prof Hopkins

Everest University

Individual Work Week 11

Write a paper including the following components:

A discussion of the employer’s ideal plan, including reasoning for each selected component.

The employer’s ideal mandatory and voluntary benefits plan are as vital to some employees as monetary compensation. Therefore, developing a successful plan will increase the employees’ appreciation, loyalty and motivation which enhances productivity. (Henderson, 2006) It should be competitive with other company’s benefit packages. Also, the benefits package should be shown as an investment in the employee and their workplace which validates their importance to the organization. (Jackson, 2012)

Mandatory employee benefits are Social Security Insurance, unemployment compensation, workers’ compensation and disability insurance, and family and medical leave which are required by federal and state governments. “Social Security Insurance is a federally mandated, forced savings plan intended to provide older Americans with a reliable source of income during their retirement years.” (Jackson, 2012, pg. 445) Unemployment compensation is a program mandated by the Social Security Act which assists employee who suffer from a job loss. Workers’ compensation and disability insurance provides medical expenses, absent wages and rehabilitation expenditures and supplementary insurance for incapacities. “The Family and Medical Leave Act (FMLA) requires employers with 50 or more workers to grant an employee up to 12 weeks of unpaid leave annually for the birth or adoption of a child, to care for a spouse or an immediate family member with a serious health condition, or when unable to work because of a serious health condition.” (Jackson, 2012, pg. 447)

Voluntary employee benefits which I would include in my organization’s benefit plan would include group insurance, paid-time-off plans (PTO), disability, work-life benefits and a retirement plan. “The Patient Protection and Affordable Care Act of 2010 (PPACA) is a comprehensive health care reform bill that mandates health insurance for individuals and reforms insurance practices.” (Jackson, 2012, pg. 467) The PPACA does not require mandatory medical coverage but there are fines imposed on select employers who do not provide a reasonable medical package. I would make available group insurance which will include health, dental, vision, life and long and short-term disability plans. Our benefits will include Health Savings Accounts (HSA) which are tax-free accounts that include money set aside to pay for group insurance expenses. The PTO would include holiday, vacation, and sick days all combined and left up to the discretion of the employee to use as needed. Finally, we will offer a 401(k) retirement program with employer matching. Our work-life benefits would include flexible work arrangements, child care services and elder care services among others which would provide adaptation to employee’s needs. (HRCouncil, 2015) The company retirement plan is an arrangement provided to employees after work retirement. We will offer a defined contribution plan called a 401(k) fund where both employer and employee make contributes and the investment decisions are made by the employees. (Jackson, 2012)

A discussion of the employee’s ideal plan, including reasoning for each selected component.

The employee’s ideal benefits plan would include medical, dental, vision and life insurance, short and long-term disability insurance, paid-time-off (PTO) and a retirement strategy, and work-life benefits such as flexible scheduling, dependent care and tuition reimbursement. As an employee, I would desire group insurance which includes health, dental, vision, life and short and long-term disability plans. These expenses are frequent and can become very costly. I would want a Health Savings Accounts (HSA) which is a tax-free accounts that sets aside money to pay for my group insurance expenses. Also, I would like PTO which includes holiday, vacation, and sick days which are up to my discretion to use as needed. Additionally, I would want a 401(k) retirement program where the employer matches my contributions. Lastly, work-life benefits of flexible scheduling and reimbursement of dependent care and tuition expenses would be essential to complete my benefits package. (Jackson, 2012)

References

Jackson, S.E., Schuler, R.S., & Werner, S. (2012). Managing Human Resources, (11th Ed.). Mason, OH: South-Western, Cengage Learning.