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Standard Employee Benefit Plan

Employment benefits are a vital component of the total compensation offered to employees. For most applicants, the benefits package an organization is offering will determine if they accept the job offer or not. All employees of Blossom Up! will have a benefit plan. Medical insurance would be imperative for an employee would seek as uninsured will definitely cause a tremendous financial hardship if a work incident or perhaps an illness occurs. According to Meggit (2018), there are six benefits every employers should provide medical, disability, and life insurances, retirement benefits, vacation, including family leave.

These benefits are astounding for Blossom Up! Of fifty or more employees. Medical insurance is very imperative for those in medical needs, hurt outside, or within the organization. Disability insurance is another imperative benefit that will be provided just in case an accident or perhaps an illness occurs resulting in disability by having this benefit it will not cause any financial hardship or personal attributable. Life insurance is another imperative benefits but not obligated for employees to purchase during open enrollment. Blossom Up! recommend employees to take the advantage of life insurance of $10,000 up to $50,000 for low cost or cost can be deducted from employee payroll. Retirement is a fine benefits for those employees that are thinking long-term employment with the Blossom Up! will offer a 401k employer matching plan that gives the employee the decision on either 10%, 15%, or more of the employee payroll deduction. Blossom Up! will offer other plans of retirement such IRA’s, Roth IRAs, SIMPLE IRA Plans (Savings Incentive Match Plans for Employees), IRAS, SEP Plans (Simplified Employee Pension), Profit-Sharing, Money Purchase plan, and Employee Stock Ownership Plans (ESOPs) at the employee obligations (IRS 2017). Paid vacation and paid holiday is another benefit of Blossom Up! will provide after ninety days of service including each month 8 hours of sick time and 8 hours each month vacation hours. FLMA (Family Medical Leave Act) is required by federal law that will give employees up to twelve weeks of unpaid leave with the protection each year regarding birth or adoption of a child, or care of a family member, including own health condition. Employees must meet the requirements first of FMLA eligibility by completing just a minimum of 1250 hours throughout the previous year of employment but can be used alternatingly. Any standard benefit plan must encompass of legally required benefits and voluntary benefits. In the United States, all employers are required by law to provide three benefits to their employee independent of the number of employees, namely social security, unemployment insurance, worker’s compensation (Gomez-Mejia et al., 2015).

Supplemental short or Long Term Incentive Compensation Plans

In regarding competitive salary, companies often use other incentive plans to motivate employees to perform efficiently and also maintain the retention of employees. “A long-term incentive plan, according to the Center on Executive Compensation (2016), is to reward executives for achievement of the company’s strategic objectives that will maximize shareholder value and or improve relations with all stakeholders.” Blossoms Up! will take the advantage of designing an enticement plan that would increase the morale of employees to improve their performance at their best at all time. Furthermore, creating a phenomenal incentive plan will allow employees of Blossom Up! the possibility to be rewarded on the basis of performance satisfactory for the company goals. Characteristically, employees would utilize performance evaluations, goal settings to be rewarded, including any available resources for meeting or exceeding the expectations of Blossom Up! goals. Responsibilities will be up to the CEO including Human Resource will create a positive measureable goals plan in order to recognize the positions of Blossom Up! permitting all management to simply calculate productivities of new and veteran’s employees. All employees will have a level of goals in order to meet bonus and rewards on specific Blossom Up! goals, boosting the employee’s morale, improve performance, and enhance work productivities.

References

Center of Executive Compensation (2016). Long-Term Incentive Plans. Retrieved from

http://www.execcomp.org/Issues/Issue/long-term-incentive-plans

Gomez-Mejia, L.R., Balkin, D., & Cardy, R. (2016) Managing human resources (8th ed.). Upper Saddle River, NJ: Prentice Hall. Retrieved from University of Phoenix eBook Collection database.

IRS Types of Retirement Plans. (2017). Retrieved from https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans

Meggit, J. (n.d.) 6 Basic Employee Benefits. Retrieved from

http://smallbusiness.chron.com/6-basic-employee-benefits-15736.html