Compensation and Benefits

1)  you are the new HR manager for a new company.  Describe the company’s business and its location. 2)  the CEO considers you to be an expert in compensation and benefits for 40 FT employees. 3) you are to develop a report for the BOD 4) distinguish mandatory benefits and voluntary benefits  5)  you will select and design the voluntary benefits; consider the costs to the company.
Develop  a compensation  and benefits package for your  company.  You must  first  address the type  of company  you  were hired  for  (your  choice). Second,  you  must  select the city  and state in  which  the small  company  is  located  (your  choice).  In your  HR Compensation  and Benefits  Report to  the board, you  must  address the following:
1.Identify  the  Organization’s  Benefits Objectives and Budget: The organization’s business  and/or  HR strategy will  help  guide  the development  of the benefits objectives, as these objectives  should  help  achieve  the overall  strategic  goals.  Factors such as employer  size,  location,  industry,  and  collective  bargaining  agreements should  be considered  in  the development  of the benefits objectives.
2.Conduct a Needs Assessment: This needs assessment will  be based on  your company’s location and estimated future size. It should  be conducted  to determine the best benefits  selection  and  design  based on the needs and  wants of  the employees.  The needs assessment may  include  an employer’s  perception  of employee  benefits  needs,  competitor’s  benefits  practices,  and  tax laws and regulations.
3.Formulate  a Benefits  Plan Program: Using  the data collected  from  all resources in Step 2,  the employer  can begin  to formulate  benefits  offerings  in  order of priority. Can changes be made to  the current plan  design  to  induce  cost savings?  Can benefits that are underused  or not  valued  by employees  be eliminated?  What are the administrative  costs for  the benefits?  What cost-containment  features can be put  in place? Will  employees  have to  contribute,  and  how much?  These are among  the evaluations  an employer  will  make  in  determining  whether to  add,  change, or eliminate  benefits offerings.
4.Communicate  the  Benefits  Plan to Employees : Employee  understanding  of  the benefits  is  critical  to  employee  buy-in.  Without  buy-in,  the employer’s  efforts,  no matter how  perfectly  designed  to meet employees’  needs, may  be futile.  The positive impact  on recruiting,  retention, and employee  morale  may be lost  without  effective communication  plans.  Good  benefits  communication  objectives  should include:•Creating  awareness and appreciation  of the new or existing  benefits and improving  employee  financial security. •Providing a high level of understanding of the benefits offered. •Encouraging wise use of benefits.
5.Develop a Periodic Evaluation Process to Determine  Effective ness of Benefits : Periodically  reviewing  the benefits  plan  program  is  another important  step in  the benefits  management  process. The benefits  program  must  be assessed on a regular basis  to determine  if  it  is  meeting  the organization’s  objectives  and employees’ needs. Changes in  the  business  climate,  the economy,  the regulatory  environment, and workforce  demographics  all  create dynamics  that affect benefits offerings.
6.Christian  Worldview: What is God’s approach to money, and  how we are to care for others? Provide  a verse from the Bible, and  discuss  how this  relates to the HR process.

For more information on Compensation and Benefits read this: https://en.wikipedia.org/wiki/Compensation_and_benefits#

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