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Compensation and Benefits System at American Express - Research Paper Example

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As the idea of corporate wellness gains value in businesses today, several strategies and approaches are being created in efforts to find the best means of keeping employees healthy in order to enhance and extend their performance to better suit the needs of the business and overall health. American express operates the American Express Healthy Living corporate wellness program that entails health assessments and wellness coaching initiatives. This program, developed in 2009, provides services such as subsidized gym membership and onsite fitness centers. The initiatives have formed an incorporated model for wellness; enabling employees and their families to have quicker and better access to healthcare, while motivating them to adopt or sustain good health practices for psychological, physical and social well-being. Since the programs initiation four years ago, the company has witnessed improvements across all employee risk factors due to high participation in the Healthy Living Program. 4. Benefits The company’s employees enjoy several benefits which include: a) Pension scheme Two defined benefits (American Express Retirement Plan & Supplemental Retirement Plan) and stakeholder scheme with 3% company contribution in case an employee fails to contribute. b) Healthcare and wellbeing The benefits include employee assistance programme, private medical insurance for all employees, health cash plan, health screening and free on-site health checks, smoking cessation support, on-site and off-site

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Summary

Human resource professionals must reorganize the short-term and long-term compensation programs to cope with today’s challenging business markets. In order to deal with internal and external market risks and strategically manage a company in such a manner that it can hire and retain quality human resource, expertly designed compensation and benefits packages are necessary. …
Compensation and Benefits System at American Express
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