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Employees' Benefits - Essay Example

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The major problem faced by employees is the cut back of incentives provided to them which includes cut back of discount offered on employee stock purchase plan from 15% to 10%, cutting back of maternity leaves from 12months to 6months and making short the vacation time, and declining annual bonuses…
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Download file to see previous pages This study suggests “Leverage the power of the leading stock plan administration technology Our Full Service Plan Administration solution is delivered through our proprietary web technology, Shareworks” (Share Works Premier 2010 par 2).The employer can establish new plans like incentive plans, savings and investment plans. Employees are the most important assets of an organization, who are the pillars which support the organization and without an organization cannot operate its business therefore, Use of web-based technology will help the Microsoft to re-establish stock purchase plan in a better way which will be helpful for the organization to sustain and motivate its employees, web technology will also help the organization to improve its administration and will allow the employees to stay updated about current and upcoming incentive plans (Beam and McFadden, 2001). Introduction of new plans will motivate the employees to work efficiently and these new plans will cover the loss of employee stock purchase plan to employees and will provide more investments option to employees, so introduction of new plans will allow employees to reduce the investment risk by diversifying the portfolio through investing in other investment and savings plans. Investment and saving plans generally provide a sense of ownership in the firm, these plans will definitely boost up employees motivation and their loyalty towards their organization, Microsoft then be able to retain its efficient and productive workers. Microsoft should also increase its existing plans such as increasing the discount percentage on employee stock purchase plan; it will improve the current working conditions of employees and will help the organization to provide employees with improved working environment, researches have shown that improving existing incentive plans will increase the motivational level of employees and it increases organization’s performance as well. The company should also devise new incentive plans and rewards, new incentive plans to the efficient workers will be helpful for the organizations to get best out of their employees in return; whereas organization should introduce new awards and should make sure that those employees who are doing well and meeting their targets should be appraised and rewarded in front of everyone, it makes sure that management cares about them and notices their every effort made for the well-being of the organization. New incentive plans will provide a new opportunity to employees for self-improvement and for enhancing their living style (Martocchio, 2010). Use of web technology will also allow the organization to provide detailed information about plans to the employees that will increase clarity and transparency; it will help the employees to understand offered plans in a better way. Clarity and transparency reflects the mirror image of an organization, so basically it eliminates or minimizes doubts regarding the image of the organization, it will help employees to stay clear about plans and will definitely increase employees’ strive towards achieving those incentives and rewards that will eventually increase organizational productivity and performance (Medina, 2006). Web technology will also help the organization to manage the reward system in an efficient way, so that deserving employees won’t get de-motivated and will be rewarded timely. Use of web technology will decrease the administrative cost of the organization, will allow the organization to better utilize its capital on incentive plans offered to employees. Employees work for some compensation and they always need a pay back for their efforts not only in terms of basic salary but in shape of extra benefits as well. Extra ...Download file to see next pagesRead More
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