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11/24/23, 3:07 PM Directions for the last class.docx: BUS 501-G03: Management Thought & Application Directions for the last class.docx Download Directions for the last class.docx (14.4 KB) ZOOM 3:07 PM Directions for the last class.docx: BUS 501-G03: Management Thought & Application HRM500 Employee Benefits Website Content Template Provide content for the following benefit offerings for the company you work for. Explain which of the following benefits are available to your employees, whether they are mandated or discretionary, and other important features regarding the benefit offering that a new employee needs to know. Benefits Overview [High level overview of company. Includes the organization’s vision, mission, and values.] Mandatory Benefits [Minimum of three mandatory employee benefits.
Provide related information that is crucial to the understanding of the benefit offered.] Discretionary Benefits [Minimum of three discretionary employee benefits. Provide related information that is crucial to the understanding of the benefit offered.] Benefit Alignment to Organizational Strategy [How the discretionary and mandatory benefits align to the company’s organizational strategy.] © 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. image1.png
Paper for above instructions
Benefits Overview
At [Company Name], we are deeply committed to our vision of fostering a workplace that emphasizes innovation, inclusivity, and employee wellbeing. Our mission is to empower our workforce to achieve their fullest potential while contributing meaningfully to our customers and the community. Our core values – Integrity, Collaboration, Excellence, and Respect – inform our approach to both our business practices and employee benefits.
We recognize that offering comprehensive benefits is essential not only to attract and retain top-tier talent but also to ensure their overall satisfaction and productivity. This document outlines the mandatory and discretionary benefits we provide to our employees, along with key information that every new employee needs to know about these offerings.
Mandatory Benefits
1. Social Security
Social Security is a federal program that provides benefits to retirees, disabled individuals, and survivors of deceased workers. All employees are required to contribute a portion of their earnings to the Social Security system through payroll taxes. The company also matches these contributions. New employees should be aware that benefits from this program will be available upon reaching retirement age or in case of qualifying disabilities.
2. Workers’ Compensation Insurance
Workers' Compensation is designed to provide financial assistance to employees who suffer work-related injuries or illnesses. This benefit is crucial for ensuring that employees receive necessary medical care and compensation for lost wages during their recovery. All employees are covered under this insurance from their first day of work, and reporting procedures for workplace injuries are clearly outlined in our employee handbook.
3. Unemployment Insurance
Unemployment Insurance helps employees who lose their jobs through no fault of their own to receive temporary financial assistance. Under federal and state laws, this program requires employer contributions based on the company's payroll. New employees should know that they must meet certain eligibility requirements to qualify for benefits, including job separation criteria.
Discretionary Benefits
1. Health Insurance
Our health insurance program offers a range of plans, including health maintenance organization (HMO), preferred provider organization (PPO), and high-deductible health plans with health savings accounts (HSAs). Employees are eligible for coverage after 30 days of employment. The company covers a significant portion of the premiums, making quality healthcare accessible for employees and their families. Employees should review each plan’s details and select what best meets their health needs.
2. Retirement Savings Plan (401(k))
We encourage employees to invest in their futures through our 401(k) retirement savings plan, which allows employees to contribute a portion of their salary on a pre-tax basis. The company matches up to 5% of employee contributions, incentivizing employees to save for retirement. New employees should be aware of the eligibility requirements for company matching, which generally requires participation for a full calendar year.
3. Paid Time Off (PTO)
Our Paid Time Off policy is a flexible benefit that allows employees to take time off for vacation, personal needs, or illness without financial consequence. Employees accrue PTO based on their length of service, with additional days provided for years of service milestones. New hires should familiarize themselves with the accrual rates and the process for requesting time off.
Benefit Alignment to Organizational Strategy
The alignment of our mandatory and discretionary benefits with the overall organizational strategy is integral to our success. Our strategy emphasizes employee satisfaction and retention as key drivers of business performance.
Supporting Employee Wellbeing
Mandatory benefits such as Social Security and Workers’ Compensation ensure that employees feel secure in their roles, knowing they have safety nets in place. This foundational support fosters a sense of loyalty and trust in our organization, which is crucial for maintaining high levels of engagement and productivity (Bakker, 2011).
Promoting a Productive Workforce
Discretionary benefits, particularly health insurance and retirement savings plans, play a significant role in attracting talented individuals while retaining our existing workforce. By investing in employee health and future financial security, we demonstrate a commitment to their wellbeing, which can lead to lower turnover rates and higher employee satisfaction (Kremer, 2010).
Enhancing Organizational Culture
Paid Time Off and flexible work arrangements align with our core value of respect, recognizing our employees as whole individuals with lives outside of work. By promoting work-life balance, we create a supportive organizational culture that enhances collaboration, creativity, and overall employee satisfaction (Wright & Nishii, 2006).
In conclusion, our employee benefits scheme is designed to not only comply with legal standards but also to support our broader organizational goals. By fostering a culture of support, wellbeing, and respect, we aim to empower our employees to contribute to our mission and vision actively.
References
1. Bakker, A. B. (2011). An evidence-based model of work engagement. Current Directions in Psychological Science, 20(4), 265-269.
2. Kremer, A. (2010). Employee Benefits: Navigating Employee Benefits Issues in Your Organization. Employment Law Handbook.
3. Wright, P. M., & Nishii, L. H. (2006). Strategic HRM and its implications for large-scale change: The strategic value of HRM. International Journal of Human Resource Management, 17(7), 1235-1241.
4. U.S. Department of Labor. (n.d.). Workers’ Compensation. Retrieved from https://dol.gov
5. Social Security Administration. (n.d.). Social Security Basics. Retrieved from https://www.ssa.gov
6. Internal Revenue Service. (2022). 401(k) Plans. Retrieved from https://www.irs.gov
7. Centers for Medicare & Medicaid Services. (n.d.). Health Insurance Marketplace. Retrieved from https://www.cms.gov
8. National Conference of State Legislatures. (2023). Unemployment Insurance. Retrieved from https://www.ncsl.org
9. American Benefits Council. (2021). Understanding Employee Benefits. Retrieved from https://www.abc.org
10. Bersin, J. (2015). The Future of Employee Wellbeing. Harvard Business Review. Retrieved from https://hbr.org
This comprehensive overview of our employee benefits underscores our commitment to supporting our employees and aligning our offerings with our organizational strategy. New employees are encouraged to familiarize themselves with these benefits to take full advantage of what is available to them.