Thesis on "ATT's Compensation and Benefits"
Thesis 5 pages (1315 words) Sources: 1+ Style: APA
[EXCERPT] . . . .
AT&T's Compensation And BenefitsAT&T Compensation and Benefits Plans
Any company is obliged to present any prospective employee an offer regarding the compensation and benefits attributed to the respective position. Such aspects are established by law. But lately, employees have become more and more attentive to the section regarding the compensation and benefits in their work contract.
When agreeing to occupy a new work position, individuals are not only interested in their wages or other basic benefits. Employees have learnt to diversify their needs and to request special benefits and compensation plans.
The range of employee benefits includes:
Retirement plans
Health life insurance
Life insurance
Disability insurance
Vacation
Employee stock ownership plans
There are other types of benefits that employers grant their employees. However, such benefits are more and more expensive for employers to support, and employees' options modify frequently. All these have lead to the introduction of flexible benefit plans (McNamara, 2008).
Because of the fact that some benefits are federally required, like unemployment and worker's compensation, they are considered to be basic rights and not actual benefits that reward employees. The most important types of benefits include all types of insurances, vacation pay, holiday pay, maternity leave, contribution to retirement. Although profit sharing, stock options, and bonuses are benefits, some people regard
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The most important forms of compensation include:
Salary ranges for job descriptions
Merit-based programs
Bonus-based programs
Commission-based programs
Compensation takes the form of base pay or variable pay. Certain plans include both types of pay. In order to provide the best compensation plan to each employee, most companies associate the compensation ranges with the jobs descriptions in case.
AT&T's compensation and benefits plans
AT&T's compensation and benefits plans are mainly consisted of:
Pension benefits
Postretirement benefits
Obligations and funded status
Plan assets
Supplemental retirement plans
Non-U.S. plans
Contributory savings plans
Stock-based compensation
Pension benefits
All of the company's employees benefit from one of the company's noncontributory pension plans. The employees that work in the management level are covered by a pension plan that is calculated based on a traditional pension formula, like a stated percentage of employees' adjusted career income, and a frozen cash balance or defined lump sum formula (at&T, 2007).
A few years ago, the company decided to modify this plan for management employees, and to freeze benefit accruals previously earned based on a cash balance formula.
Postretirement benefits
The company provides its employees a series of medical, dental, and life insurances. However, such plans are only available for certain retired employees. These benefits come in the form of diversified plans and accrue actuarially-determined post retirement benefit costs.
Obligations and funded status
The subject takes into consideration "defined benefit pension plans, the benefit obligation is the projected benefit obligation, the actuarial present value, of all benefits attributed by the pension benefit formula to employee service rendered" (at&T, 2007).
The company pays a great deal of interest to these retirement plans. This is revealed by the annual cost of these plans. In other words, the costs attributed to these sections have increased each year, as it follows: the net pension and postretirement cost (benefit) has increased from $135 in 2005 to $608 in 2007, after a $78 decrease in 2006. The postretirement benefits have increased from $1,201 in 2005 to $1,557 in 2006 and $1,686 in 2007.
In 2007, the assumptions used in determining the projected benefit obligation, the net pension and post employment benefit cost were: discount rate for determining projected benefit obligation - 6.5%, discount rate in effect for determining net cost - 6%, long-term rate of return on plan assets - 8.5%, composite rate of compensation increase for determining projected benefit obligation and net pension cost - 4%.
However, other costs have decreased compared to previous years. For example, the health care cost trend rate assumed for current year for retirees of 64 and under decreased from 6.43% in 2007 to 5.76% in… READ MORE
Quoted Instructions for "ATT's Compensation and Benefits" Assignment:
“Organizational Research*****“AT&T*****s compensation and benefits research paper. The research should include the types of compensation and benefits plans offered by AT&T. It should discuss advantages and disadvantages of components of the plan offered by AT&T. It also should include recommendations on how to improve them. The research should be labeled with an *****Introduction***** *****Body***** and *****Conclusion.*****
APA standards; be type written, double spaced, and in Word format.
How to Reference "ATT's Compensation and Benefits" Thesis in a Bibliography
“ATT's Compensation and Benefits.” A1-TermPaper.com, 2009, https://www.a1-termpaper.com/topics/essay/att-compensation-benefits/7549966. Accessed 3 Oct 2024.
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