Benefits Package for Employees

¶ … 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 schemes, which include accident insurance, disability benefits for long-term, and supplemental and basic life insurance (Compensation and Benefits). Retirement Benefits- Our Company is aware of how crucial financial security building is for retirement days, and thus, 401(k) savings scheme has been devised to facilitate personnel to meet their financial targets (Compensation and Benefits).

This 401(k) scheme grants employees a chance for saving for future times; a broad range of investment opportunities are offered (Compensation and Benefits). 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).

Certain plan administrators and employers must, in accordance with Title IV, finance an insurance scheme to protect specific retirement benefits; premiums should be paid to Pension Benefit Guaranty Corporation (PBGC) of the federal government. Reporting obligations under Comprehensive Omnibus Budget Reconciliation Act of 1985 (COBRA) for continued healthcare provisions are also administered by EBSA, as are healthcare portability conditions on group schemes under the Health Insurance Portability and Accountability Act (HIPAA).

2 Organizations Comparison An employee compensation and benefits package very similar to that which Guardian aims to offer for the post of secretary is given by Aerospace Corporation. It has, for instance, medical coverage: many options of industry-leading healthcare coverage- dental care, vision care etc., as well as long- and short-term disability leaves, healthcare and dependent flexi- spending accounts, life insurance and workplace ergonomics assistance.

Flexible working hours enable employees, both early birds and late risers, to work at hours when their efficiency is at its peak (Benefits -- the Aerospace Corporation). Almost all full-time staffs can choose to work an alternate-Friday-holiday, 9/80 schedule. Several plans including 401(a) employer- paid savings account accompanied by immediate vesting, supplemental 401 (b) savings plan that enables employees' contribution on a Roth after-tax or pre-tax basis, defined benefit employer-sponsored pension scheme and retiree medical scheme. Also available are one-to-one counseling and financial planning instruments.

Apart from reimbursement of tuition for approved courses that are work-related, the firm provides internal resources like management, professional, and technical development classes, and their personal library. Another company having a similar package for compensation is iRobot. Employees and their families receive comprehensive welfare and health coverage, in addition to income and financial protection plans.

At iRobot, employees can (iRobot Careers): Enjoy more summertime using their summer hours, offered from Memorial Day up to Labor Day Do more, whilst keeping their houses clean- every new employee is offered a Roomba Volunteer for worthwhile causes, by means of 2 company-funded education days in Science, Technology, Engineering and Math (STEM) every year. Enjoy life and work. The company provides 15 days of vacation a year upon hiring.

Also, an additional day of vacation, as much as 25 days, can be earned for every year of an employee's services to the firm. Alleviate some anxiety regarding being away from the workplace, through ten accrued family sick-days a year, which can be availed for personal illness or taking care of a family member. Contribute to the firm's 401K program and gain a company match.

Enjoy together at events sponsored by the firm, such as its summer picnic (which includes human bowling), holiday party, Halloween party, paintball, team-building programs and take-kids-to-work day. Benefit from onsite facilities at exclusive locations. These include dry cleaning, a gym, mother's rooms, car detailing, and many other firm-sponsored wellness plans. The success of these firms, due to their employee compensation and benefits packages, shows why Guardian must follow their footsteps.

At iRobot, salary for the post of secretary is fixed at $23.11/hour, while at Aerospace it is $23/hour or $48,000 per annum. While both firms show lower salaries as compared to our organization, that shouldn't dissuade us from considering their benefits/compensation packages. Compensation and Benefits Align With Human Resource Management (HRM) Offering and maintaining essential HR balance for smooth organizational operations is one of HRM's primary functions. HR work, now, isn't only relating to traditional recruitment, selection, development and training activities; its scope.