Industrial/Organizational Psychology: Understanding the workplace - Essay Example

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Industrial/Organizational Psychology: Understanding the workplace To introduce the company, Security24/7, Ltd., which started in 2009, is a small business organization that provides security guards and surveillance equipment to its customers, who come to seek security services from far off places due to the good reputation of the company…
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Industrial/Organizational Psychology: Understanding the workplace
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Download file to see previous pages There is one owner and a few managers. The managers manage the employees who run the whole business. Thus, the hierarchical structure looks like a pyramid in which each upper level controls the lower one, and each lower level is accountable to its upper level position. The company implements many effective practices to boost its employees’ morale. Implementing employee benefits and employee development programs are two such practices. This paper reflects on the effectiveness of the employee benefits and employee development programs offered by this organization. “Employee benefits are going to be crucial to ensure staff are engaged and motivated in tough economic times, according to research released by Employee Benefits and YouGov” (Sullivan, 2012, p.xiii). Employers of Security24/7, Ltd. are spending thousands of compensation dollars to devise and implement benefit plans because they know that if labor morale is high, that means the company is going to enjoy improved performance, high productivity, and more positive reputation in the competitive market. Employee satisfaction is the key to success for Security24/7, Ltd., because it perceives employees as the second most important asset for the company, clients being the first. Security24/7, Ltd. ...
It also pays for health insurance premiums, which makes health insurance an employee welfare benefit, maintained by the company. It works according to the 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 company requires the individuals, who are assigned to manage these plans, to meet certain standards or the code of conduct that is specified by the law. The company also offers retirement benefits which are actually employee defined contribution plans. Pensions are the greatest employee benefit for the retirees. Benefits are also provided to the members of the retirees’ families upon their deaths, for example pension for the widow or widower, benefits for the orphans, and facility to pay the pension to parents or other dependent significant others in case there are no immediate family members. Security24/7, Ltd. Implements the Fair Labor Standards Act (FLSA), according to which it is purely the employer’s decision to decide whether he is going to give the employee paid vacations or he is going to deduct the wages for the number of vacations. The employee can negotiate with the employer about paid or unpaid vacations. “Paid holidays may also be negotiated by employees who have a contract with employers; these are often senior level employees”, writes Heathfield (2012, par.1). The company believes that paid holidays are a means of maintaining employees’ morale and increases job persistence. Common paid holidays offered by this company include New Year Day, Christmas, Independence Day and Easter. However, the employees also take unpaid vacations, like on the ...Download file to see next pagesRead More
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