Employee Benefits

Employers are continuing to face rising health benefit costs and are constantly looking for alternatives to control these escalating costs. Health benefit premiums continue to increase at a double digit pace for employers and employees (Poor, Ross & Tollen, 2004). This escalation is putting environmental pressures on all impacted stakeholders. Companies and insurance providers are squeezing this industry to get a handle on cost while still providing an appropriate level of care. This cycle puts the patient front and center as the ultimate stakeholder who incurs changes in health benefits. This mandate of cost control, efficient operations and market share has facilitated a constant analysis of the dynamic health

Prior to the nation experiencing globalization and free trade, businesses were designed as employee based models, freely offering health care coverage to their

The purpose of this meeting was to introduce and clarify business health insurance options in the year 2015 and the significance of good health at work. The three main topics that were presented to us were: 1) 2015/16 Affordable Care Act (ACA) overview for small sized businesses with fewer than fifty full time employees; 2) 2015/16 ACA overview for medium to large sized businesses with fifty or more full

The continual changes in the health care reforms and controls possibly will aid offshoot business doings by swelling the motivations for gifted U.S. citizens to unveil their personal firms (Nishihira, K., 2007). This will rise the buck of staffs who are eager to perform duties at both large small companies. Additional, fruitful changes will also shrink occurrence of "job lock," where employees will be unwilling to quit a particular job with company-funded health protection out of panic that they won’t be able to get inexpensive treatment. Companies which are not in any position to offer health

The costs of providing health coverage for employees are rising at such a high rate that many companies have begun asking employees to pay a greater share of the cost, or eliminate coverage entirely. Employers are raising the costs or eliminating

Employers are continuing to face rising health benefit costs and are constantly looking for alternatives to control these escalating costs. Health benefit premiums continue to increase at a double digit pace for employers and employees (Poor, Ross & Tollen, 2004). This escalation is putting environmental pressures on all impacted stakeholders, including insurance and health care providers. Companies and insurance providers are squeezing this industry to get a handle on cost while still providing an appropriate level of care. This cycle puts the patient front and center as the ultimate stakeholder who incurs changes in health benefits.

Today’s workplace has expanded with a variety of men and women working for different businesses throughout the United States. The increase of working men and women has brought successful businesses to thrive and meet company’s needs and goals. Employers offer hourly or salary wages to his or her employees and may also include benefits. Every business must have insurance for the company just in case something was to happen, such as a fire, a break in, employee injury or accident. Companies also provide employees health benefits, but the company must choose and decide to work with a health insurance

Rising health care cost has challenged organizational leaders to develop new strategies and initiatives to reduce cost. New initiatives are important because the rising health care cost often interferes with an organization's ability to make a profit or stay in business (Littler, 2007). Possible initiatives for combating rising health care cost could be shifting all responsibility to employees or redesigning the benefit where both parties share the responsibility. Some organizational leaders have chosen the strategy of shifting costs to employees over redesigning their benefits system to combat rising health care cost (Larsen & Pomeranz, 2009). The redesigning of the system could include dropping health insurance coverage for employees (Blumenthal,

As a mid-sized organization of 100-250 employees the goal is to provide the widest array of employee benefits possible, without breaking the bank. The company wants to offer a benefit package to support the needs of its employees and serve to motivate, when taken as part of the total rewards package. That said, there are some benefits in which the company is required to offer and need will to consider their cost and benefit first, before adding in other non-mandated benefits. The company’s obligations are explored below in more detail.

When asked about retention of employees and how benefits can keep employees within the company as well as the impact of benefits, I was told benefits constantly are a factor on of employees will stay with a corporation. In CHPW there is a lot of competition between health insurance organizations, due to many having the lack of experience in the field and dealing with Medicare or Medicaid (governmental programs) is an extremely valued skill. Lesley gave me a sample of how certain benefits will keep and lose employees, personally at CHPW, our health insurance premiums are raising this next year. Our PPO plan is raising for single insurers by $50 a month and for families it rises upwards of $150 a month. Lesley told me that she fears, that this cost increase of health insurance will have a negative effect on the company, in the effect of losing some workers than can get more inexpensive health insurance through a different employer.

Most health care analyst believes that health benefits provided by employers are provided as part of the overall compensation paid to workers. Because of the rising cost of the health care benefits, employers’ shares of

Employee health benefits are undergoing a radical change due the passage of the Patient Protection Affordable Care Act in March 2010, employers are having to re-evaluating how and if they will be provide health benefits to their employees (Grant Thornton LLP, 2013). According to Dunn, Kirsschner, & Livingston (2014) the PPACA has created new complications into collective bargaining negotiations over health insurance benefits. Especially in firms like GMFC which employs a large numbers of workers (50,000) who must now comply with federal statutes delegated by the PPACA (Dunn, Kirsschner, & Livingston, 2014). According to Grant Thornton LLP (2013), “Employer-sponsored health care plans have been one of the major sources of health insurance in the United States and cover an estimated 149 million people” (p. 3). Additionally, the use of health care plans in benefit packages has been a critical factor for employers in recruiting and retaining quality employees (Grant Thornton LLP, 2013).

Although research generally confirms that pay-for-performance plans can influence greater outcomes, it is unclear how effective different pay plans are relative to each other (Park, 2012). Like most things in business, compensation is something that requires evaluation, study, assessment, strategy, modeling and integration.  Achieving a pay for performance culture does not happen without paying attention to the behaviors, activities, rewards and motivations that have to be linked and reinforced through a well engineered and successfully executed process.  Actually if that process does not tie rewards to shareholder financial objectives, employ the proper mix of compensation elements, result in meaningful dollars, embrace performance that employees can impact and are effectively communicated and reinforced, then the results it produces will likely fall short (Vision Link Advisory Group, 2013).

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediate