Questions And Questions On Employee Benefits

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?

This paper is going to describe OCBC’s unique approach to talent management and development. Compare OCBC’s approach to talent management and development to other organizations you are familiar with (e.g., current or past employers, a family business). Explain how OCBC’s approach to talent management and employee development been a primary contributing factor to the firm’s success. Evaluate the extent to which OCBC’s approach to talent management and development fits other organizations or industries, including some limitations if applied elsewhere without modification.

Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.

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.

Human Resources often begins as very tactical policies, records, compliance, discipline, compensation, benefits, job descriptions, hiring, performance management (). Taken to the next level, HR becomes strategic, connecting employees to the business mission, values, and vision, in order to drive business results (). Employee goals and metrics align to the business strategy and rewards tie into results. Additionally, careful consideration is given to developing talent pipelines, employee succession plans, and career planning in order to respond flexibly to the inevitable work flow and staffing changes that all businesses experience ().

Employee benefits are very important when considering a position with the company. In today’s workforce, employers are going after good tactics to highly satisfy their employees. What great tactic to focus on voluntary benefits!

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 also valuable asset to the 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 statuary and some are voluntary. Mandatory benefits include Social Security, unemployment, insurance, worker’s compensation and family and medical leave. Most benefits such as pensions

Despite the importance of benefits to the compensation area, there has been relatively little empirical research on employee attitudes concerning benefits. For example, it appears that employees tend to undervalue their benefit packages and to underestimate the costs incurred by employers (Wilson, Northcraft and Neale

There are a number of advantages to offering health benefits to your workers. Here are a few of the major ones:

Studies show that employees offered benefits are significantly happier and dedicated employees and turnover rates were reduced, productivity increased and overall employee morale improved. For these reasons I determined this would be an important and valuable topic for management to discuss.

This report will look at Talent Planning in organisations. Talent Planning describes an organisation’s commitment to recruit, retain, and develop talented employees to meet current and future organisational needs. It focuses on recruitment, ensuring the right people are attracted to the organisation.

Talent management is a common term in corporate leadership which refers to a process that covers a key aspect of an employee’s life cycle. The cycle consists of a selection of development, succession and performance management for the purpose of ensuring that an organization has sufficient number of employees in terms of quantity and quality. This critical process ensures that an organization has enough people in place to meet their current and future business priorities. Talent management reflects an organizations commitment to hire, manage and retain talented work force, for the purpose of improving employee’s productivity and customer satisfaction. It is a perfect tool for success and the adoption of efficient talent management practices is the cause of advancement in some of the world’s leading corporations. One particular example is the bank of America.

The purpose of this assignment is to evaluate the employee benefits options available in our current job market and provide a solution for Crangle Fixtures. This trend of shifting benefit costs to the employees is not new, I saw it happened in 1990 but it is not a popular decision and has been increasing in the market due to the health care reform. I found several articles discussing this trend and for example the ADP Research Study published the following in 2010: “The 2010 MetLife Study of Employee Benefits Trends showed that employee loyalty had declined year over year, and was, at the time of the study, at a three-year low. Our survey findings suggest there may be a link. Many of the HR/benefit decision makers we surveyed indicate that shifting health care costs to employees has had a negative impact on morale and job satisfaction. This is not surprising given that benefits cost-sharing hits employees where it hurts the most - in the paycheck.”("Talent Management Challenge," n.d., p. 1)

Depending on the job, benefits can differentiate a, by attracting top talent. The days are diminishing when employees feel that traditional benefits will do justice. Employees who offer success, want more than the typical health insurance and retirement savings plan. Different workers want and different things out of their benefits, which is why companies need their benefit package a bit more tailed-made, to meet the need of all employees within the company.

Benefits are a very important part of the compensation piece for Techtron. They can often make or break a recruit’s decision to accept a position with the company. Therefore it is important that we offer a competitive benefits package while keeping the bottom line in mind. Within the realm of benefits there are two types: Legally required benefits and discretionary benefits. Defined, legally required benefits are “protection programs that attempt to promote worker safety and health, maintain family income streams, and assist families in crisis”. The Social Security Act of 1935, workers’ compensation laws which vary by state, and the Family Medical Leave Act of 1993 are all mandated under federal law. Discretionary benefits are benefits that employers chose to offer. These benefits fall under protection programs, pay for time not worked, and services (Martocchio, 2015).