees to insurance companies or provide external counseling for education on annuities. The annuity option transfers the risk from the employer to an insurance company but still provides a contractual sum that employees can plan on for retirement (Hicks & Moeller, 2018). The company should be sure to issue disclaimers within the communicated information to employees. For example, the employees will need to understand that any specific decision regarding annuities is at the discretion of the employee, and the company will not assume any of the risk of these funds. Communication Plan Format of Communication of Retirement Options The CEO will initiate communication lines by announcing coming changes in retirement planning in a general staff meeting. Reasons for these changes and how these changes will be implemented should be reviewed and discussed. Employees should be assured of additional, indepth information, and email, the company intranet, and the Human Resource Department (HR) will be identified as ways the company will communicate that information. Following the initial staff meeting, emails will be sent to the company at large with directions to retirement information accessibility. The company intranet will be utilized as a means of obtaining current, soft-copy retirement information. In addition, HR will be made available for the discussion of retirement funding and available options to consider. Frequency of Communication of Retirement Options Following the first announcement of changes and the resulting conversations and decisions on the employees’ end, future communication will be needed. General announcements that involve the whole staff can be issued in staff meeting. Other various announcements or changes should be issued through email to the employee groups being affected. The company intranet will continue to be an asset of plan communication as employees continue to access updated information. Generally, retirement options will be discussed annually to ensure understanding and to allow employees to enroll in new options or update existing plans. In addition, HR will continue to be the face and voice of guidance as employees plan for their futures. References Hicks, C., & Moeller, P. (April 2018). 15 things you need to know now about annuities. U.S. News. Retrieved from https://money.usnews.com/investing/investing-101/articles/thingsyou-need-to-know-now-about-annuities. Martocchio, J. J. (2017). Strategic compensation: A human resource management approach. Retrieved from The University of Phoenix eBook Collection database.
Purchase answer to see full attachment
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: COMMUNICATION TOOLS

Communication Tools
Name of the student
Institution Affiliation

1

2

COMMUNICATION TOOLS
Communication Tools
What tools or methods will you use to communicate the plan?
The appropriate methods and tools of communication that can b...


Anonymous
Awesome! Made my life easier.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags