Essential Money Management Skills for a Successful Future.pdfMohammedShoaib101
Financial literacy encompasses a wide range of knowledge and skills related to personal finance. It involves understanding concepts such as budgeting, saving, investing, debt management, and retirement planning.
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
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.
T. Rowe Price has provided a article for Advisors regarding Financial wellness programs:
an opportunity to differentiate your practice and broaden your reach. Employers are increasingly seeking to offer holistic financial education that benefits both the employees and the company itself.
Essential Money Management Skills for a Successful Future.pdfMohammedShoaib101
Financial literacy encompasses a wide range of knowledge and skills related to personal finance. It involves understanding concepts such as budgeting, saving, investing, debt management, and retirement planning.
Running head EMPLOYEE BENEFITS PROGRAMS .docxtodd271
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.
T. Rowe Price has provided a article for Advisors regarding Financial wellness programs:
an opportunity to differentiate your practice and broaden your reach. Employers are increasingly seeking to offer holistic financial education that benefits both the employees and the company itself.
BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
Amid the increasing complexity of today’s business landscape, it can be of great benefit to shut out the noise and simply get back to the basics. Summer offers the rare opportunity for organizations to slow down and sweat the small stuff.
In this issue, our experts address seven key topics intended to help leaders guide their teams to stability and refocus on the foundational elements of success, including:
- Talent Management 101: How to Attract & Retain Great Employees
- Exploring the What, Why & How Behind the Employee Experience
- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
- What is Financial Wellbeing & Why Should Employers Care?
- D&O Insurance Application Basics to Protect Your Leaders
- Your Life Insurance Policy May Be One of Your Biggest Assets
- Understanding Labor Law Poster Compliance
Are Your Healthcare Benefits Baffling Your Employees?RalfHeyer
While healthcare for most individuals isn’t usually straightforward, health benefits for employees are notoriously complex, often leaving the recipient unable to understand the level of care they’re entitled to, what the coverage includes and where to find the appropriate provider, let alone able to navigate the insurance claims process.
Compensation, Benefits, Reward & Recognition Plan for V..docxannette228280
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Learning Team B
HRM 595
December 19, 2017
Rosalie M. Lopez
Running head: COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
1
COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
2
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Introduction
Base Salary Range
For the position of VP of Operations, the National Average Salary is $122,624. In San Francisco, the average is higher and placed at $155,946. This amount is 16% higher than the National Average (Payscale, 2016). The reason for this increase is because of experience and geography. These are the two prime factors that impact the pay scale. Another major factor is the employer. Most employers base their decision to hire an individual on the experience they bring with them. Of course, with more experience, higher pay is required. With our company cutting cost a less experienced individual would be the best fit for the position.
Standard Employee Benefit
In many cases, your employee benefits could be the turning point for a prospective employee. This benefit is a vital portion of any employee packet. These valuable benefits are used as a blanket of security in the case of any sickness, injury, unemployment, old age, or death (Gomez-Mejia, Balkin & Cardy, 2015, p. 362). There is a significant difference between incentives and benefits: benefits are financial and nonfinancial compensations that are indirect to the employee. To have a competitive strategy Blossoms Up! must align their profits with the compensation package that has been already put in place. This action will help provide flexibility to the amount and the benefits available (Gomez-Mejia et al., 2015).
There are also some benefits that most companies are legally obligated to provide. Three benefits are required regardless of the number of employees that the company has. These interests involve social security, workers compensation, and unemployment insurance (Gomez-Mejia et al., 2015). Other laws must be adhered to when dealing with a certain number of individuals. When a company has 50 or more employee they must have the Family and Medical Leave Act in place and since its induction in 2015 the Affordable Care Act for Health Insurance for companies with 20 or more employees. For the health insurance to be considered standard medical, vision and dental plans must be made available to the business. These programs that must be regarded as being under the Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) (Gomez-Mejia et al., 2015).
There are some voluntary benefits that we can include. We are already looking into adding a pension package using the Defined Contribution Plan as well as the 401(K) plan (Gomez-Mejia et al., 2015). Life insurance is another excellent benefit that could be added to the package as well as short-term and long-term disability insurance. Adding Vacation and PTO, and Holiday pay is .
Compensation, Benefits, Reward & Recognition Plan for V..docxbartholomeocoombs
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Learning Team B
HRM 595
December 19, 2017
Rosalie M. Lopez
Running head: COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
1
COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
2
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Introduction
Base Salary Range
For the position of VP of Operations, the National Average Salary is $122,624. In San Francisco, the average is higher and placed at $155,946. This amount is 16% higher than the National Average (Payscale, 2016). The reason for this increase is because of experience and geography. These are the two prime factors that impact the pay scale. Another major factor is the employer. Most employers base their decision to hire an individual on the experience they bring with them. Of course, with more experience, higher pay is required. With our company cutting cost a less experienced individual would be the best fit for the position.
Standard Employee Benefit
In many cases, your employee benefits could be the turning point for a prospective employee. This benefit is a vital portion of any employee packet. These valuable benefits are used as a blanket of security in the case of any sickness, injury, unemployment, old age, or death (Gomez-Mejia, Balkin & Cardy, 2015, p. 362). There is a significant difference between incentives and benefits: benefits are financial and nonfinancial compensations that are indirect to the employee. To have a competitive strategy Blossoms Up! must align their profits with the compensation package that has been already put in place. This action will help provide flexibility to the amount and the benefits available (Gomez-Mejia et al., 2015).
There are also some benefits that most companies are legally obligated to provide. Three benefits are required regardless of the number of employees that the company has. These interests involve social security, workers compensation, and unemployment insurance (Gomez-Mejia et al., 2015). Other laws must be adhered to when dealing with a certain number of individuals. When a company has 50 or more employee they must have the Family and Medical Leave Act in place and since its induction in 2015 the Affordable Care Act for Health Insurance for companies with 20 or more employees. For the health insurance to be considered standard medical, vision and dental plans must be made available to the business. These programs that must be regarded as being under the Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) (Gomez-Mejia et al., 2015).
There are some voluntary benefits that we can include. We are already looking into adding a pension package using the Defined Contribution Plan as well as the 401(K) plan (Gomez-Mejia et al., 2015). Life insurance is another excellent benefit that could be added to the package as well as short-term and long-term disability insurance. Adding Vacation and PTO, and Holiday pay is .
MHR 6901, Compensation Management 1
Course Learning Outcomes for Unit I
Upon completion of this unit, students should be able to:
1. Discuss the role of employees, employers, unions, and the government in the development of
compensation programs.
1.1 Describe issues that influence an individual’s decision to apply for or accept a specific job.
1.2 Explain how compensation plans can influence the success of an organization.
1.3 Explore how influences outside an organization can affect its compensation plan.
2. Assess the impact of the Civil Rights Act of 1964, the Bennett Amendment, and Executive Order
11246 on compensation practices.
2.1 Outline the provisions of the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246.
2.2 Establish the reasons why the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246 were implemented.
Course/Unit
Learning Outcomes
Learning Activity
1.1 Unit I Essay
1.2 Unit I Essay
1.3 Unit I Essay
2.1 Unit I Essay
2.2 Unit I Essay
Reading Assignment
Chapter 1: Strategic Compensation: A Component of Human Resource Systems
Chapter 2: Contextual Influences on Compensation Practice
Unit Lesson
Hello, and welcome to this course. This course is an introduction to the area of compensation management.
This course looks at how compensation is developed, evaluated, and managed within an organization. You
will examine different theories of compensation management, why employees and non-employees are paid,
the manner in which they are paid, and different types of pay programs.
This course will be broken down into six different parts, which include strategic compensation, bases for pay,
designing compensation systems, employee benefits, compensation challenges, and compensation issues
around the world. When studying bases for pay, you will look at the traditional bases of pay, which include
merit pay, seniority pay, incentive pay, and person-focused pay. You will review pay systems that recognize
employee contributions, are internally consistent, and are competitive within the market. When reviewing
employee benefits, you will review both discretionary benefits and legally required benefits. Compensation
challenges will include the controversy surrounding executive compensation in the United States and paying
contingent or flexible employees. Finally, you will address compensation systems around the word and
compensating expatriates. As you can see, a wide array of compensation issues are present in today’s
workforce.
In this unit, we will concentrate on strategic compensation and some influences on compensation. So, what
do you think of when you hear the words compensation and strategic compensation? Most people think of
UNIT I STUDY GUIDE
Strategic Compensation
MHR 6901, Compensation Management 2
UNIT x STUDY GUIDE
Title
compensation as their pay and benefits, which is basically correct. The ...
EMPLOYEE COMPENSATION AND BENEFITS2HRM 530 Assi.docxSALU18
EMPLOYEE COMPENSATION AND BENEFITS 2
HRM 530 Assignment 5: Employee Compensation and Benefits
Antoine J. Brown
Dr. O
HRM 530
Introduction
Employee compensation and benefits refers to the combination of wages, salaries and benefits that a worker receives as exchange for work done either in accordance to the formulated duties or in excesses of overtime and other viable bonuses. Compensation can be calculable hourly wages plus bonuses and incentives while benefits may include healthcare insurance policies and retirement savings. Thus, the total employee compensation and benefits may refer to collective gain components that a worker is paid for the services that he/she offers to an organization (Cardinal & Florin, 2012).
In this paper, the discussion will based according with a medium-based enterprise employee compensation and benefits package for a position of a secretary. A medium-based organization need to provide an elaborate employee compensation and benefits package to attract and retain employees such as secretaries. The competitive compensation and benefits packagethat befit a secretary position in a medium-based organization that anticipate future growth include annual salaries, retirement savings, salary increments, bonuses, paid time-off from work plans, employee non-monetary assistance plans, and group health benefits.
Compensation and Benefits Package for a new Secretary Position
Compensation and benefits package for a new secretary position in a medium-based organization need to be developed in accordance to the stipulated labor laws as well as to the benefits of an organization. In the first place, employing a secretary is very essential for an aspiring medium-based company and retaining the acquired professional skills should be a priority in addition to motivating the employee into improving performance. Furthermore, competition across the different industry players is leading to increased job turnover rates and therefore, developing a compensation and benefits package plan for new secretaries will include the most attractive offers.
The employee compensation and benefits plan for a new secretary should include annual salaries, retirement savings, salary increments and bonuses, payment plans fortime-off from work duties, employee non-monetary assistance plans, and group health benefits. According to employment standards, annual salaried employments accosted with other various benefits are more preferred than hourly-based form of employment due to job-based security and rights to various benefits for the employee. In addition, annual salaried employment opportunities provide an organization with several advantages such as productivity, employee retention, improved skill acquisition, and tax benefits.
Thus, a secretary’s compensation plan that will be developed will be based on annual salary and should also be defined in accordance with the Bureau of Labor Statistics’ formulas in order to comply with the ...
Part 3 in a 3 part series on defining financial literacy in the workplace. Part 3 walks you step by step through the process to successfully implementing an employee financial education program at your workplace.
How to Employ Recruitment Technology For Modern HiringExela HR Solutions
Unlock potential of efficient hiring with our guide on leveraging cutting-edge recruitment technology. Discover strategies to elevate your talent acquisition.
How RPO Standardization Reshapes Manufacturing Hiring Dynamics?Exela HR Solutions
Explore the game-changing impact of RPO and its standardized approach to manufacturing hiring. Learn how this strategic shift enhances efficiency & consistency.
BIZGrowth Strategies - Back to Basics Special EditionCBIZ, Inc.
Amid the increasing complexity of today’s business landscape, it can be of great benefit to shut out the noise and simply get back to the basics. Summer offers the rare opportunity for organizations to slow down and sweat the small stuff.
In this issue, our experts address seven key topics intended to help leaders guide their teams to stability and refocus on the foundational elements of success, including:
- Talent Management 101: How to Attract & Retain Great Employees
- Exploring the What, Why & How Behind the Employee Experience
- The Shifting Normal: 3 Ways Leaders Can Embrace Change & Conquer Challenge
- What is Financial Wellbeing & Why Should Employers Care?
- D&O Insurance Application Basics to Protect Your Leaders
- Your Life Insurance Policy May Be One of Your Biggest Assets
- Understanding Labor Law Poster Compliance
Are Your Healthcare Benefits Baffling Your Employees?RalfHeyer
While healthcare for most individuals isn’t usually straightforward, health benefits for employees are notoriously complex, often leaving the recipient unable to understand the level of care they’re entitled to, what the coverage includes and where to find the appropriate provider, let alone able to navigate the insurance claims process.
Compensation, Benefits, Reward & Recognition Plan for V..docxannette228280
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Learning Team B
HRM 595
December 19, 2017
Rosalie M. Lopez
Running head: COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
1
COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
2
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Introduction
Base Salary Range
For the position of VP of Operations, the National Average Salary is $122,624. In San Francisco, the average is higher and placed at $155,946. This amount is 16% higher than the National Average (Payscale, 2016). The reason for this increase is because of experience and geography. These are the two prime factors that impact the pay scale. Another major factor is the employer. Most employers base their decision to hire an individual on the experience they bring with them. Of course, with more experience, higher pay is required. With our company cutting cost a less experienced individual would be the best fit for the position.
Standard Employee Benefit
In many cases, your employee benefits could be the turning point for a prospective employee. This benefit is a vital portion of any employee packet. These valuable benefits are used as a blanket of security in the case of any sickness, injury, unemployment, old age, or death (Gomez-Mejia, Balkin & Cardy, 2015, p. 362). There is a significant difference between incentives and benefits: benefits are financial and nonfinancial compensations that are indirect to the employee. To have a competitive strategy Blossoms Up! must align their profits with the compensation package that has been already put in place. This action will help provide flexibility to the amount and the benefits available (Gomez-Mejia et al., 2015).
There are also some benefits that most companies are legally obligated to provide. Three benefits are required regardless of the number of employees that the company has. These interests involve social security, workers compensation, and unemployment insurance (Gomez-Mejia et al., 2015). Other laws must be adhered to when dealing with a certain number of individuals. When a company has 50 or more employee they must have the Family and Medical Leave Act in place and since its induction in 2015 the Affordable Care Act for Health Insurance for companies with 20 or more employees. For the health insurance to be considered standard medical, vision and dental plans must be made available to the business. These programs that must be regarded as being under the Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) (Gomez-Mejia et al., 2015).
There are some voluntary benefits that we can include. We are already looking into adding a pension package using the Defined Contribution Plan as well as the 401(K) plan (Gomez-Mejia et al., 2015). Life insurance is another excellent benefit that could be added to the package as well as short-term and long-term disability insurance. Adding Vacation and PTO, and Holiday pay is .
Compensation, Benefits, Reward & Recognition Plan for V..docxbartholomeocoombs
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Learning Team B
HRM 595
December 19, 2017
Rosalie M. Lopez
Running head: COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
1
COMPENSATION, BENEFITS, REWARD & RECOGNITION PLAN
2
Compensation, Benefits, Reward & Recognition Plan for V.P. Operations
Introduction
Base Salary Range
For the position of VP of Operations, the National Average Salary is $122,624. In San Francisco, the average is higher and placed at $155,946. This amount is 16% higher than the National Average (Payscale, 2016). The reason for this increase is because of experience and geography. These are the two prime factors that impact the pay scale. Another major factor is the employer. Most employers base their decision to hire an individual on the experience they bring with them. Of course, with more experience, higher pay is required. With our company cutting cost a less experienced individual would be the best fit for the position.
Standard Employee Benefit
In many cases, your employee benefits could be the turning point for a prospective employee. This benefit is a vital portion of any employee packet. These valuable benefits are used as a blanket of security in the case of any sickness, injury, unemployment, old age, or death (Gomez-Mejia, Balkin & Cardy, 2015, p. 362). There is a significant difference between incentives and benefits: benefits are financial and nonfinancial compensations that are indirect to the employee. To have a competitive strategy Blossoms Up! must align their profits with the compensation package that has been already put in place. This action will help provide flexibility to the amount and the benefits available (Gomez-Mejia et al., 2015).
There are also some benefits that most companies are legally obligated to provide. Three benefits are required regardless of the number of employees that the company has. These interests involve social security, workers compensation, and unemployment insurance (Gomez-Mejia et al., 2015). Other laws must be adhered to when dealing with a certain number of individuals. When a company has 50 or more employee they must have the Family and Medical Leave Act in place and since its induction in 2015 the Affordable Care Act for Health Insurance for companies with 20 or more employees. For the health insurance to be considered standard medical, vision and dental plans must be made available to the business. These programs that must be regarded as being under the Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) (Gomez-Mejia et al., 2015).
There are some voluntary benefits that we can include. We are already looking into adding a pension package using the Defined Contribution Plan as well as the 401(K) plan (Gomez-Mejia et al., 2015). Life insurance is another excellent benefit that could be added to the package as well as short-term and long-term disability insurance. Adding Vacation and PTO, and Holiday pay is .
MHR 6901, Compensation Management 1
Course Learning Outcomes for Unit I
Upon completion of this unit, students should be able to:
1. Discuss the role of employees, employers, unions, and the government in the development of
compensation programs.
1.1 Describe issues that influence an individual’s decision to apply for or accept a specific job.
1.2 Explain how compensation plans can influence the success of an organization.
1.3 Explore how influences outside an organization can affect its compensation plan.
2. Assess the impact of the Civil Rights Act of 1964, the Bennett Amendment, and Executive Order
11246 on compensation practices.
2.1 Outline the provisions of the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246.
2.2 Establish the reasons why the Civil Rights Act of 1964, the Bennett Amendment, and
Executive Order 11246 were implemented.
Course/Unit
Learning Outcomes
Learning Activity
1.1 Unit I Essay
1.2 Unit I Essay
1.3 Unit I Essay
2.1 Unit I Essay
2.2 Unit I Essay
Reading Assignment
Chapter 1: Strategic Compensation: A Component of Human Resource Systems
Chapter 2: Contextual Influences on Compensation Practice
Unit Lesson
Hello, and welcome to this course. This course is an introduction to the area of compensation management.
This course looks at how compensation is developed, evaluated, and managed within an organization. You
will examine different theories of compensation management, why employees and non-employees are paid,
the manner in which they are paid, and different types of pay programs.
This course will be broken down into six different parts, which include strategic compensation, bases for pay,
designing compensation systems, employee benefits, compensation challenges, and compensation issues
around the world. When studying bases for pay, you will look at the traditional bases of pay, which include
merit pay, seniority pay, incentive pay, and person-focused pay. You will review pay systems that recognize
employee contributions, are internally consistent, and are competitive within the market. When reviewing
employee benefits, you will review both discretionary benefits and legally required benefits. Compensation
challenges will include the controversy surrounding executive compensation in the United States and paying
contingent or flexible employees. Finally, you will address compensation systems around the word and
compensating expatriates. As you can see, a wide array of compensation issues are present in today’s
workforce.
In this unit, we will concentrate on strategic compensation and some influences on compensation. So, what
do you think of when you hear the words compensation and strategic compensation? Most people think of
UNIT I STUDY GUIDE
Strategic Compensation
MHR 6901, Compensation Management 2
UNIT x STUDY GUIDE
Title
compensation as their pay and benefits, which is basically correct. The ...
EMPLOYEE COMPENSATION AND BENEFITS2HRM 530 Assi.docxSALU18
EMPLOYEE COMPENSATION AND BENEFITS 2
HRM 530 Assignment 5: Employee Compensation and Benefits
Antoine J. Brown
Dr. O
HRM 530
Introduction
Employee compensation and benefits refers to the combination of wages, salaries and benefits that a worker receives as exchange for work done either in accordance to the formulated duties or in excesses of overtime and other viable bonuses. Compensation can be calculable hourly wages plus bonuses and incentives while benefits may include healthcare insurance policies and retirement savings. Thus, the total employee compensation and benefits may refer to collective gain components that a worker is paid for the services that he/she offers to an organization (Cardinal & Florin, 2012).
In this paper, the discussion will based according with a medium-based enterprise employee compensation and benefits package for a position of a secretary. A medium-based organization need to provide an elaborate employee compensation and benefits package to attract and retain employees such as secretaries. The competitive compensation and benefits packagethat befit a secretary position in a medium-based organization that anticipate future growth include annual salaries, retirement savings, salary increments, bonuses, paid time-off from work plans, employee non-monetary assistance plans, and group health benefits.
Compensation and Benefits Package for a new Secretary Position
Compensation and benefits package for a new secretary position in a medium-based organization need to be developed in accordance to the stipulated labor laws as well as to the benefits of an organization. In the first place, employing a secretary is very essential for an aspiring medium-based company and retaining the acquired professional skills should be a priority in addition to motivating the employee into improving performance. Furthermore, competition across the different industry players is leading to increased job turnover rates and therefore, developing a compensation and benefits package plan for new secretaries will include the most attractive offers.
The employee compensation and benefits plan for a new secretary should include annual salaries, retirement savings, salary increments and bonuses, payment plans fortime-off from work duties, employee non-monetary assistance plans, and group health benefits. According to employment standards, annual salaried employments accosted with other various benefits are more preferred than hourly-based form of employment due to job-based security and rights to various benefits for the employee. In addition, annual salaried employment opportunities provide an organization with several advantages such as productivity, employee retention, improved skill acquisition, and tax benefits.
Thus, a secretary’s compensation plan that will be developed will be based on annual salary and should also be defined in accordance with the Bureau of Labor Statistics’ formulas in order to comply with the ...
Part 3 in a 3 part series on defining financial literacy in the workplace. Part 3 walks you step by step through the process to successfully implementing an employee financial education program at your workplace.
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How Payroll Can Improve Employee Financial Security | EHRS Blog
1. How Payroll Can Improve Employee Financial Security | Exela HR Solutions Blog
How Payroll Can Improve Employee Financial Security –
Exela HR Solutions
As remote work becomes more prevalent, the line between professional and personal life has
become increasingly blurred. This has prompted HR leaders to prioritize employees' well-being and
mental health, recognizing the importance of cultivating a healthy work-life balance. Fostering
employee well-being is, therefore, essential for promoting workplace resilience.
68% of HR leaders say employee well-being and mental health are their top priorities.
This priority is understandable, given that the corporate well-being industry in the United States is
currently valued at $20.4 billion and is expected to reach $87.4 billion by 2026. In addition, a
survey found that 80% of employers believe that financial stress negatively impacts their
employees' performance, costing around $500 billion annually.
The modern workforce faces numerous stressors, and many employees feel ill-equipped to
effectively manage these challenges. When stress and anxiety arise, employees may struggle to
showcase their skills and talents. In such a climate, it falls to managers to prioritize the well-being
of their team members. This begins with ensuring that compensation packages are competitive,
offering clear opportunities for career advancement, and keeping pace with inflation. However, HR
leaders should also consider providing free financial coaching as an employee benefit, regardless
of pay level. Financial wellness has emerged as the most frequently requested benefit among
employees, and offering such services can deliver tangible value. Employers should understand the
crucial role of financial well-being and payroll and explore ways that payroll can promote financial
wellness throughout the organization.
2. How Payroll Can Improve Employee Financial Security | Exela HR Solutions Blog
What is financial well-being?
Financial well-being pertains to achieving a state of financial security and control, not only in the
present but also in the future. It brings a sense of reassurance that one can manage their living
expenses and cope with unforeseen emergencies, as well as the liberty to make choices without
constantly worrying about finances.
Financial well-being is not solely determined by an individual's financial status but also by an
employer's commitment to their workforce and the prioritization of their needs. Employers serve
as the primary source of income for their employees, making them a critical factor in promoting
financial well-being. As such, it is essential for employers to take an active role in supporting their
employees' financial health by providing benefits and resources that go beyond salary or wages. By
recognizing the importance of financial wellness and taking action to promote it, employers can
improve the overall well-being and satisfaction of their workforce. Nevertheless, the reality is:
Only 11% of employers with health and well-being strategies actually focus on financial well-
being.
Numerous companies have adopted a carrot-and-stick model that provides short-term solutions to
their employees' financial difficulties rather than supporting the establishment and growth of long-
term assets. However, such an approach is insufficient and fails to address the root causes of
financial stress. It also neglects the importance of cultivating employee loyalty and retention by
satisfying their needs beyond mere compensation.
72% of employees say they would be attracted to another company that cares about financial
well-being.
The economic impact of the pandemic has highlighted the importance of financial stability for
today's workforce. With rising levels of household debt, employees are increasingly turning to
their employers for support through expanded financial wellness initiatives and comprehensive
benefits packages. Workers may be more likely to seek employment elsewhere when such aid is
unavailable, potentially even turning to the gig economy.
Also Read: Employee Engagement Starts with Accurate Payroll Outsourcing
3. How Payroll Can Improve Employee Financial Security | Exela HR Solutions Blog
Why is financial well-being important?
Financial wellness is a critical factor in promoting employee retention and engagement, and it can
also attract top talent that can help ensure the company's long-term viability and growth. In
addition, by offering comprehensive financial wellness programs and benefits, organizations can
create a more stable and satisfied workforce better equipped to weather unexpected challenges.
84% of employers say financial well-being can aid in reducing employee attrition. While 81% say,
financial wellness tools help attract higher-quality employees.
Employers must work together with their workforce to understand their needs, identify the areas
of support, and develop appropriate solutions while aligning with the organizational revenue goals.
Ensuring financial stability and showing appreciation are crucial for employee satisfaction, and
organizations that prioritize financial wellness can reap greater benefits from their human capital
investments.
It has been proven that organizations providing financial coaching, loan repayment programs,
immediate credit, cashback, allowances, incentives, employee discounts, and other perks are more
likely to attract enthusiastic and skilled workers who are committed to the growth and
advancement of the company. In addition, employees appreciate employers who promote their
financial welfare by offering tailored coaching and plans aimed at assisting them with purchasing a
home, finishing their education, starting a family, or managing child care and education. In return,
employees demonstrate their appreciation through increased productivity and profitability.
The general consensus is that employees tend to prefer working in an environment where their
contributions are valued. In addition, companies that provide adequate financial wellness benefits,
including wealth creation schemes, healthcare coverage, retirement benefits, and travel expense
coverage, create a sense of appreciation and loyalty among their workforce, encouraging them to
remain committed to the organization's goals.
Given the profound effect of financial problems on mental health, companies offering
individualized financial coaching services alongside mental health resources can boost motivation,
productivity, attendance, and overall engagement, thereby positively impacting the bottom line.
The Role of Payroll
While it's positive to see companies expanding their financial wellness benefits to include
alternative options such as automatic student loan payments and direct personal investment tools,
such programs must prioritize enhancing employees' financial literacy to be truly effective.
Without adequate financial education and guidance, employees may struggle to make informed
4. How Payroll Can Improve Employee Financial Security | Exela HR Solutions Blog
decisions that align with their financial goals. Therefore, companies should focus on offering
comprehensive financial education and resources that enable their workforce to make informed
financial decisions and take control of their financial future.
Improving financial literacy is critical for employees seeking greater control over their finances.
The payslip serves as a starting point for every worker, and payroll processing can play a crucial
role in positively impacting their financial well-being. Even without introducing new benefits,
employers can take simple steps through their payroll processing to assist workers in gaining a
better understanding of their financial situation and available choices. For example, providing clear
and concise pay stubs that break down deductions and taxes can help employees understand their
take-home pay and make more informed financial decisions. In addition, by prioritizing financial
literacy and education, employers can help their workforce build long-term financial stability and
security.
Ways payroll processing can help promote financial well-being
Help employees understand their payslip
Payslips are critical to employees, but unfortunately, only a small percentage take the time
to review them or understand their contents. In addition to providing information on total
income and taxes, payslips offer insight into how earnings are distributed, even before they
are received. Employees must understand the various deductions, rates, and calculations, as
this knowledge can help them control their finances better. By monitoring regular
contributions to a pension scheme, employees can alleviate concerns about retirement
plans or make informed decisions about other investments. Furthermore, scrutinizing the
deductions listed on their payslips can help employees identify services they were
previously unaware of, such as monthly physiotherapy coverage through health insurance.
Payroll processing professionals are a valuable resource for employees seeking to enhance
their financial literacy, as they have the expertise to interpret payslip information and
answer questions about deductions.
Encourage engagement with existing supports
Many employees may be eligible for financial benefits from their employer, such as
consultations with financial advisors, investment app trials, or government schemes for
meal vouchers or childcare. However, some employees may not be aware of these
opportunities. Payroll processing can help by reminding employees of these benefits
through their monthly or semi-monthly payslips or through other means such as email or a
public messaging board on payday. Employers can also use the blank spaces on payslips to
draw attention to available benefits and share resources for saving, investing, budgeting,
and debt management. Additionally, organizing educational sessions for staff to understand
mandatory deductions and social contributions and utilizing those funds can also effectively
promote financial literacy and engagement with existing benefits.
5. How Payroll Can Improve Employee Financial Security | Exela HR Solutions Blog
Obtain employee feedback
To determine the most effective strategies for promoting financial wellness among
employees, companies should directly ask their workforce for input. By obtaining employee
feedback, employers can learn about the financial tools and benefits that are most relevant
and appreciated. This approach shows employees that their contributions are valued and
the company is committed to supporting them. One effective way to gather feedback is to
provide suggestion boxes in common areas or a dedicated section on payslips where
employees can give feedback on existing financial benefits or recommend new resources.
Employers could also distribute feedback forms, surveys, and payslips to gather opinions
and suggestions. Even if initial participation rates are low, these initiatives gently remind
employees to consider their financial health and explore available options.
Conclusion
While employers cannot entirely address their employees' financial challenges, they can take
proactive measures to encourage them to manage their financial well-being. Global payroll
processing teams, with their comprehensive understanding of employee salaries, benefits, and
deductions, play a vital role in assisting their colleagues. Employers who invest in understanding
and supporting their employees' financial wellness, whether through company initiatives or public
resources, are likely to benefit from their investment in the long run. By doing so, they can foster a
loyal and satisfied workforce, ultimately enhancing the organization's reputation and financial
stability.
If you're unsure of how to create a strategy to promote the financial well-being of your employees,
outsourcing your payroll could be a viable option. By partnering with Exela HR Solutions, a market
leader in HR and payroll outsourcing, you can benefit from our best-in-class solutions to meet your
HR needs. In addition, our team of experts can assist you in creating a comprehensive plan to
support your employees' financial well-being. Contact Exela HR Solutions today to start the
conversation and take the first step towards a more financially healthy workforce.
DISCLAIMER: The information on this site is for general information purposes only and is not
intended to serve as legal advice. Laws governing the subject matter may change quickly, and
Exela cannot guarantee that all the information on this site is current or correct. Should you have
specific legal questions about any of the information on this site, you should consult with a
licensed attorney in your area.
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