Term Paper on "Employee Benefits"

Term Paper 4 pages (1193 words) Sources: 3 Style: Chicago

[EXCERPT] . . . .

employee benefits. The writer examines four major issues faced by companies with regard to employee benefits, the four most important things an organization can do to deal with those issues and some potential future issues that will arise with regard to company provided employee benefits. There were three sources used to complete this paper.

Most permanent employees today are provided with at least some company benefits, consequently most human resource managers find they have to help employees choose from a variety of choices from health insurance options to marriage counseling provisions and everything in between (Harrington, 1996). The importance of employee benefits cannot be ignored as it often means the difference between attracting and retaining the best employees in the area and losing them to the competition.

Employee benefits provide employees with many advantages including health insurance, retirement packages, investment funds and vacations. Companies that provide employee benefits often find that the employees are loyal and remain on the job in part, because they do not want to lose those benefits.

While employee benefits can be significantly helpful to companies in the retention rate of employees and provide employees with added job security, there are four major issues surrounding today's use of employee benefits.

Given the current business climate, it's more important than ever to have a competitive benefits package in order to attract and retain qualified employees (Censor, 2001)."

In most companies the provision of company benefits cost about 25% of the payroll amount, and employees are not aware of the cost to the company for the benefits they receive. One of the large issues with regard to company employee benefits is lack of communication.

An effective communication effort need not be costly or formal. At the very least, candidates for an available position should be provided with a comprehensive (verbal or printed) description of the benefits offered; merely saying "We offer a competitive benefits package" won't cut it anymore (Censor, 2001)."

Government mandated benefits are the next important issue for companies around the nation. The government provides legislation that requires certain benefits provided including the payment of worker's compensation premiums, unemployment insurance and disability insurance in many states (Censor, 2001).

These programs must be paid for at least in part by the employer and can become costly as employees are added to the work roster.

The overall cost of benefits has become a recent issue with changes in the overall national economy. Companies that offer liberal sick and vacation leave benefits must remember to calculate not only the cost of paying the employee while he or she is absent but also the cost of paying a temporary replacement to do that person's job.

The fourth issue with regard to employee benefits is the management and supervision of those benefits.

While each of these issues presents a challenge to the company there are steps that can be taken to be sure that they are addressed.

With regard to communication with the employees it is important that the company remind the employees of the benefits that they are receiving periodically.

For current employees, it's a great morale booster to circulate a periodic reminder of available benefits. A hard-copy or e-mail may be sufficient for this purpose, depending, of course, on your company's protocol for such employee communication (and applicable state and federal laws). The printed version can be as utilitarian or as elaborate as your budget allows; the point is to get the word out (Censor, 2001). "

Even when it comes to benefits that the employer must provide by law it is helpful… READ MORE

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