Benefits System

Outcome 1 – Benefits System

Students will analyze employee benefits strategies. Students will discuss three strategies that help organizations maintain a competitive position within industry. Include in the analysis the following benefits: disability, health, life, and retirement. Students will explain their analysis in a 6–8 page paper, double-spaced, with five (5) references, and utilizing APA writing conventions.

You may propose an alternative project of your own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative project.

• Explain the importance an internally consistent and market-competitive employee benefits and compensation system that includes the following components: regulatory, legal, discretionary, disability, health, life, and retirement.

Topics to explore:

• Basic employee benefits
• Employee benefit psychology
• Economics of employee benefits
• Traditional benefit plan structure
• Flexible benefit plan structure

Outcome 1 – Explain the importance of an internally consistent and market-competitive employee benefits package

• RECOMMENDED READINGS

  (2018) Wages and Benefits. Retrieved from https://employment.findlaw.com/wages-and-benefits….

• Kongstvedt, P. R. (2012). Essentials of managed health care (6th ed.). Sudbury, Massachusetts: Jones and Bartlett Publishers. (ISBN: 9781449653316
• Journals: The HR Specialist: Compensation and BenefitsThe HR Specialist
• Optional Text:Martocchio, J. J. (2017). Employee benefits (6th ed.). New York: McGraw Hill. (ISBN: 9781260083804)
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  RESEARCHING BENEFITS SYSTEMS (LIB2)

  Employee benefit plans can include a variety of benefits that are designed to promote the well-being of a company’s employees. These are often regulated by the state or federal government but they can vary widely between companies. An important aspect of Human Resources (HR) is the development of these benefits and an understanding of the impact they have on the employees and employers.Once you enter the module, remember to use the table of contents on the left to navigate between pages. Go through this unit sequentially, or use the Contents button to view the sections in the order you want.For tips on researching employee benefits explore this module or Ask a Librarian for more advice.

Use the search tips in the research starter for BAM 450 to search in these databases. Here are some examples to get you started:

Employee benefits in Business Source Complete (http://web.a.ebscohost.com.proxy.cityu.edu/ehost/r…)

Employee benefits in Ebrary (https://ebookcentral.proquest.com/lib/cityuseattle...)

Journals to explore:

Human Resources (http://web.b.ebscohost.com.proxy.cityu.edu/ehost/c…)

HR Specialist: Compensation & Benefits (http://web.b.ebscohost.com.proxy.cityu.edu/ehost/c…)

Finding HR journals:

You can search in individual journals for relevant information by using the library’s Journal Finder feature found on the library website.

Answer preview

Employers need to be creative and responsive in the design of the benefit plan. An organization needs to be flexible in its benefit plans to ensure addressing all the current employee’s challenges. The work sector is very competitive, and the number of quality workforce entering the market is minimal. An employer who is ridged to provide only traditional and limited employee benefit plans can rarely acquire the competitive advantage. An excellent benefits plan is close to 40% of the total compensation costs. Although the benefits programs can vary significantly from one organization to another or in different timing, it typically needs to include medical insurance, retirement benefits, life, and disability benefits. The strategies selected by an employer need to add a cost management initiative while maximizing on its effectiveness considering that its costs out of a paycheck and cost out of pocket at the point of sale. According to the Bureau of labor statistics in March…