1. It is good that MMC has many benefit programs such as Shot-term Disability, Long-term Disability, Health Care, Retirement and Life Insurance. Most of the benefits programs are paid by company, which can highly motivate employees to have good work performance. Furthermore, employees have chance to decide to pay or not pay for those optional term insurance. This makes employees feel satisfied because they don’t have to pay for benefits programs that they think are unnecessary to them. As I notice, fifty percentages of employees in MMC are over 46 years old. Providing such flexible benefit programs make them think the company is good and can retain them. Employees who are over 46 years old have sufficient knowledge about benefits programs in …show more content…
Since DC plan is becoming more and more attractive to employees nowadays, it might be a good change that changes the DB plan to DC plan. Second, the costs of all of the programs are pretty high. It is extremely important that HR should know how to reduce some of the costs. For example, HR can hold some benefits programs like encouraging employees to take exercise, stop smoking and keeping fits. These programs can make employees feel satisfied about the company but also solve the health problem at the very first beginning. If HR professionals don’t encourage employees to do exercise, they might ignore their health problems which might induce large amount of costs of the company. Third, after combing the benefit programs of two companies, we can see the benefit programs become more powerful because they fully provide various programs employees need. If two companies can learn from each other’s benefit programs, their programs will be more sophisticated and productive. However, there are three risks. First, both MMC and OY pay for the benefit programs, which might be a huge burden of the company. Company can make coinsurance and copay become higher to reduce their burden. Second, Short-term Disability plan in both companies are really high. MMC and OY can reduce the benefits provided to employees which will encourage employees to go back to work. Third, both companies can provide some other benefit programs to reduce …show more content…
If the OY employees were to become covered by the MMC benefit program, there will have three challenges. First, OY provides Executive Physical Exams, however, MMC doesn’t. This might induce dissatisfaction of employees who need Executive Physical Exams. Second, OY is a small company with 300 employees; however, MMC have 1600 employees. If OY employees were covered by the MMC benefit program, they might feel discontent because they have to pay more at new benefit program. Furthermore, the benefit program in OY is desired to service employees in OY, if it covered by the MMC benefit program, OY employees might feel it doesn’t make sense. Third, The retirement requirement in MMC is vesting 100% after five years. However, 80% of employees work in OY 1 to five years. OY employees might feel discontent about the new benefit because they cannot get full vesting. There are also three opportunities. First, MMC provides Business Travel Accident to employees but OY doesn’t. OY employees might feel happy because they get the Business Travel Accident benefit. Second, the Medical Plan – In Hospital of MMC stipulate the cost the employees might provide. However, OY has no limitation on benefits paid which means employees might have to pay high costs. If OY is covered by MMC’s benefit program, this risk can be solved. Third, MMC require employees to work longer to have full benefits. If OY employees are covered by its plan, they might be motivated to stay in the company longer to receive
Memorial Sloan Kettering Cancer Center (MSKCC) has impacted the world nationally and internationally for their involvement and work with cancer, science, research, and medicine. A goal of Memorial Sloan Kettering Cancer Center (MSKCC) is through extensive research and training explore new ways to treat, cure, and control cancer on a national and worldwide level. Scientist and Researchers affiliated with MSKCC take their knowledge, investigation, and research to create clinical trials, studies and new treatments for cancer nationally and worldwide which create various economic opportunities throughout the nation and world.
It is also the one of the hardest components for management to fulfill. GMFC needs to be an industry leader in pay as well as implement a merit pay policy for employees. Leading the industry in pay and awarding employees pay increases equal to or better than what the union can negotiate is instrumental to keeping the plant union-free (Fossum, 2012). Also basing pay increases on performance and skills learned is a great incentive to boost productivity and employee motivation. As an example, Volkswagen starts their employees the base rate the union would be able to negotiate keeping employees content (Greenhouse, 2014).
The term ‘Mabo’’, as described in media reports refers to all the issues concerning the Australian High Court Judgment in the Mabo against Queensland Case. The Mabo decision was named after Eddie Mabo, a Torres Strait islander who regarded the Australian Law on land ownership wrong and challenged the Australian legal system. Eddie Mabo was born on the 29th of June 1936 on Murray Island. Murray Island is between mainland Australia and Papua New Guinea. In his early days of childhood, at the age of 16, Mabo was banished from Murray Island for breaking a customary law and moved to Queensland, where he worked various jobs such as a deck hand and cane cutter. At the age of 23 he married Bonita Nehow and settled in Townsville and had ten children. In Townsville he was a spokesperson for the Torres Strait Islander community and was involved in the Torres Strait islander advancement league. While working as a groundskeeper on James Cook University in 1974, he discovered that his people’s traditional land was actually owned by the government.
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.
“To make your company competitive and attractive to job candidates you have to offer an exceptional total benefits package” (Obringer, 2003, para.1). This is especially true in the current economic environment. The employee’s needs are changing so businesses are having to rethink their compensation and benefits packages. The home improvement industry is no exception to this phenomenon. Companies like Ace Hardware, Lowes Home Improvement, and The Home Depot have had to adapt their benefits packages to stay competitive in an industry with an ever-changing employee demographic. The following pages will include a comparison of all the benefits offered by Ace Hardware, Lowes Home Improvement, and The Home Depot, as well as, a glimpse into whether or not their strategies seem to have been successful. The majority of the benefits are available to all employees, but some of them are only available to corporate team members. To make sure that all of the available benefits are covered and for comparisons sake, the focus of this report will be on the corporate level of benefits. Also due to the wide salary ranges between low level employees and corporate employees, this report will not focus on salaries.
The cost and administrative burden of providing health care benefits to employees has grown rapidly in the last several years, and organizations have opted to cheaper means of doing this by resorting to CDHPs programs that are little bit cheaper when using deductible health insurance plans. This has led to the hope of healthier generation in the near future as the cost of health services would be manageable (Buntin, Damberg, Haviland & Kapur, 2006).
bonus pay. In addition, the hours in a group practice are more flexible because there are other
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.
...mind and spirit, while creating a more productive employee for them and adding to their profit. The bottom line is that corporate wellness programs work and create fiscal fitness for all to share in.
This strategy aims to employ workers from different backgrounds to provide tangible and intangible benefits for the business. The employers are the ones who control everything from the wage, promotions, incentives and the termination of the older counterparts. They are increasingly concerned about updated skills, physical demands, early retirement, and the cost of maintaining an older worker. Despite how employers may feel, companies cannot afford to neglect talent at any age. The employer should take advantage of the skills that the older employee posses, and carefully position them in jobs that matches their skill level as well as the job to be done. “Regardless of the change organizations make in the structure and functioning of the workplace of the future, it appears likely that older workers will play a crucial role (Hedge,Borman,& Lammlein, 2006). Different acts and laws are governed to respond to any discrimination against older employees in the workforce. Employment agencies, labor unions, local, state and Federal government are bound by these laws such as: Older Workers Benefits Protection Act (OWBPA); The Americans with Disabilities Act (ADA), Older Americans Act (OAA), to name a few. Funds for service by the Congress are provided in forms of grants for various programs yearly. States, counties, and cities recognize the value of the servicing and are generous in providing additional funds, benefits and in-kind economic benefits too. Because area and state agencies on aging are doing very little in a way to use mass media to promote themselves, the aging network is probably missing a large number of disadvantage people who should be receiving services but who are unaware of them. Much more emphasis has been placed on tying together the federal services for the older workers, but it should not have taken a federal initiative to make states see
...r investigate what sort of rewards or fringes would their employee’s desire compared to the old method of monetary incentives for the beneficial for the company”.
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
Employee benefits coordinator play a significant role in Human Resource Management. Employee Benefits coordinators are responsible for assisting with employee benefits, maintaining employee data base, managing all insurance billings and maintain employee files, sick pay, vacation and retirement. This study explores the importance of employee benefits to corporations, government agencies and non profit organizations. This paper also researches the effects on the management team and on individual employees’.
Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).