Benefit Packages
Benefit packages
Randy McSparren
BA 361 Human Resources Management
Upper Iowa University
Instructor Patrick Mulhern
Abstract
Benefit packages differ from company to company. Some company’s offer may offer medical and dental coverage, while another my offer neither but has a great 401K plan. Being able to identify what is a strong benefits package and what is not is not only important to applicants, but also to employers as well. The impact a weak benefits package has on a company can vary from reduction in productivity and moral, to the inability to recruit new and experience talent from a competitive workforce market.
Key words: Strong, weak, impact, benefits, package
Weak benefit package
People decide where they would like to work based off of numerous factors. One such factor is the benefits package that the employer has to offer. This is not usually a concern for someone that is just looking for a job and not a career. But those that are looking for a career, benefits are important. For most clients who are employed, the benefits they receive during their career make up a huge portion of their savings and ability to achieve financial goals (Davidson, 2012). The most important aspects of that package are retirement, medical, dental coverage. However, just because a company offers these as a part of their benefits package, does not mean that it is a very strong package. Many companies option to have a weak benefits program because of various reasons, but mostly this is seen where employees are paid a higher salary than those employers that have a strong and highly sought after benefits package. This is also seen in company’s that lack the funds to provide any kind of benefit package. When this is the case, it is highly important that the leadership of a company determine what alternatives an employee should consider that might be a fit for your client but are not available through a company (Davidson, 2012). This is where the
Randy McSparren
BA 361 Human Resources Management
Upper Iowa University
Instructor Patrick Mulhern
Abstract
Benefit packages differ from company to company. Some company’s offer may offer medical and dental coverage, while another my offer neither but has a great 401K plan. Being able to identify what is a strong benefits package and what is not is not only important to applicants, but also to employers as well. The impact a weak benefits package has on a company can vary from reduction in productivity and moral, to the inability to recruit new and experience talent from a competitive workforce market.
Key words: Strong, weak, impact, benefits, package
Weak benefit package
People decide where they would like to work based off of numerous factors. One such factor is the benefits package that the employer has to offer. This is not usually a concern for someone that is just looking for a job and not a career. But those that are looking for a career, benefits are important. For most clients who are employed, the benefits they receive during their career make up a huge portion of their savings and ability to achieve financial goals (Davidson, 2012). The most important aspects of that package are retirement, medical, dental coverage. However, just because a company offers these as a part of their benefits package, does not mean that it is a very strong package. Many companies option to have a weak benefits program because of various reasons, but mostly this is seen where employees are paid a higher salary than those employers that have a strong and highly sought after benefits package. This is also seen in company’s that lack the funds to provide any kind of benefit package. When this is the case, it is highly important that the leadership of a company determine what alternatives an employee should consider that might be a fit for your client but are not available through a company (Davidson, 2012). This is where the
References: Davidson, L. (2012, April 24). or most clients who are employed, the benefits they receive during their career make up a huge portion of their savings and ability to achieve financial goals.. Retrieved from http://www.advisorone.com/2012/04/24/whats-missing-in-client-plans-employee-benefits ISS. (2012). Benefits. Retrieved from http://www.issinc.com/careers/benefits.html UNUM. (2012). Understanding benefits can be a key to employee satisfaction. Retrieved from http://hrpeople.monster.com/finance/articles/3737-understanding-benefits-can-be-a-key-to-employee-satisfaction