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:

Answer preview

Benefits System

A benefit system is one way through which an employer gets to serve their employees. Through the creation and implementation of a benefits system, worker retention is increased by a very high margin. It is only reasonable that an employee will stay where they feel well taken care of as well as protected. The creation of employee benefits serves the purpose of increasing organizational trust. When employees feel well taken care of, they end up becoming loyal to the organization and thus have a considerably good output. Owing to the spontaneous growth of the global market and the slow introduction of skilled employees to it, one of the best attempts at attracting and retaining employees in an organization is through the provision of benefits. However, an employer needs to be continually conversant with market trends and the advancements in benefit programs. By updating their benefits in accordance with the emergence of new benefit strategies an organization can remain competitive in the diverse global market almost effortlessly.

Some of the primary benefits provided include health, life, disability, and retirements. To deliver this benefit to employees, an employer needs to have a strategy on their provision. This varies moving from one organization to the other. An employer puts into practice the relevant strategy according to their market environment to distribute the benefits without financial strain to the organization. By fitting the compatib…