Managing Human Resources - Essay Example

What Should A Company do over The Short and Long Term to Maximize the Use and Value of Its Benefits Choices to Employees? Maximization of benefit choices largely depends upon the company’s willingness to retain topmost talents. It can be stated in this similar concern that the companies may follow as well as execute different effective measures for retaining top talents. They may opt for incurring huge figure of expenses which may result in the development of high incentive schemes categorizing into monetary as well as non-monetary benefits.

Specially mentioning, the companies can introduce various attractive offers and bonus plans for satisfying those employees whose continued contribution matters a lot for them (Barringer & Milkovich, 1998). Furthermore, it is to be argued that a particular company can revise all its incentive plans on a quarterly basis so as to make the top employees feel comfortable to work with the company. In addition, the companies can work upon towards reviewing the top performances of the employees by introducing effectual training programs for them.

If the contributions made by the employees are highlighted and applauded, then these would eventually boost the other employees to perform their respective work even better. This process will benefit the companies both in the long run as well as in the short run. Moreover, this particular practice will also help the companies in lessening the attrition rate of the personnel by a greater degree. In this regard, it is to be affirmed that high attrition creates lots of imbalances in the overall efficiency and operations of the companies and therefore, it should be avoided (Barber, Dunham & Formisano, 2006).

The companies can also maximize its benefits plans by allowing the top performing employees to avail multiple reimbursements from their respective the organizations. Besides, the companies can reward their respective employees for their unprecedented performances in terms of providing them with attractive tour packages and time outs resulting in rejuvenating themselves and thereby motivating them for conducting better performance in future. Furthermore, the companies can allow the employees to avail medical benefits in terms of insurance plans covering them and their whole families.

The companies should provide different insurance plans so as to entitle quality benefits to the employees. They can provide health insurance along with accidental as well as life insurances to the personnel. For the purpose of attracting as well as retaining top-notch talent, the companies can make the employees to be accustomed with the overall work atmosphere by offering them with proper promotions in relation to their contribution to the company for the overall development. It can help the personnel to remain motivated in the organizations.

If the benefits plans are provided to the deserving employees, then it will certainly lead towards further development of the organizations and will benefit them in long-term perspective which is quite necessary. Thus the company can make proper usage of the benefit plans for ensuring retention of top employees by a considerable level. The company can also create mass awareness of the benefit plans by entitling various types of benefits that the employees can choose