Factors That Consider When Planning Employee Benefit Packages

The relationship between employees and companies are becoming more and more complex all over the years. This relationship is extremely important since it directly affects how the employees fells about the organization, what are their attitudes about the company and how they effectively perform in their jobs.

Employee representatives’ concerns are the ability to maintain current standards of living, having benefits that will allow them to live comfortably at retirement age and maintain all jobs possible within a viable industry. In addition, their health, safety, and changes in workplace are of concern as they can affect their input and position.

When an employee starts a new company, there are several external and internal factors that impact on the employment relationship. Relationships affect both management and worker’s performance. The quality of these relationships have an effect on the organisation.

A number of factors can have an impact on the relationship between employees and employers which can be identified as internal and external factors.

An employment relationship describes the dynamic, interlocking economic, legal, social and psychological relations that exist between individuals and their work organizations. Palgrave Macmillan (2013), Glossary [online] Available at: < http://www.palgrave.com/business/brattonandgold/glossary/glossary.htm> [Accessed 17th September 2013]. Factors that impact on this relationship both have a detrimental effect to the running of a business. I will focus on two internal and two external. These being:

Employees require motivation, reward and encouragement for maximum productivity. Punishment to workers not performing is also mandatory to prevent cases of poor performance. Ethical considerations must be looked at and employees must follow rules and company policies for plans made by management to be successful. Workers and management relate like a family and this has enabled the company perform to its expectation. These plans are aimed at ensuring total customer satisfaction and delight.

Employment relation is one of the vital and critical parts of HRM. For making an effective and healthy relationship between employers and employees, it is important to understand the perception of employment relations along with its importance in an organisation (Wang & Chen, 2005). Thus, if an organisation fails to understand its significance of employment relations and unable to manager employer and employee relationship efficiently, this might lead to impact on the organisation power and will deter its strength and profitability. According to Singh (2011), employee relations is basically a study of regulations, agreements and rules through which employees are accomplished with collective and individual group, importance imposed to individual

The work by Mayo in the Hawthorne studies demonstrated that the employment relationship was important, and that were employees felt the employer cared and they felt important they were likely to work harder (Gillespie, 1993). Employees regularly state that the best employers are those that provide a workplace which is stimulating and enjoyable, where there is trust and they feel they are treated equitably (Buchanan &amp; Huczynski, 2011). While some of these elements may be assessed by looking at issues such as compensation and working condition, they are all likely to reflect the organizational culture and the attitude towards looking after employees. Therefore, before looking at specific strategies and approaches to different aspects of HR, the concept of culture, which will impact on all areas of operations needs to be considered.

Employees are essential to a well-functioning business and to provide quality service to consumers. It is important for the business to care for their staff, making sure that they are happy with working conditions etc. and this is right up there with the importance of financial matters, because customer service is another key to returning customers, and if there is not a happy worker then there won´t be good customer service.

The success of the company lies within its employees. With LB’s high volume of work, the employees are very dedicated to fulfill all the requirements and to

There are several factors that can have an impact on the relationship between employees and employers; these are identified as internal and external factors.

Ensure that the individual and collective relationship between the organisation and its employees are managed appropriately

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.

This book helps define how management practices and styles, organization policies and procedures, and employment laws impact employee relationships. It offers ideas toward developing a more satisfied workforce and a company more informed about some of the more common employment

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.