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The different generational expectations among workers means that employers will have to tailor their compensation packages much more individually than in the past.
Implemented properly, the situation might present some opportunities both to employees and to employers. One way would be to let employees to choose what benefits they want. If their priority is health-care, then they might choose a benefits package that gives more coverage, if their priority is quick financial gain, then they might opt for bonuses or simply more pay. This allows the company to scale back on the total amount it spends on benefits, while allowing employees to keep whatever benefits they find most important for their situation (Reese et al., 135). Creating the systems to manage benefits and allow employees to choose among several options has already been shown to be both cost effective and easy to implement (Sturman and Milkovich, 110). Of course this does not negate the fact that less benefits may be given overall, but such is the reality of the global market...
The only alternative to cutting benefits at all, would be to impose tighter import controls and other protectionist measures. Yet such policy choices have historically proved to be detrimental to the growth of the economy (Bennet and Kaufman, 125). Thus the only real future for employee benefits is to allow employees a greater choice in the benefits they have, while letting companies cut costs so as to maintain profitability and remain competitive in the global marketplace.
Works Cited
Bennett, James T., and Bruce E. Kaufman. What do unions do? Transaction Publishers, 2007. Print.
Freeman, Richard B. "Labor Market Institutions Around the World." SSRN eLibrary (2007): n. pag. SSRN. Web. 8 Apr 2010.
Reese, M., L. Rowlings, and T. Sharpley. "Employee benefits of the future." Employee Benefit Plan Review 61.7 (2007): 21. Print.
Sturman, Michael C., and George T. Milkovich. "Validating Expert Systems: A Demonstration Using Personal Choice Expert, a Flexible Employee Benefit…
Works Cited
Bennett, James T., and Bruce E. Kaufman. What do unions do? Transaction Publishers, 2007. Print.
Freeman, Richard B. "Labor Market Institutions Around the World." SSRN eLibrary (2007): n. pag. SSRN. Web. 8 Apr 2010.
Reese, M., L. Rowlings, and T. Sharpley. "Employee benefits of the future." Employee Benefit Plan Review 61.7 (2007): 21. Print.
Sturman, Michael C., and George T. Milkovich. "Validating Expert Systems: A Demonstration Using Personal Choice Expert, a Flexible Employee Benefit System*." Decision Sciences 26.1 (1995): 105-118. Wiley InterScience. Web.
Global Economy Key Player & Background As the spokesperson for an interest group representing an economic think tank, I am issuing this policy statement to detail the implications for the U.S. economy of a sovereign default in the Eurozone. As Reich notes, the financial crisis in Europe is threatening to spread to the United States. If there is a default in Greece, a panic could start in financial markets, spreading to other
The third sets of factors that are driving international trade growth are the cultural ones that are the most criticized and discussed in the context of globalization. These factors include the rapid spread of westernized cultural values and purchasing habits vs. those that are native to a given region of the world. For example, the rapid rise in western culture within India and Muslim-led countries are a case in point.
Rather, the organizations or the future will have to create mutual dependencies and new organizations structures that enable networks of management and "virtual" or "boundary less" organizational structures that facilitate organizational effectiveness in the "turbulent" business environment (Mccann, 2004: 42). This means that organizations must become more agile to act more decisively, cultivating and aligning resources more quickly and creating and transforming as well as sharing knowledge more efficiently (Mccann,
Global Economy / Factors Affecting Global Economy Right now the global economic outlook is relatively positive. According to figures projected by International Monetary Fund (IMF) the world GDP continues to decline, and even the modest growth figures previously projected have been minimized (IMF, 2012). In 2011, the global economy was expected to expand at a rate of 4% over the following year, but based on certain global and local factors
global economy relate to food security and food bank use in Canada. There has been some exploration in the academic literature of the links between the changes in the global economy and food security. There have also been a couple of attempts to examine the linkages between the global issue of food security and the individual issue of food bank usage. This paper will examine this literature to examine
The global economic condition needs to be a call to becoming competitive with aggressive intelligence, not a reason to give up. If anything, the more challenging the economic condition, the greater specialized knowledge and intelligence become to anyone attaining their career objectives. In good economic times the flexibility fo the job market is so elastic and agile it is relatively easy for anyone to get a job and launch