Employee Benefits Plan Essay
Bertha A. Navarro
HRM 430 – Online Employee Benefits Professor, Don Wlodarski
April 29, 2013
A plan administrator for employee benefits has the task of assessing the needs of the employees of the organization. To do this, the administrator has the daunting task of identifying those needs in terms of internal and external factors, as well as comparing costs for the contemplated benefits so that they meet with the organization’s budget. Once all data is compiled it is then presented to upper management for approval. The next step is to communicate the benefit package to the employees. An carefully designed benefit plan is a strategic plan in …show more content…
The final required employee benefit is workers’ compensation which protects the employee in the event that he or she sustain an injury on the job and are either temporarily or permanently unable to work. The cost of the benefit is paid entirely by the employer (Steingold & Schroeder, 2009).
Optional benefits Benefits promoting the health and welfare of the employees and their families are top on the list of potential employees in today’s workplace. A better sweetener is for the company to also provide employees with a retirement package, availability of obtaining life insurance or disability insurance. This type of protection in some cases tops the wage requirements, especially for employees who are starting a family or are reaching retirement age (xxxxxx).
Designing and offering an employee benefit package also serves as an incentive to hire and retain qualified workers for the purpose of having a competitive advantage over its competitors. It also motivates employees to perform at optimum and remain loyal to the company and in reaching its goals (Steingold & Schroeder, 2009). Optional Benefits. A comprehensive benefit plan can include health insurance, disability insurance, life insurance, a retirement plan, paid-leave that includes earned vacation time,