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Benefit Design Report - Assignment Example

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Currently, the corporations have resolved a new benefits design, which is believed to be cost-effective. The strategic objectives of this new benefit design includes, cost-effectiveness,…

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Subject: Management
Type: Assignment
Level: Masters
Pages: 1 (250 words)
Downloads: 1
Author: bhirthe

Extract of sample "Benefit Design Report"

Benefit Design Report Over many years, this corporation has being spending a lot to cater for employees benefits. Currently, the corporations have resolved a new benefits design, which is believed to be cost-effective. The strategic objectives of this new benefit design includes, cost-effectiveness, external, internal, and individual equity, compliance to all legal laws, performance enhancement, talent and performance management, enhance involvement, retention, and recruitment. The corporation offer several cost effective benefits, which include health insurance, disability/life insurance, educational assistance, pension/retirement plans, and work life support.
The new benefit design will adhere to all legal law constraints governing pay systems such as overtime pay. The common overtime issues to be compensated include compensatory time off, training time, travel time, and non-exempts incentives. In order to ensure fair incentives for performance, the company will be using variable pay system. This means compensation linked to team/group, individual, and organizational performance. Variable pay system will ensure fair compensation because some employees show good working efforts, which are highly productive than others.
Therefore, better performing workers should be compensated more. Additionally total compensation need to be linked directly to results and performance. Lastly, certain jobs contribute a lot to the corporation than others and need higher compensation rate. The benefit design avoids use of team/group benefits compensation because rewarding employees in equal rates seems to be “unfair” since there are employees who work harder or carry out difficult jobs than others. Also team/group members may not be willing to accept co-workers’ incentive decisions. Moreover, most employees expect to receive benefits as per individual performance.
Work cited
Mathis, Robert L, and John H. Jackson. Human Resource Management. Mason, OH: Thomson/South-western, 2010. Print. Read More

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Benefit Design Report - Assignment Example

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