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Costs of benefits - Essay Example

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Decisions on human resource are best done after a thorough analysis has been done on the relevant cost and benefits that accrue to the human resources (Barnow et al, 2013). The decisions are easier made whenever a cost-benefit analysis has been carried out by the human resource…
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Costs of benefits
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Human Resource Cost Analysis Insert Semester Decisions on human resource are best done after a thorough analysis has been done on the relevant cost and benefits that accrue to the human resources (Barnow et al, 2013). The decisions are easier made whenever a cost-benefit analysis has been carried out by the human resource management department which is essentially charged with the responsibility of analyzing the various returns that an organization gets. The benefits are mostly related to the investments that the organizations do in the form of training their employees and investing in other programs meant to minimize chances of employees being absent at their work station. This paper gives an analysis of the results obtained from StopNShop Today Inc especially on the competitiveness of its benefits package and the benefits it accrues from the package.
As much as it is of a necessity for any organization to conform its benefits package to the prevailing ones within the economy it operates, it is also ethical that organizations make their packages more attractive and above their competitors so as to retain the best of human resource within the market (Barnow et al, 2013). The review report from StopNShop Today Inc study review of its packages reveals an interesting trend within the organization. More weight is given to wages and salaries as in forms the core of the organization’s incentive to its employees. This is followed by the total costs incurred on benefits to the employees with the rest given very little weight. Of more interest is the allocation to retirement and the savings that come with it. It is the least area over which the company allocates its resources.
The figure below shows the percentage growth packages allocation within the United States for the period between January 2004 and January 2014
The trend within the U.S economy is of greater interest and explains further the recent decision by major organizations to review their benefits packages (Barnow et al, 2013). As of the year 2004 towards the year 2008, the general of cost allocation to benefits and remunerations was on a declining slope which gives a reflection of the economic times during such periods. Between the year 2008 and 2010 there was a steady increase in the general allocation of resources to benefits and remunerations. Such an action reveals that the companies were experiencing economic boom and thus could easily afford to increase the allocation of their resources to benefits.
The general trend in the statistics available at the U.S Bureau of Statistics shows that most organizations do allocate between 40% and 47% of their resources towards the benefits of their employees with the percentage allocated to retirement also being minimal just like the StopNShop Today Inc organization (Barnow et al, 2013). This reveals a common practice by organizations in that they do not want to invest their resources in areas that offer no benefits to them. A company should only invest its resources on things that are beneficial to it. Priority should also be given to the areas that are more beneficial in terms of resource allocation with the areas that are least beneficial receiving least allocation.
StopNShop Today Inc has allocated more resources to salaries and other benefits as opposed to things like leaves, legal benefits requirements or even retirement (Barnow et al, 2013). The company has sufficiently addressed the needs of its employees making them more satisfied on the job while at the same time ensuring that it gets maximum benefit from the resources allocated to these courses of actions. The report reveals that the company does not pay more attention to the afterlife of its employees the moment they leave the organization which is an area of concern. But of greatest concern is the usage of the company’s resources on issues that are beneficial to it and grows its business. Thus the report is more satisfying in its current state and nature.
References
Barnow, B. S., Trutko, J. W., & Piatak, J. S. (2013). Occupational Labor Shortages: Concepts, Causes, Consequences, And Cures. Kalamazoo, Mich: W.E. Upjohn Institute For Employment Research. Read More
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