To attract, motivate, and retain good workers, companies need to define what an employee wants from the employment relationship. One way to define employee needs is to consider “total rewards,” which are everything an employee perceives to be of value resulting from working for the company. Benefits are a core element of total rewards and the ever-growing package of offerings have evolved. You must now work with the company to define precisely where the various programs will be categorized.
- Identify and discuss at least three important factors that should be considered by organizations in providing employee benefits programs (before implementing program). Be sure the response is specific and relevant.
- Compare and contrast income protection programs and pay for time not worked programs, both of which are usual elements of benefits programs. How are the programs similar and different? Are they mandatory? Why? Why not?
- Research and discuss at least four to five of what may be referred as “Other Benefits” that you could recommend to the management team as necessary elements for the benefits package. Hint: Flextime and product or service discounts are good examples.
- Develop an employee benefits package for any exempt or non-exempt position level of your choosing, making sure you support the selection of your program elements. Note: The preferred method for presenting your benefits package information is using a table or exhibit, but either approach is not mandatory. Examples:US Bank Benefits at a Glance and UW-Madison New Employee Benefits Summary.