For week twelve you will write a 2-3 page, double-spaced APA formatted analysis
ID: 353336 • Letter: F
Question
For week twelve you will write a 2-3 page, double-spaced APA formatted analysis of your current benefits plan at your employer. If you are not currently employed, please interview someone who is for the purposes of this exercise.
To complete this assignment please provide a brief summary of the benefits offered at your current employer. Include a discussion of whether you have: health insurance, dental/vision insurance, retirement plans, “family friendly” benefits (such as daycare, on-site gym, etc), paid time off, flextime, etc.
After summarizing your benefits program please answer the following questions:
Why do you think that your organization has chosen the benefits that they offer?
Are you satisfied with the benefits package at your company, why or why not?
What are some benefits that could be offered that would increase your satisfaction, if applicable?
If you were/are responsible for administering the benefits what are some ways you would try to improve the benefits package?
What are the cost implications of the benefits that are offered (i.e. do you think the program is expensive for your employer or not?)
Based on the reading you’ve done for this week, what are the strategic reasons that the HR department has implemented this benefits plan, in your opinion?
Explanation / Answer
Our organization has chosen these benefits because they found that there are the basic requirement of the employees.
Yes as per discussion with friend he said that he is not satisfied with the allowance given by employer because the financial support is not sufficient to cover all the basic requirements. For example the House rent allowance is not sufficient as per the availability of house on rent. Child education fund is not sufficient to cover the basic tuition fee.
Satisfaction will be there if they will raise the amount of HRA and child education. Second thing is the working hours of day are very long in comparison to salary they are getting. Work load issue is the other matter which is not good for employee. This will decline the performance of the employee.
If I will be there in the administration then I will design the budget for individual department. After that the level of work and salary will be decided. One more thing is the manpower requirement, which should be full filled. Improvement of benefit packages will automatically improve the performance of the employee.
Initially the program will be expensive but that will improve the employee performance and satisfaction. Employee will be perform in improve manner. This will be helpful to productivity as per good quality and standard. There we can include the transportation in air conditioned buses and the rate allowance should be increased. That will attract the employees from other employers
HR plans are not upto the mark those should be synchronized at regular intervals. There strategy is to bring the candidates have 1-2 year experience and ask them to perform for day & night. There salary packages are very low. After one year they change the organization with hope of hike in slary.
Addition of Benefits for employees given by employer leads to more satisfaction and increase the productivity. This will be beneficial for employer and employees both. There are various types of family and personal insurance plans which provide the life security in case of any serious illness or permanent disability.
Following types of benefits can be provided by employer to their employees.
Health Insurance: - This plan helps them to feel safe and confident to overcome the loss because of serious illness. This insurance covers all type of disability and it also covers the complete family for health insurance.
Pension Plan: - This benefit helps the employees to contribute in saving the money. They can withdraw this money when any tough situation arrives in their life. In the old age, when they will not able to do job then provident fund and pension amount contributed by employer will be helpful.
Child Education plan: - This plan helps the employees who are married and have children. This will contribute in education of their children. Even they can get financial support for higher education.
Bonus/Increment: - This type of financial support given on the basis of performance of employees. This helps in motivation and satisfaction for employees.
House rent allowance :- This type of allowance given to employees for the accommodation purpose as per the basic salary of the employee
Travelling allowance: - This type of allowance given for transportation facility. They either deduct this amount from salary if they are giving this facility. In other option employer add that amount in salary.
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