Human Resource Management - Putting Together a Benefits Package

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Putting Together a Competitive Benefits Package That Will Attract and Keep Quality Talent Within An Organization Abstract In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position …show more content…

In general, there are 5 health care options: Health Maintenance Organizations, or HMOs, are the most common option, although they are fast being replaced by Medical Savings Option or Health Savings Option plans. Employees choose a primary care physician, who helps manage their overall health care (and the related costs) by acting as gatekeeper for referrals to other doctors within the HMO network. The worker pays a copayment for each doctor 's visit, and the insurance company covers the rest. The overriding principal with an HMO is that a company and its workers give up a bit of freedom in regard to choosing doctors, in return for lower costs; HMOs today tend to carry a large networks of doctors, but costs associated with these plans are not nearly as efficient as they once were. Preferred Provider Organizations, or PPOs, are typically the most expensive option offered to an employee. They are seen more in the large corporate spectrum than in small businesses. These plans offer employees several choices of doctors and hospitals. Additionally, they allow workers to see specialists outside of the network, although that typically comes with additional fees out of the individual employee’s pocket. Point-of-Service Plans are a compromise option. As in the HMO option, employees choose a primary care

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