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Managing people - Essay Example

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Summary
This report describes in detail two of the main HRM practices implemented in the chosen company, Security 24/7 Ltd: employee benefits and employee development. Both of these practices are discussed in great detail as to how these are implemented in the company. The report also…
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Managing people
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Download file to see previous pages Employees of Security24/7, Ltd. are very much aware of their rights and the benefits they stand eligible for, and they know that benefits are crucial to give them some extra support in the tough financial times. However, historical trends of the company show that benefit costs has become a main concern for the employers because the cost of certain benefits even surpasses the wages, like the medical expense coverage. This following section will discuss some very important employee benefits being offered in Security24/7, Ltd.
The HRM practice of negotiated benefits offered in the company include those benefits which collective bargaining covers, like healthcare, flexible spending accounts (FSAs), pensions, personal days, paid vacations, holidays, reduced tuition for children under 26 and spouse, and tuition assistance.
Security24/7, Ltd. employs group health plans to provide medical care to the employees and their families through insurance or reimbursement. The company also pays for health insurance premiums. Health insurance premiums make health insurance an employee welfare benefit, maintained by the employer or the union. The company implements Employee Retirement Income Security Act (ERISA) that covers most of the private sector health care plans, and provides medical protection to its employees and beneficiaries. The individuals who are assigned to manage these plans are required to meet certain standards or the code of conduct that is specified by the law. ERISA is administered and enforced by The Department of Labors Employee Benefits Security Administration (EBSA), which provides information on health plans for the employees, and also compliance assistance information for the employers.
Retirement benefits are negotiated benefits which are actually employee defined contribution plans. Pensions are the greatest employee benefit for the retirees of ...Download file to see next pagesRead More
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