Benefits Plans for Employees - 661 Words

Course title: Name of student: Institution: Benefits perform integral functions in compensating employees and the benefit package employed by a firm needs to be lucrative and distinct in the employment market. This serves as a decision-making factor in attracting new employees, retaining present ones and acceptance of offers by experts in the industry. Every organization strives to come up with the most efficient combination of benefits and achieve great utility for money. The choices taken hugely depend on both the employees and employers. Reliance Home amp; Office Security Solutions refers to a local entrant into the security services industry. It provides a variety of products tailor-made to the specific needs of different†¦show more content†¦These include legal insurance, tuition reimbursement for those who opt to advance their education and bonus plan. The current market in provision of security services boasts of several names. The lists also consists of firms like Group4Security (G4S) which applies an elaborate compensation employees for its workforce. Reliance borrowed the idea of legal insurance cover and tuition reimbursement from it. These two strategies serve to attract the most qualified experts in the industry. The cost target aims at developing a fund set aside for providing benefits to employees. The management promises that this fund remains off limit to covering company expenses and constantly grows as the company grows. A sustained growth ensures drafting of more benefits into the existent package. This methodology aims to serve the changing trends in the market workforce. Thus, the company asserts that this package provides a long-term pathway to retaining experienced employees and attracting others from rival firms. In the formulation of the benefit plan, the management sought the services of an independent human resources firm. The firm has a team of qualified professional to design suitable plans taking in consideration the legal guidelines set out by the government. Reliance, therefore, rests assured that the plan effectively meets the legal provisions and its application attains accolades from labor unions. The plan tends to favor theShow MoreRelated2.When Establishing A Benefits Plan For Employees, There862 Words   |  4 PagesWhen establishing a benefits plan for employees, there are numerous things employers need to consider. Benefits can be used to help retain talented employees, provide security for employees and their family members, and they can also be a powerful recruiting tool for employers. Employers need to be aware of the high cost of benefits while offering a competitive benefits package to keep great employees with their company and happy. As we discussed in class, the cost of benefits has increased tremendouslyRead MoreBenefits Of Employees And Employees At The Workplace Is The Utilization Of Incentive Pay Plans1254 Words   |  6 Pagesand expects, and what employees want and expect† (Lagace, 2003). One aspect of the ongoing negotiation between employers and employees in the workplace is the utilization of incentive pay plans. Employers utilize incentive pay plans to motivate and change employee behaviors in order to prioritize behaviors and outcomes that the employer is looking for. Pay for performance appears to be a common sense solution to motivate employees. It creates a reward system for employees that is tied to job performanceRead MoreBenefits And Benefits Of Ford Motor Company1657 Words   |  7 Pageslocated in the United States of America. The company has employed thousands of employees across the world. Any successful company must provide its employees with a good compensation and benefits plan to remain competitive. As a resu lt, this study focused on researching the types of compensation and benefits plans Ford Motor Company offered to its employees. The study found out that the company offers compensation and benefits plans such as base pay, variable pay, insurance (health, risk, and life), holidayRead MoreBasic Features Of A Group Benefits Insurance Plan760 Words   |  4 PagesDuring our recent phone conversation, I noticed your interest in our group benefits insurance plan. I believe that this product is tremendously beneficial to your business mainly for the reason that grouping employees together allows our company to deliver considerable coverage at lower rates to your business. In other words, the insurance plan offers your employees the protection they deserve and makes your company a great workplace that is likely to attract and retain talents, which supports increasedRead MoreEmployee Compensation Programs Essay1416 Words   |  6 PagesBenefits have most definitely changed throughout the past years. According to Compensation, during 1880 people worked approximately 14 hours every single day except on Sundays and would only receive a raise if they stayed with the company for five years and if the company prospered during that time (Gerhart, 2011, p. 414). Over the next couple of years, employees began seeing work hours change from 60-64 hours per week to 54 hours by the year 1930. Eventually, employees were able to have holidaysRead MoreBenefits Of A Qualified Retirement Scheme1460 Words   |  6 Pagesemployers retain excellent employees and attract new employees. b. First, to reduce the current tax liability of workers, as the employer s contribution to the plan is not as taxable income. Second, the deferred income tax based on the accumulation of assets income, workers retire or receive funds after the payment of pension benefits. 2. According to this test, the number of non-General employees, not only highly compensated employees, but also benefit from a qualified plan. There are certain minimumRead MoreMerging Benefits at Huge Computer Company733 Words   |  3 PagesThe Case: Merging Benefits at Huge Computer Company Two major high-tech companies, Huge Co. (HC and Computer Co. (CC), have recently merged to form Huge Computer Company (HCC) and are now starting to combine the operations of both. A key issue of the integration has been how to treat the benefit and retirement plans from the two-companies—in particular, how to blend the plans for the software engineers, who are key to the continued success of the new company. Read the following case and write anRead MoreUniversity Health Systems Is The Leading Trauma Center For South Texas1671 Words   |  7 PagesThe organization that I have chosen is University Health Systems also known as Bexar County Hospital. University Health Systems is the leading trauma center for South Texas.. The medical benefits that are offered can only be used within the organization and the family medical offices. The University Health Systems is a large organization that is part of the medical school; as well it is the County Hospital where all the inmates go f or treatment. They are expecting every employee to use or go thoughRead MoreEssay Wal-Mart1065 Words   |  5 PagesEXPANDS HEALTH BENEFITS Business Case 4 Human Resource Management Foundation – HRM 500 1. How well do you think Wal-Mart’s earlier, more limited health benefits supported the company’s overall business strategy? I feel Wal-Mart’s earlier, limited health benefits did not support the company’s overall business strategy because, in order for employees to want to work for a specific employer, employees must feel they are making a difference in his/her position. Employees must also feelRead MoreRetirement Plan Proposal and Communication Plan Essay1703 Words   |  7 PagesRetirement Plan Proposal and Communication Plan HRM/324 Retirement Plan Proposal and Communication Plan Retirement pensions provides a source of retirement income employees can draw on after they stop working, they have to invest for retirement while they are still on the job (Lightbulb Financial, 2013). To take advantage of the opportunity to accumulate tax-deferred earnings and in some cases defer taxes on their contributions as well, employees can participate in employer-sponsored