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Analyze and compare Verizon and AT&t
Analyze and compare Verizon and AT&t
Comparative analysis of verizon and at&t
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Verizon Wireless may be losing at least one competitive advantage as a result of lack of knowledge about how employee benefits packages in the wireless industry compare. Studies have shown that valuable employees and top talent candidates are highly influenced by employee benefits packages considered to be good (Paterson, 2013). The leadership team’s determination and call for organizational growth, translates to both retaining current employees and enticing new candidates to join, an area in which a top employee benefits package is a major contributor. With this consideration, and factoring in the problem of a lack of updated information, it was determined that there was a critical need for a current benefits package comparison. The investigative steps necessary for this analysis for this Capstone Project were found in Section III, and this subsequent chapter, Section IV, submits those findings. Comparative Analysis Process The fundamental aim within this Capstone Project’s was to detail how Verizon Wireless's benefits package compares in the industry, by process of comparative analysis and implementation of a specific design strategy including the Exploratory Approach and Mixed Method strategy. Using these methods, data were collected directly from the six organization’s public websites, along with additional scholarly sources when necessary. Because of the complexities and amount of data, the Rational Choice Theory was employed to develop a technique that was calculative and ethical. The nature of the theory also provided concrete determination of options, and appropriate interpretation and subsequent recommendations. Effectively managing the massive amounts of qualitative data required a quantitative coding system to b... ... middle of paper ... ...al. (2014). Sprint benefits information. Retrieved from Sprint Website http:// www.sprint.com/hr/employeebenefits/?ECID=vanity:benefits Plano Clark, V. L. P., & Creswell, J. W. (2010). Understanding research: A consumer’s guide. Boston, MA: Pearson Sivarethinamohan, R. R., & Aranganathan, P. P. (2011). Determinants of employee engagement and retention practices in Indian corporate-Principal component analysis. Asia Pacific Journal of Research In Business Management, 2(12), 1. Sixth Annual Study of Employee Benefits: Today & Beyond. (2012). Medical Benefits, 29(10), 2-3. Stark, M., (2004). High turnover: Should you care? Harvard Business School. Retrieved from http://hbswk.hbs.edu/archive/ 4277.html Zachariadis, M., Scott, S., & Barrett, M. (2013). Methodological implications of critical realism for mixed-methods research. MIS Quarterly, 37(3), 855-879.
Verizon Wireless is a joint venture between Verizon Communications out of New Jersey and the European-owned telecommunications company "Vodafone." Verizon Wireless is a wireless communication carrier that operates in the continental United States. Currently, Verizon Wireless provides wireless communication services to over 60 million customers nationwide including customers in Hawaii and Alaska. Its products include wireless voice and data services using the largest wireless voice and data network in the United States. Cingular Wireless is currently the leading cellular carrier when it comes to amount of customers on its wireless network. However, as Verizon Wireless continues to grow its market share as the United States' second largest wireless carrier, it ranks number one in total revenue collected as well as how it is viewed by Wall Street. Verizon Wireless' strong market position, perception of quality, and its proportion of income has a strong competitive advantage that would allow a small price increase--making the demand inelastic, "quality demand stretches very little in response to price change" (McConnell et. al, 2004).
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Workers feeling, which includes competitive compensation and reward strategies, professional growth and development, career paths and succession plans and the organizations leadership and culture are contributing factors of employee engagement
CDHP can be defined narrowly as health care aimed for customers, and refers to insurance plans in health that give members opportunity to use their health savings accounts , health reimbursement accounts, or similar medical payment plans to pay routine healthcare expenses directly. Health plan that are highly deductable cushion individuals from disastrious medical costs. The highly deductible health care plan is cheaper but is characterized by routine payment of medical premium using prefunded account by a debit card or insurance payment plan (Buntin, Damberg, Haviland & Kapur, 2006).
Bank of America is the company I elected to discuss their unique benefits package. Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
In this paper, I will compare three different websites that contain information about cell phone plans. I chose T-mobile, Verizon and Sprint for comparisons. I chose T-Mobile because I am currently using T-mobile as my cell phone plan. I selected Verizon and Sprint because they are the leading competitors of T-mobile.
The company provides great benefits intended to contribute to keep employees motivated to succeed. Through random surveys and employee satisfaction questionnaires, the company is better able to effectively concentrate on employee satisfaction. The company’s website provides proof of employee satisfaction. AT & T has been identified:
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.
Determine the Compensation Level: Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may not have been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor. Evaluate the Proposed Strategy: Affordability of these theoretical applications is not obtainable within the first couple of years of business.
Kaufman, Roger and Watkins, Ryan. "Cost-Consequence Analysis." Human Resource Development Quarterly, v7 n1 p87-100, Spr 1996.
This has provided a competitive advantage for the companies. Companies of choice provide a comprehensive employee benefits package like Disney to attract and retain employees. A smart- compensation package that offers a fair market wage, benefits that include health, educational reimbursement, and flexible work schedule, paid time off, sick benefits can help attract the right employees. In today’s corporate world and competitive economy, it is a competition to recognize these gifted workers who can profit your business. A “strategic perspective focuses on those compensation choices that help the organization gain and sustain competitive advantage” (Milkovich,
...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 succeeding paragraphs will explain how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In order to maintain their competitive edge, companies need to fully understand that as the needs of their employee’s change, so does their benefit plans. Companies need to find innovative ways of engaging employees that encourage and support their commitment and improve their performance.
Employee engagement, a term devised by Gallup research group, is viewed as an important management tool for any company who wants to be an effective and productive organization. Researches have shown that employee can contribute positively to the organization vision and goal when a company engage them effectively. The employee will also feel more passionate about their work and have a sense of belonging.
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72