Benefits And Benefits Of Employees

Workplace diversity is a complex issue and addressing it is necessary to have which a competitive advantage in today’s fast-growing economy. While women appear to thrive at entry-level positions, moving up the ladder is challenging. In fact, retaining women and minorities in the workplace has become increasingly harder for large companies, especially healthcare organizations. Despite the clear value of having a diverse workforce, like increased innovation, improved financial stats, and enhanced organizational performance, reputation, healthcare organizations are still struggling to attract and retain minorities and women in leadership roles. A multicultural workforce is always

Diversity in the workplace is a subject that has gained increased attention over recent years. After all, the impact of affirmative action and equal employment opportunity programs on the nation's work force is undeniable. Women and minorities were the first to dramatically alter the face of the economic mainstream, while gays, persons with disabilities and senior citizens followed not far behind. The result is a diverse American labor force representing a microcosm of our society - yet one that continues to struggle with its identity. Continuing to increase racial and ethnic diversity in the workforce poses one of the most challenging human resource and organizational issues of our time; however, this paper will show that overcoming

Other post employee benefits are non-pension benefits such as health care benefits, dental benefits, life insurance benefits for retirees, and in some instances for their families as well. A key difference from private organizational accounting standards, governmental accounting standards require entities to account for OPEB as the employee accrues the benefit, not when the benefits are paid or provided. Some government entities will fund OPEB on a “PAYGO” basis by funding these benefits on an annual basis that is equal to the distributed benefits claimed on the previous year’s financial statements; however, GASB 45 does not require that post-employment benefits be funded only reported in their financial statements (Keating & Berman, 2007).

Employee retention is a practice in which the employees are convinced to stay in the organization for the most period of time or until the accomplishment of the plan. There is no scarcity of opportunities for a capable person. There are countless organizations, which are looking for such employees. If individuals are not satisfied by the job they are doing, they might switch over to some other more appropriate job. In today’s upbringing it turns out to be very imperative for organizations to retain their employees (Dibble, 2000). Employee retention is supportive for the organization with that of the employee. Employees today are diverse. They are not the ones who don’t have first-rate opportunities in hand. As soon as they

Diversity management is another strategy public sector organizations can use to retain employees. The Diversity management model is one that many different organizations have chosen to move towards in recent years. One reason for this increase in service delivery is the ability for clients to identify with workers with a cultural similarity occurs if an organization values a diverse workforce. In their journal, “Building an inclusive diversity culture: Principles, processes and practice”, Pless and Maak define diversity management as “an organizational environment that allows people with multiple backgrounds, mindsets and ways of thinking to work effectively together and to perform to their highest potential in order to achieve organizational objectives based on sound principles” (2004). The article, “Challenges in Diversity Management: A Case Study of MediHealth Systems” reported that, “differences among employees create diverse experiences for employees themselves in their organization in terms of performance, motivation, communication, and inclusion” (Pant & Vijaya, 2015). The overall purpose of diversity management is to increase a company’s competitive edge, utilize valuable human resources, provide equal opportunities in an effort to enhance creativity, innovation and problem solving within an organization (Basset-Jones, 2005; Noon, 2007). It is necessary for companies to maintain their competitive edge, especially in the public service, where public and private

Employee benefits were not a significant part of most employees ' compensation packages until the mid-twentieth century. In the U.S., benefits included only about 3 percent of total payroll costs for companies in 1929. According to U.S. Chamber of Commerce, however, employee benefits in the U.S. now include approximately 42 percent of total payroll costs. Several things account for the huge increase in the importance of employee benefits in the U.S. In the 1930s, the Wagner Act considerably increased the ability of labor unions to establish workers and bargain for better wages, benefits, and working conditions. Labor unions from the 1930s to 1950s took advantage and negotiated for new employee benefits that have since become common in both unionized and non-union companies. Federal and state legislation requires companies to offer certain benefits to employees. Employers may find themselves at a disadvantage in the market if they do not offer competitive benefit packages.

The success of any business will directly be related in a major part to its employees. Within the today's job environment employee benefits tend to be just as important as the salary therefore any organization that wishes to attract experienced as well as talented employees, a complete compensation package has to be in place. This is in line with the fact that as time changes, so is the insurance needs of the employees. The traditionally offered health insurance for employees that was in existence 3years ago may not meet the needs of employees anymore in the contemporary society particularly bearing that the health insurance premiums will also continue to go higher, there will be need for a more cost effective and comprehensive solution.

3. The cost of turnover can also be less with an organisation who promotes a diverse workforce. People who are valued and happy in their jobs will be less likely to want to leave or have time off absent from work.

I’ve chosen the topic of employee benefits and the varying considerations given to benefits as part of total compensation around the globe. What are the issues to be considered? What about the MNE employee?

Today companies design benefits packages that are unique and rewarding in order to attract and retain talented workers. In fact, employee benefits have evolved significantly over the years. Employee benefits are no longer just the basics, such as healthcare and retirement plans. Organizations are now expanding their benefits and rewards offerings to include creative perquisites, such as onsite childcare, flexible work schedules, and employee game rooms. Employers understand that to gain a competitive advantage in the war for talent, they must create new and improved rewards for their employees.

Attracting and retaining employees is a topic of in numerous articles, conference sessions, books and Websites, as well as the basis for numerous product launches to cub the concern of many organizations (Klepinger, 2007). Smith, (2007) notes that there is difficulty in finding and keeping talented people is having a catastrophic impact on many businesses and industries throughout the world. Money and benefits are important, but studies show most employees leave for other reasons. Employers have the need to retain the talents they have to attain the desired organizational goals which could include quality, customer satisfaction and the bottom line. Earle (2003) observes that

Employees dedicate a huge part of their time working for a company. A typical full time employee that works 40 hours a week spends about 200 hours per month only at work. This is not including time spent on driving to work and back home. More importantly employees are valuable assets to companies; they bring in skills, experience and get the job done. Therefore as forms of payment other than monetary compensations companies offer a variety of benefits intended to help promote financial security and raise living standards. Some of these benefits are statutory and some are voluntary. Statutory benefits include Social Security, unemployment, worker’s compensation and family and medical leave. Most benefits such as pensions and health insurance are provided voluntarily; there are also specialized benefits programs such as ongoing education and training, childcare, long-term care and legal assistance. While this favorable for employees it is a huge financial burden on the companies.

Regardless of the size of a business or whether it is a multi-million dollar software distributor or a productive trucking company, there is one thing that most all companies have in common. Every company needs to have efficient human resource practices. According to Mayhew (n.d.), “human resources plays an essential role in developing a company 's strategy as well as handling the employee-centered activities of an organization” (para. 1). If the employees are the backbone of an organization then the human resource department is the brain stem. It can be the glue that holds an organization together, or the hammer that breaks the organization apart. There are many issues that companies face when dealing with human resources. Things such as payroll disputes and disgruntled employees are fairly common, but for the most part they are easy to overcome. The major issue that companies have to face when it comes to human resources is a double edged sword. It is both a blessing and a hindrance at times. This issue is how to handle the ever changing diversity within the organization. In order to be a successful human resource department of an organization that treats their diverse workforce in a fair and equal manner, one must first understand how the workforce demographics are changing, what problems may arise due to these changes, and how to overcome these problems. It is a delicate dance that must be done on a daily basis.

In recent times, Human Resource Professional has faced a growing number of challenges in responding to the needs of the contemporary workforce and attempting to win “The War for Talent”. These include globalisation, increasing workplace diversity, technological change and an aging workforce among others. This essay will attempt to show that the three most pressing concerns the Human Resources Professional faces today in satisfying the needs of the contemporary workforce; are those of addressing skill gaps, ensuring employee wellbeing and adapting to increased workplace diversity. Companies will need, to address these three areas; in order to become “Employers of Choice”; meet the needs of their employees and achieve their Strategic Human Resource objectives and ultimately succeed in “The War for Talent”.

This means the days of lifetime employment and seniority-based systems are largely over as companies move toward models of contingent work, independent contracting, and more free- market arrangements (Losey et.al., 2005). Large group of experienced, highly skilled, workers are leaving employment and are looking for alternative employment. The shift in how organizations can effectively function in the changing world of work is a hot topic within the field of human resource management. Society is rapidly shifting to an information age and the challenges that come about with such a change (Al-Hawamdeh & Hart, 2001; Burch, 2005; Castells, 1996; Elliot & Jacobson, 2002). Changing demographics is one of the strategic steps that those in the