Unit 6 DB HA530

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Colorado Technical University *

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HA530

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Industrial Engineering

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Jan 9, 2024

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docx

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2

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Allissa Sterling HA530 Unit 6 DB : Competitive Market Benefit Options 1. What competitive benefit options should be considered? Hospitals have the opportunity to empower their workforce by offering competitive benefits that prioritize their diverse needs, ranging from comprehensive health insurance coverage to flexible work arrangements, and professional development opportunities, all aimed at promoting overall employee well-being. 2. Are these options offered to all employees? In order to foster a fair and inclusive work environment, it is imperative that every employee, irrespective of their job title or responsibilities, be provided with fair and equitable access to the full range of benefits available to them. This will ensure that all employees feel valued and supported, and will contribute to a positive and productive work culture. 3. How are benefits communicated to employees at this hospital? Analyze options you would use to tailor compensation structures. Consider skills, equity, and gender balance. Improving the way we communicate benefits is vital to ensure that all staff are aware of their entitlements. By utilizing different forms of communication like employee handbooks and digital platforms, we can effectively convey the message to everyone in the organization. We can also hold meetings and include information in monthly newsletters to help to enhance understanding and address any questions or concerns people may have. 4. What monetary and nonmonetary incentives/perks are offered to employees? Consider pay, health and well-being, remote work options, and other perks. Employee incentives are a crucial aspect of any successful business. To motivate and retain top talent, we must offer both monetary and non-monetary incentives. By providing performance- based raises and bonuses, we demonstrate our commitment to rewarding hard work and dedication. Non-monetary perks such as remote work options, gym packages, childcare incentives, show that we trust our staff and care about their wellbeing and value their work-life balance. These incentives foster a positive and productive work environment, leading to job satisfaction, employee retention, and business success. 5. How have recent regulatory changes affected the hospital in terms of options and cost? Organizations need to be aware of recent regulatory changes that can impact their benefits packages, including costs and options available. To avoid any potential financial
risks, staying informed and prepared is crucial. Being proactive in planning and updated with these changes beforehand can help organizations adjust accordingly. Failure to do so may lead to costly consequences. Therefore, it is imperative to remain vigilant and up-to- date with any regulatory changes that may affect an organization's benefits packages. Reference: Bruce Fried. (2018). Fundamentals of Human Resources in Healthcare , Second Edition: Vol. Second edition. Health Administration Press.
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