Employee Benefits: Worker's Compensation And Unpaid

Employee Benefits: The Company should consider and perform a cost benefit analysis for offering better benefits for employees.

Employer-sponsored benefits reflect the culture and business of the organization, and plans should be crafted and selected accordingly. Think about your current (or former) organization's benefit plan. Did it help to improve the quality of your work as well as your personal life? Why or why not? Was it a generous benefits program or were there specific benefits you felt should have been included?

From an employee's perspective, the mandatory benefits should be funded. Mandatory benefits such as health care, workers compensation, social security, family and medical leaves, retirement plans, etc. Some of these benefits are not only offered

Benefits specialists can reduce the company’s costs associated with turnover, attrition and hiring replacement workers. They are important to the organization because they have the skills and expertise necessary to negotiate group benefit packages for employees, within the organization's budget and consistent with economic conditions. They also are familiar with employee benefits most likely to attract and retain workers. This can reduce the company’s costs associated with turnover, attrition and hiring replacement workers.

Work place benefits that are offered are higher wages, safe working conditions, and job security. The negotiation of better pay and terms of termination are two of the main goals of labor unions for their members. The personal benefits received by members are paid vacations and holidays, fair working schedules, advance training, and unemployment for those when facing a strike. Strikes began occurring in the eighteen hundred and although being rare they are still occurring today. Employees receive health care benefits of medical, vision, and dental insurances as well as coverage of prescriptions. When the time comes for retirement unions offer pension, 401K, and continued health care during retirement. Not only are there advantages for the employees, but also for the employers.

Healthcare benefits- Thousands of Americans die every week because they have no healthcare. They cannot afford it or it is not offered at their place of employment. Offering these benefits for employees are important because they cover outpatient care, prescriptions, outpatient care, pregnancy, mental health services, lab tests, therapy, pediatric services. and dental services. Having healthcare benefits would help gain employees and keep them around longer. That benefits us both, employer and employee. I believe that is a good practice.

There are also benefits for employees as well, such as, avoiding long-term absences which result in the employee having a difficult time returning to the workforce; maintaining a stable income, job skills, and self-esteem. (Management of Occupational Health and Safety, 2011, 327)

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

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

Workers’ compensation provides compensation benefits to employees for disabilities due to personal injury or disease sustained while in the performance of their duty. The purpose of Alabama’s Workers’ Compensation laws is to ensure proper payment of benefits of employee’s injuries on the job or who contract a work related illness and encouraged safety in the workplace. These benefits include payment of medical expenses and compensation for wages loss. Dependents are also entitles to payment of benefits of employees who die from work-related injuries or diseases. An employer that has five or more employees is required to have worker’s compensation insurance. Workers’ compensation is designed to protect workers

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).

Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.

The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide. These benefits include employer contributions to Social Security, unemployment insurance, and workers’ compensation insurance. Altogether such benefits represent about twenty-one and half percent of payroll costs.

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 organization for which I am designing the compensation package is a company that offers internet solution to customers in the domestic US market and the global market. The position that I am hiring is that of a company secretary. The secretary will be required to work in the office of the human resource manager and will handle all the papered and paperless documentation. The position comes with numerous benefits and packages as outlined herein.