Benefits Package For Employees Business Plan

Length: 8 pages Sources: 3 Subject: Careers Type: Business Plan Paper: #43062611 Related Topics: Aerospace Engineering, Pension Plan, Math Anxiety, Recruitment Selection
Excerpt from Business Plan :

¶ … employee benefits and compensation package for the post of a secretary for Guardian, hired by the firm's Human Resources department. This package will incorporate particulars such as whether the employee will be non-exempt or exempt, and handling of overtime. Government regulations will also be discussed.

As firms are continually faced with growing pressure from competition, they strive to do more using fewer resources, and also strive to do this with improved quality. As sales volume, quality, innovation, and profit goals are increased, growth of employment is generally controlled tightly, and substantial employment slashes are made in many instances (Gerhart et al., 1995). In order to achieve more using fewer employees, effective human resource management (HRM) is required. Typically, employee compensation structure contributes greatly in efforts for better management of human resources.

Employee compensation is such a major contributor as it lies at the core of the employment relationship, and is significantly crucial to employers as well as employees. Employees naturally depend on salaries, wages, etc. To obtain a large portion of their income, as well as on benefits for obtaining health and income security (Gerhart et al., 1995). Compensation decisions for employers impact costs of carrying out business, and consequently, their ability of selling in the market at a competitive rate. Moreover, compensation decisions impact the ability of employers to vie for workers in labor markets (attracting and retaining personnel), and their behaviors and attitudes while working for the employer.

Information about Guardian

A family-owned firm, Guardian began operation just about a year back. This company is specialized in engineering and construction, defense and staffing- assisting governments and leading organizations in making our planet a better place (Writer Thoughts). The company currently works on and looks at means to maintain the country's power infrastructure, protect American freedom, and drive technological advancements all through the world. Our assurance of persistent reliability is behind all projects- we do as we say, such that our customers are capable of doing their best work in a better way.

Secretary Position

Salary: $70, 950

Hourly Wage: $34.11

This post will be considered non-exempt, meaning that the secretary will receive overtime. The work hours are as follows: 40 hours/week for five days in a week (Mon to Fri) (Writer Thoughts). For any hours clocked in above the regular 40 hours, overtime pay will definitely be given. In case of overtime hours, hourly wage will be $51.165 per hour.

Employee Compensation and Benefits Package

An all-inclusive benefits package is available for employees; this encompasses retirement benefits and healthcare opportunities, in addition to professional development access and education reimbursement (Compensation and Benefits). Benefits that regular part-time and full-time workforce can avail themselves of are outlined below. Thus, the following will be available to the secretary:

Health and Welfare Benefits- A range of health plans are provided to personnel and dependents by Guardian; benefits are also available to domestic partners. Enrollment in a medical plan automatically incorporates vision and prescription benefits for eye checkups, and reimbursement for contact lenses or glasses (Compensation and Benefits). Coverage of competitive dental healthcare plan is available. Numerous tax-advantaged spending accounts and savings plans accorded by our firm enable employees to lessen taxable income. The following plans are included:

Health Care Flexible Spending Accounts (FSAs). Eligibility for dental, vision and medical expenses, which allows for saving up to $3,000 annually.

Dependent Care Flexible Spending Accounts (FSAs). Eligibility for elder care and childcare expenses, which allows for saving up to $5,000 annually.

Commuter Reimbursement Accounts. These enable savings on parking expenses and mass transit, up to maximum Internal Revenue Service (IRS) limits.

Health Savings Accounts. Staff members enrolled in any High Deductible Health Plan, can avail themselves of this. It allows them to profit from lower premiums on healthcare, while at the same time, save to cover present or future healthcare expenditures, up to maximum IRS limits.

Peace of mind and income protection is offered to our personnel as well as their families, via a variety of voluntary and company-paid disability and life insurance...

...

The firm will match 100% of the initial 2% of employees' inputs and 45% of the following 6% of their inputs. Following 5 years of working for Guardian, employees are bestowed 100%.

Work/Life Benefits- Guardian's workforce leads busy lives, handling work, personal activities and family needs. Some resources offered by us to support our employees' many endeavors are listed below (Compensation and Benefits):

A key support resource is the Employee Assistance Program (EAP). This provides information, referrals and consultation on various subjects, including parenting and child support services (which encompasses adoption services), chronic conditions' support services, and elder-care amenities. The EAP offers resources and expertise to handle everything, right from day-to-day demands to key life events. The Tuition Reimbursement Program is helpful in reimbursing approved coursework's tuition fees, whether for training with regards to a present position, or acquiring career advancement skills. Also, access to numerous discounted programs with companies such as Apple, Brooks Brothers, Dell, Hertz, and others, will be offered.

Time off from work proves crucial in striking the right balance between work and personal life, and in maintaining a productive, motivated workforce (Compensation and Benefits). Thus, Guardian offers competitive benefits with regards to this area, granting its employees time off for much-needed holidays, illness, vacations and other private matters.

Enhance Employee Performance

Doing business internationally is a big challenge. Revenue growth and corporate performance are challenged by external and internal operating-environment elements. For profitably surviving in today's competitive and highly challenging international market economy, all production (men, materials and machine), and employee retention factors should be impressively managed. The human resource is a factor of production which constitutes the greatest challenge, as unlike other factors, employee management requires skillful handling of feelings, emotions and thoughts, for optimal productivity (Chaudhary & Sharma, 2012). A lasting benefit of motivating employees is high productivity. Motivated personnel are valuable assets, which deliver great value to the firm in boosting and maintaining its revenue growth and business.

Employee motivation is beneficial to both the organization and employees and the company will gain high levels of employee loyalty. Employees will trust the firm, management and supervisors. Therefore, it is evident that organizations can survive and thrive by caring for their workforces (Chaudhary & Sharma, 2012). In today's globalized free market economy, only those firms which pay attention to employees and high performance standards can survive and progress securely and swiftly.

Other benefits, which might be accorded to the secretary in the following months, are as follows (Employee Retention):

Offering financial awards and stock options to those meeting performance targets and remaining with the company for a fixed period of time, say 3 or 5 years. Also, providing significant annual raises.

Offering perks, like flextime and telecommuting options, on completing the first 4 months as secretary, depending on employee performance.

Offering pickup and delivery of dry-cleaning, and free bagels on Fridays.

Government Regulations and Compensation Influence

Over 180 national laws are administered and enforced by the labor department (DOL). These mandates, as well as the regulations implementing them cover several workplace actions for nearly 125 million employees and 10 million U.S. employers (U.S. Department of Labor). Overtime pay and wage standards are prescribed by the Fair Labor Standards Act (FLSA); these influence most public and private employment. The Wage and Hour Division administers the Act, which demands that employers pay covered personnel (who aren't otherwise exempt) no less than the national minimum overtime pay and wage of 1.5 times the normal pay rate. The Occupational Safety and Health Administration (OSHA) administer the OSH Act. OSHA or state programs that are OSHA- approved regulate health and safety conditions in a majority of private industries, as well as employers in the public sector (U.S. Department of Labor). Employers covered under the Act should comply with health and safety standards and regulations announced by OSHA. Also, under the Act, employers have a common duty to provide workplaces and works free of serious, recognized hazards to employees. The Act is enforced by way of workplace investigations and inspections. Also available are cooperative programs and compliance assistance.

Employers offering welfare or pension plans for employees are regulated by the Employee Retirement Income Security Act (ERISA). The Employee Benefits Security Administration (EBSA) (known formerly as the Pension and Welfare Benefits Administration) administers Title I of the Act, and imposes several disclosure, fiduciary, and reporting conditions on welfare benefits and pension plans' fiduciaries, as well as on others dealing with such plans. The afore-mentioned provisions preempt various similar state regulations (U.S. Department of Labor).…

Sources Used in Documents:

References

(2012). 2012 Book Archive. Developing and Implementing Strategic HRM Plans. Retrieved June 6, 2015, from http://2012books.lardbucket.org/books/beginning-management-of-human-resources/s06-developing-and-implementing-st.html

Chaudhary, N., & Sharma, B. (2012). Impact of Employee Motivation on Performance (Productivity) In Private Organization. International Journal of Business Trends and Technology, 2(4). Retrieved, from http://www.academia.edu/4990542/Impact_of_Employee_Motivation_on_Performance_Productivity_In_Private_Organization

(n.d.). Day & Zimmermann: Engineering & Construction, Staffing & Defense. Compensation & Benefits. Retrieved June 6, 2015, from http://www.dayzim.com/Careers/Compensation_and_Benefits

Gerhart, B., Minkoff, H., & Olsen, R. (1995, ). [email protected] ILR | Cornell University ILR School Research. Employee Compensation: Theory, Practice, and Evidence. Retrieved June 6, 2015, from http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=1193&context=cahrswp
(n.d.). How-To Guides from the Wall Street Journal - Wsj.com. Employee Retention -- How to Retain Employees - Small Business - WSJ.com. Retrieved June 6, 2015, from http://guides.wsj.com/small-business/hiring-and-managing-employees/how-to-retain-employees/
(n.d.). iRobot Corporation: We Are The Robot Company. iRobot: Careers, Benefits & Perks. Retrieved June 6, 2015, from http://www.irobot.com/About-iRobot/Careers/Benefits-and-Perks.aspx
Jamil, B., & Raja, N. (2011). Impact of Compensation, Performance Evaluation and Promotion Practices on Government Employees Performance VS Private Employees Performance . Interdisciplinary Journal of Contemporary Research in Business, 3(8). Retrieved, from http://www.journal-archieves13.webs.com/907-913.pdf
(n.d.). The Aerospace Corporation | Assuring Space Mission Success. Benefits | The Aerospace Corporation. Retrieved June 6, 2015, from http://www.aerospace.org/careers/benefits/
(n.d.). U.S. Department of Labor. U.S. Department of Labor - A Summary of Major DOL Laws . Retrieved June 6, 2015, from http://www.dol.gov/opa/aboutdol/lawsprog.htm


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