Fringe Benefits: Why They Matter
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You must stay competitive and find a balance between employee retention and backlog. Do you look to the fringe benefits for quick cost reductions? Weigh the risks before you cut.
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NAME OF STUDENT
STUDENT NUMBER
COURSE CODE
COURSE NAME
LEARNING INSTITUTION
Compensation and Strategy: Controlling Benefits Costs
Introduction
According to Pauly, 1997 employers would want to devote much managerial effort to containing premium increases. Yet, many employers clearly have devoted resources to this end over the years, suggesting that they hold a different view. Their perspective (which Pauly terms the “business model”) places emphasis on health benefits as a cost center within each firm to be monitored and aggressively managed. If an employer could cut expenditures for health benefits, or control their rate of increase, and its competitors in the product market could not, it could lower product prices, increasing market share and profits. These gains might be short term in nature if other firms have access to the same cost containment approaches, but nevertheless they may be worth pursuing. Labor market considerations are seen as important constraints on employer cost containment efforts, but the goal of cost control is paramount.
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A good compensation scheme when used as a strategy by an organization aims to give rewards for the right employee behaviour. When employee achievements of the desired results are rewarded it becomes a motivator and this enhances effectiveness thereby increasing success possibilities. Compensation scheme can also be used to reinforce a desired organization culture and the compensation policy must replicate strategic business objectives. Organizations may use both financial and non financial rewards in their scheme. One such benefit is employee health insurance and when strategically used it has the ability to assist the employer and employee in various ways. However the provision of medical insurance is costly and organizations have to constantly look for ways to contain the spiralling health insurance costs to remain competitive in the industry. Most organizations seek to maximise the profitability and revenues and to have a good profit margin they must be able to constantly make cost savings.
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Increased productivity and reduced absent.
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This document summarizes key provisions of the Affordable Care Act that employers need to be aware of now and in 2014. It discusses the individual mandate, health insurance marketplace open enrollment, eligibility for premium subsidies, employer notice requirements, essential health benefits that plans must cover, consumer protections, calculating minimum value of employer plans, defining full-time employees, and penalties for large employers that do not offer adequate coverage. It also provides examples of premium and subsidy amounts in New Jersey and addresses issues like wellness programs, automatic enrollment, auditing, and potential legal protections for employees.fringe benefit
This document discusses fringe benefits provided by employers. It defines fringe benefits as various non-salary benefits provided in addition to cash wages that are sometimes exempt from taxation. Common fringe benefits include health insurance, life insurance, retirement plans, education reimbursement, and transportation benefits. The document then provides details on specific fringe benefits such as flexible hours, transportation benefits, bonuses, severance pay, adoption assistance, educational assistance, employee assistance programs, and company vehicles. It concludes with a chart summarizing the tax treatment of various fringe benefits under employment taxes.
Running head EMPLOYEE BENEFITS PROGRAMS .docx
Running head: EMPLOYEE BENEFITS PROGRAMS 1
EMPLOYEE BENEFITS PROGRAMS 7
Strategic Value of Employee Benefits Programs
Phyllis Spears Jones
Strayer University
HRM599 Capstone
Dr. Gary Wash
June 2, 2020
Strategic Value of Employee Benefits Programs
For a commercial entity to stay competitive in the changing business world, it needs to have a strategic human resource department that acts as a strategic partner to ensure it has the best to gain a competitive advantage. The human resources department, therefore, needs to put itself in a decisive role that helps it to attract and retain highly skilled employees. This is affected by several factors that include types of benefits from the company that accrues to the workers. In other words, employee benefit programs are useful in creating an atmosphere that makes employees more engaged and motivated (Klonoski, 2016). Therefore, for a company to be strategically in terms of competition, the human resources department needs to step away from conventional administrative roles to be a strategic partner who recognizes the value of employee benefit programs and the role they play in generating a significant competitive advantage. This makes it vital to be mindful that an excellent employee benefits package attracts and maintains the skills required to distinguish a company from its competitors. This paper discusses the factors to considers when providing employee benefit programs, compares and contrasts income protection programs, and pays for time not worked programs and other benefits that are necessary for the benefits package.
Factors to Consider Before Providing Employee Benefits Programs
Everyone is aware that rewards are components of an organization's overall incentive package. It is also worth noting that other than the traditional pensions and healthcare plans, employees need a broader choice of benefits that reflect the changing needs and lifestyles (Hagel & White, 2016). It is undeniable that every commercial entity must ensure that it has in place attractive employee compensation packages to attract and retain the talent needed to gain a meaningful competitive advantage. It must, however, be recalled that many essential variables play a crucial role in deciding an economic entity's employee benefits programs. One of these variables is the type of benefits to be provided. Some benefits are too expensive to provide while others are within reach of many business organizations. Therefore, a commercial enterprise must weigh its financial soundness to avoid providing a benefits program that works against its overall objectives.
Another variable to consider is aligning the benefits strategy with the business objectives. The human resource department of an organization must revisit a plan quite regularly to ensure that it meets the changin.
Compensation management1
The document discusses compensation management and wage payment systems. It provides definitions and explanations of key terms like wage, compensation, and fair wages. It describes the importance of wage payment to workers, employers, and the government. It outlines different components of employee remuneration including basic wages/salaries, incentives, fringe benefits, and perquisites. The document also describes the time rate and piece rate systems of wage payment, providing advantages and disadvantages of each.
Employee Benefit Management.pptx
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Flexible "cafeteria plans" give employees choice but also risks like increased costs. Overall administration requires balancing adequacy, competition and expenses.
Employee Benefit Management.pdf
This document discusses employee benefits and their administration. It defines employee benefits as compensation paid by employers apart from salary, like healthcare or retirement plans. Benefits are essential for attracting and retaining talent. The document then lists examples of common benefits and discusses taxation issues. It outlines four major administration considerations: who is eligible, choice levels, financing options, and legal defensibility. Choice levels can range from standardized to cafeteria-style flexible plans. Financing can be fully employer paid, contributory, or employee paid.
Five W's Presentation
The document discusses employee benefits from the perspective of the five W's: who, what, why, where, and when. It covers which employees receive benefits, what types of benefits employers provide, the reasons employers offer benefits, regulatory considerations around benefits, and when benefits kick in. The document also discusses costs of benefits, alternatives to traditional benefits, and ways employers can review and potentially modify their benefits offerings.
Healthcare reform overview for employers, delivered 5/15/13
This document provides an overview of healthcare reform for employers, covering several key topics:
1. Marketplaces (Exchanges) and subsidies available for individuals and small groups.
2. Rules for determining if an employer counts as a "large employer" subject to penalties, including how to count full-time equivalent employees and handle variable hour workers.
3. The "pay or play" mandate for large employers over 50 full-time equivalents to provide affordable coverage or face penalties.
4. Price changes to health plans from new taxes, fees, and mandates imposed by the Affordable Care Act.
The Impact of Dropping Your Health Plan in 2015
As employers consider whether or not to drop their health plan in 2015, a broad, comprehensive financial impact analysis is required. In addition to calculating the cost of the “No Coverage” Shared Responsibility penalty, employers must factor in the nondeductibility of the penalty, increases in cash compensation and possible reductions in productivity. This article provides a brief overview of these components and explains how to run the math.
SHRM Survey Findings: 2013 Employer Perspectives on Disability Benefits--Base...
This is part one of the five-part series conducted in collaboration with MassMutual. The majority (84%) of organizations provide group long-term disability insurance plans to their employees, but will the maximum benefit amount be enough for all employees to support themselves and their families?
Er presentation 2.8
The document describes a Personal Benefits Plan as an alternative to traditional group health insurance. It allows employers to fund individual Benefits Savings Accounts for each employee, which the employee can then use to purchase their own health insurance and other benefits. This exempts the employer from many Affordable Care Act requirements for group plans. The Personal Benefits Plan is presented as offering lower costs, more choice and flexibility for employees, and simplifying administration compared to group health insurance. Expert advisors help employees select the health insurance and benefits that best fit their individual needs and circumstances.
Personal Benefits Plan- Employer Presentation
This presentation explains to an employer the benefits of the AHR Personalized Benefits Plan for their business and employees. For more information, please visit us at ahr.net
Wellness Program Cost
This document will explain how a comprehensive wellness program works and how much money you should budget in order to have one. If you are ready to kick start health in your organization this is the right place to start.
Non wage component of labour remuneration
This document discusses non-wage forms of employee compensation including monetary benefits like profit sharing and bonuses, and non-monetary benefits like health insurance and paid time off. It provides examples of companies like Starbucks, Hormel Foods, and dentist practices that offer these types of compensation and incentives. Effective incentive plans should be designed to motivate employees and link their compensation to achieving company goals.
COMPENSATION AND BENEFITS REPORT.pptx
Compensation and benefits refer to the pay and indirect compensation provided to employees in exchange for their work. They are an important part of human resource management. Compensation includes salary and hourly wages, while benefits cover indirect pay like health insurance and retirement plans. Compensation and benefits packages motivate employees and impact retention when they are fair, clearly communicated, and meet employee needs and expectations.
Medical care - compensation management - Manu Melwin Joy
This document discusses the advantages and disadvantages of providing medical care as part of an employee compensation package. It notes that medical benefits are very important to attracting and retaining talented employees, and allow employers to gain tax advantages. However, it also outlines the rising costs of healthcare, administrative burdens, potential tensions around cost sharing, and small potential liability for employers. The document was prepared by Manu Melwin Joy from Ilahia School of Management Studies in Kerala, India.
Alz June News
The document discusses strategies for managing employee compensation and benefits during an economic downturn. It recommends reviewing all aspects of the total rewards package, including base pay, incentives, health insurance, retirement benefits, and time off. Employers should evaluate how their benefits compare to market standards and communicate the total value of the rewards package to employees.
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Fringe Benefits: Why They Matter
- 1. Fringe Benefits: Why They Matter
- 2. Stay Competitive You must stay competitive and find a balance between employee retention and backlog. Focus on indirect costs and what can be done to reduce them and/or make them variable.
- 3. Cut the Fringe? This is the challenge. Do you look to the fringe benefits for quick cost reductions? Do you double the cost to the employee for health benefits, for example? Consider first what could be the result? Would it ultimately cost you some key personnel?
- 4. Fringe Rate – What Does it Cost? Fringe benefits are accounted for in the fringe rate (total cost of fringe benefits/wages), a multiplier used to calculate the total cost of labor. Fringe rates within the BBRS-supported companies range from 30 percent to 100 percent (depending on the employee’s wages and benefits elected), with an average rate of about 45 percent, so for every $1 of labor, there is a total cost of $1.45 to include fringe benefits.
- 5. Fringe Benefits – What are They? Fringe benefits are costs paid by employers on behalf of their employees in addition to normal wages and salaries …
- 6. Required: • Payroll Taxes – Social Security – Medicare – Federal Unemployment – State Unemployment • Worker’s Compensation
- 7. Company-Paid Benefits – Medical/Dental/Vision – Long-Term Disability – Short-Term Disability – Life Insurance – 401(k) Match – Profit Sharing – Paid Time Off – Holidays Medical/Dental/Vision and retirement benefits make up about 60 percent of the fringe rate and are the variables that can make the most significant impact on the fringe rate, by increasing or decreasing the benefit.
- 8. Optional Company Offerings • Company Offerings – Flexible Spending Account – Discount Programs Optional, but valued by employees
- 9. Cost vs. Value • A great fringe benefit package typically comes with a significant price tag, but is a key factor in attracting and retaining personnel. • Some of the most frequently leveraged benefits to retain “high-performing employees” were health care and retirement benefits, according to a 2013 report from the Society for Human Resource Management (SHRM).
- 10. Reference materials • One in five (20 percent) organizations reported leveraging their benefits program to retain employees, according to State of Employee Benefits in the Workplace—Leveraging Benefits to Retain Employees - See more at: http://www.shrm.org/hrdisciplines/benefits/articles/ pages/benefits-recruit-retain-communicate. aspx#sthash.KbQVnpXH.dpuf • (http://www.shrm.org/hrdisciplines/benefits/articles /pages/benefits-recruit-retain-communicate.aspx).