Strategic Plan for the Social Security Administration
social security administration is an institution created with the aim of ensuring that workers have a secure future when they retire. The organization pools funds from the people through the check-off system where the employees and other citizens are deducted some amount from their salary automatically. The practice was adopted when it was realized that some people encountered some problems when remitting the money. It also ensured that they live a comfortable life once the income streams from salary have been deducted (Ware, 2011). The same is done in order to ensure that people who have always had challenges to the status of their economy. This paper discusses the strategic plan of the social security administration with respect to making the work go on smoothly. In this study, the possibility of growing the organization to better levels is also analyzed. The paper also analyzes the chances for growth in the numbers of people to be covered by the scheme.
In the strategic plan, there is a need to develop a more sober approach to the mode of building new more capital base for the organization. One other strategy that the government should consider using is the adoption of a business plan of having investments. The money collected from the citizens in the organization should be invested to generate more income that can be of use to the people. The investment is informed by the fact that the beneficiaries must have more money than what they earlier contributed. Investing the money in other viable projects also makes the whole exercise sustainable. The most stable investment is the real estate projects. The organization should consider having more of the same projects so that the country can move towards a state of self-sustainability. As seen from the state of the economy, the country can best manage to overcome the problem of social security challenges if there are projects that can generate more money (Ware, 2011).
The management also deals with challenges posed by the increasing number of foreign workers in the country. Even thou they are not obliged to contribute to the social security body, they can be made to contribute indirectly. Their numbers are encouragingly high, and hence they can only be made use of if they are made to contribute. This is done appropriately by including the tax requirements a small percentage of their salaries. A small part of their wages should be deducted for purposes of raising the capital base. This money collected through the taxation should be channeled towards the building of a strong base in the union. The union should also deal with the management issues that have always been challenging the status of the organization. Looking at the challenges that have been faced by the union at all times, only a coordinated approach from both the government and the private sector to make sure that the funds meet the target objective. In this case, the nature of the problems faced requires the citizens themselves to consider increasing the amounts that they are expected to remit (Bovbjerg 2008).
The strategic plan will go through sequential developments that are meant to streamline and hasten the harmonization of goals that are meant to build a cordial relationship with the key plays. It is important to note that most of the stakeholders who make up this organization's strategic growth objectives need to be brought on board. This presents a good opportunity to save a high amount of funds for retirement. For this reason, the union is working hard to marshal people to increase the contributions to the kitty. The overall plan is to increase the financial base while at the same time not affecting their welfare.
Implementation Implications and Approach
The objectives are the communicated to the other parties and stakeholders using written journals as well as through the media. Experts at the organization deal with the issue of funds management by conducting forecasts that are meant to achieve the targets. The calculation of the amount is based on the level of inflation and other factors that affect the economic well-being of the citizens (Ware, 2012). In every sense, the people who are expected to deal with the management of the fund are guided by laws of economics and assisted by experts in the field of management.
Specific roles and responsibilities
In most instances, the citizens would prefer their contributions deducted directly from the head office of the employer through the check-off system. It is their responsibility to make these contributions without fail. This has been used widely after the introduction of computerized working systems. The method saves time and prevents defaulters from taking advantage of the large numbers that the organization has to deal with and evade payments (Osterweil, 2007). In all cases, the people have been making efforts to ensure that they reach their level of targets. The management of the organization also plans to have sensitization exercises to encourage all the citizens regardless of their employment status to look forward to contributing towards the fund. The major challenge relates to meeting the demand for claims by the retirees. The number of retirees is always on the rise. The main reason for this is that people have a tendency of not giving birth in this country. This has made the workforce appear as though it is made up of the old as the majority.
The time needed to fulfill the budget objectives of the organization should run from the time when they are employed to the age of retirement. This has forced the government to seek the skills from the experts in the field of insurance. Those people who in most cases have problems securing jobs in their despite their academic qualifications are allowed the time to secure jobs before deductions are made. The government also needs time to calculate the benefits that each of the contributors have to receive (Bovbjerg 2010).
The potential beneficiaries expect SSA officials to be accountable while managing their remittances. In most cases, it is expected that the government fulfills the role of honoring the claims for compensations made while the citizens are expected to contribute dutifully. There is also a need to have the people in the country realize that the contributions that they make are directly going to help them in their time of need once they retire. Most importantly, the population has been observed to be growing at a slow pace. This means that the organization should team with the government in presenting a joint plea to the people to give birth. The government always has mechanisms of forcing the people to behave in a certain manner. For instance, more incentives that target the lives of young children should be propagated to allow the people consider having them.
Review of the strategic plan progress
The progress report of the scheme must be done on a frequent basis and allowed to move through the necessary procedures. This strategic plan will best achieve its targeted objectives if done on an open basis. Insurance experts are best placed to take care of the processes. The advantage of this is that the people have the capacity to contribute as much as is required to see them through retirement age. The strategy that is currently being pursued by the management is to have the people contributing a 2% increase in the previous amounts contributed. Experts suggest that if this is done successfully, it will result in a large pool of funds that will see to it that the management has enough in its accounts to compensate members during their late days. The review process will yield good results if it is done on a frequent basis and that experts be given the necessary tools that they need for this work.
Conclusively, the Social Security Administration has always been looking forward to having the citizens placed under the cover of security insurance. This has also been seen as the most vibrant social security in the world. Most of the organizations in the world face the challenge of mobilizing funds, especially from the citizens who are in the informal sector. The people ought to be rallied to contribute out of the expectation that the future is going to be manageable. It is also noted that most organizations of this type have the challenge of funding claims that are above the normal. This explains why the organization has to invest in real estates and other viable projects that can generate income. Diversification of income generation is the best option for solving the challenges posed by unexpectedly high claims. This also enables the unions to pay salaries for employees.
Bovbjerg B.D. (2008). Social Security Administration Field Office: Reduced Workforce Faces Challenges as Baby Boomers Retire Congressional Testimony. DIANE Publishing
Bovbjerg B.D. (2010). Social Security Administration: Better Planning Needed to Improve…
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