...Around half of hospital employees are casual or part-time, and that means they’re not eligible to join their employers’ group health benefits plans. They need to pay for their health expenses out of pocket, which can be hard on casual or part-time wages. If you’re in this situation, you may be wondering if there are any types of benefits plans you’re eligible for. The good news is there are now options available for hospital workers who aren’t employed full-time. Here are three of the health benefits plans available for hospital employees. 1. Benefits Plans for Casual Employees Casual employees work less than 18 hours a week. They aren’t guaranteed any hours and may not be scheduled for shifts every week. This can be a precarious situation....
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...Retirement and Communication Plan HRM/324 October 28, 2013 Sharron Fletcher Proposed Retirement and Communication Plan Offering retirement benefits to employees to provide a source of income after they retire. Employees need to invest in their own retirement while working to ensure they have enough money to cover their expenses. The benefits of participating in these plans is tax-deferred earnings, and in some cases contributions are also taxed deferred. Employees can also invest in individual retirement accounts (IRAs) to augment their companies plan or to develop their own plan. "Companies establish retirement or pension plans following one of three design configurations: a defined benefit plan, a defined contribution plan, or hybrid plans that combine features of traditional defined benefit and defined contribution plans" (Martocchio, pg 259, 2009). Once the company decides on a plan, they need to develop a communication plan to encourage employee participation for the proposed retirement plan. "Setting up an employee retirement plan can be a smart way to provide for one of your key assets - your people - as well as benefiting one's business"("Nationwide", 2013). Providing a quality retirement plan helps attract and retain employees, reduce the tax burden and allows the owner to invest in their own retirement. Employers take care of their employees through salary, health care...
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...Retirement Plan Proposal and Communication Plan Debra Britton HRM/324 July 27, 2015 Douglas Lalama Retirement Plan Proposal and Communication Plan Now more than ever it is important that organizations offer some sort of retirement plan to its employees. The Social Security Administration reports that by the year 2033, Social Security funding will be depleted. Now is a good time to get younger employees thinking about the future and older employees to contribute to their not so distant retirement. Supporting retirement plans will not only attract qualified employees, but encourage longevity with the organization. However, the retirement plan must address specific organizational needs. There are three plans that could be offered that address those needs. * Defined benefit plans are company sponsered plans, “such as pension plans, in which a retired employee receives a specific amount based on salary history and years of service, and in which the employer bears the investment risk.” (InvestorGuideStaff, 2015) This plan can also state an exact dollar amount the employee will receive each month of retirement. “ Or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and service-for example, 1 percent of average salary for the last 5 years of employment for every year of service with the employer.” (Perez, 2015) This plan is covered by, Employee Retirement Income Security Act (ERISA) with federal insurance through the,...
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...Retirement Plan Proposal and Communication Plan Lealofi Vaeao-Feagiai HRM/ 324 February 15, 2016 Greg Brainard Retirement Plan Proposal and Communication Plan Retirement planning involves financial preparation and communication development to ensure that specific requirements are fulfilled. In a Retirement Plan, money is put aside in a retirement account in the name of the employee, purposed for the future of the employee. With a good Retirement Plan, an employer can provide a wide range of benefits to a retired employee and motivate employees to experience longevity and decrease turnover rate. With certain requirement mandated by law, employers According to Martocchio (2015), “the importance of employer-provided retirement plans is evidenced by a study showing that employees with employer-provided retirement plans are more likely to have sufficient savings for a comfortable retirement than those who do not have these plans” (pg. 465). This paper will discuss a proposal describing two retirement plans, identify specific requirements of the Employee Retirement Income Security Act of 1974; and a design of a communication plan and encouraging employee participation. Retirement Plans The Retirement Plan provides an employee financial stability and assistance once they retire. Employers initiate retirement plans for employees as either Defined Benefit Plans or Defined Contribution Plans. Defined Benefit Plans will guarantee retirement benefits to an employee...
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...Retirement Plan and Communication Proposal Ebony Brown HRM/324 January 24, 2012 Jocelyn Freimark The design of a company’s benefits program is important to ensure the plans fit the structure of the company and the needs of its employees. Being a new company starting with 150 employees it will be important to design a varied and comprehensive retirement program that will not only address the needs of the company’s current employees, but will also attract potential employees, and be affordable for the company. Qualified plans “entitle employers and employees to substantial tax benefits” (Martocchio, 2009, p. 3), because neither has to pay taxes on contributions within a dollar limit outside of defined contribution plans. As an additional benefit, investment earnings are tax free and participants and their beneficiaries do not pay taxes on retirement benefits until the funds are received. There are two types of qualified retirement plans: defined benefit plan and defined compensation plan. A challenge of the defined benefit plan is that it may prove to be more costly for employers as employer contribution rates fluctuate yearly and requirements may be difficult for employers to ensure all the funds are available for participants or beneficiaries to receive. In this case, the best retirement benefit design option is the defined contribution plan. Under the defined contribution plans “employers and employees make annual contributions to separate...
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...workers compensation premiums on those dollars. This amount can be up to 20 percent of every dollar, which is passed through the plan. 2.2.2 Benefits for employees Employees, who are participating in a Section 125 benefit plan, reduces an employee’s taxable salary and increases the amount on their checking account. There they get a higher deduction on dependent care expenses than traditional tax credit offers at the end of year. The impact on employees from increasing insurance is less, like premiums, co-pays or deductibles. The simplest way for an employer to keep cost down, is to lower offered benefit level. This saves money for the employers on their premiums. In opposition to the employees are faced with higher co-pays, deductibles and prescription amounts. With using an FSA, the increased amounts can be covered, because they can set aside money. A cafeteria style benefit plan is therefore a benefit plan, which allows employees to choose benefits on their own, which ones suits best to them and that these benefits are provided by employers and received by employees on a pretax basis. Both can save costs, because they don’t have to pay for...
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...Compensation and Benefits Plan Based on the job analysis performed previously by Team B for the program manager position, the success of the new engine program would bring in a big jump in sales for the company. Thus, the program manager position is important to ensure a quality completion of the program. Keys to successful compensation and benefits plan are to provide fair compensation to attract and retain employees and to align with the company’s strategic goals. The proposal for the compensation and benefit plan for the program manager is competitively based on U.S. national averages in aerospace industry, company size, education, and experience. The base salary range is formulated by using the Formal Salary Structures (Culpepper and Associates, 2010). They are consistent with aerospace industry standards. The proposed base salary range is between 25% -75% companies offer in accordance to Salary.com. The plan includes benefits that are consistent with company budgeting plan and strategic plan. The compensation and benefit plan is as followings. Salary: The base salary shall be in the range $126, 396 - $154,343. The salary range shall reflect an employee’s work experience, education, and skills as a mid-level program manager. The range is corresponding to the company’s pay grade PM-9 to PM-12. Annually, management will review the employee’s overall individual performance and job responsibilities to make any salary adjustments as necessary. Benefits: All employees are eligible...
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...CHAPTER 12 EMPLOYEE BENEFITS CHAPTER OVERVIEW The chapter is introduced with the stories of three loyal, long-term employees whose retirement plans were drastically altered. Due to changes in their employers’ pension plans, each person was forced to adapt to reduce payouts. The stories reflect changes in benefits happening in countless companies. Benefits are generally membership-based rewards which are desirable to employees and which can be designed to meet the diverse needs of today’s workers. The costs and complexities of both legally required benefits and voluntary ones, such as health insurance, retirement plans and time off are presented, as well as current issues, including flexibility of benefits choices and availability of benefits for families, domestic partners and retirees. Effective benefits administration allows companies to attract and retain good workers by creatively and cost-effectively offering employees more than just their paycheck. Additional Features of This Chapter: Exhibit 12-1 is a listing of the major benefits typically offered and the percentage of employees participating. Exhibits 12-2 and 12-3 provide sample Health Maintenance Organization and Preferred Provider Organization coverage plans. Exhibit 12-6 calculations demonstrate the financial impact of flexible spending account plans. “Ethical Issues in HRM” discusses the issue of benefits for domestic partners. “Diversity Issues in...
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...Resources Benefits Insurance Rhonda Richmond National American University Human Resource Management April 28, 2012 Abstract Benefits are only one part of Human Resource Management department or division of a company. There are several areas that Human Resource Management department involved in all departments an aspect of a business from performance management, insurance, compensation and benefits, training and development, employee relations, retention, and health and safety, involve also in hiring and firing of employee from what positions full time to part time packets in intake and outtake of employment of a business. The Human Resource manager typically plays three roles in an organization. These Human Resource manager roles are advisor, service, and control. Human Resource Management department involved in insurance compensation and benefits has evolved from small, medium, large and to the huge corporations have Human Resource managers and/or department have been evolving with the time from very simple to more complex benefit packages for their employees and play an important part of it is use as retention to keep employees. Human Resources Benefits- Insurance Human Resources management is the compensation and benefits are developing and maintaining a wage/salary structure, as well as a benefit system, Human Resources management department is responsible for ensuring that compensation and benefits are...
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...Coverage Plan <<your name>> <<instructor’s name>> <<course title>> <<date>> Assume you are the HR Director for a midsized company and must make a decision about the company’s employee benefits package. You have not been in this position before and must maintain the current benefits budget; there may be no increases or changes to the package that will result in additional spending. 1. Describe the selection process you would use to make the most cost-effective and employee-friendly decision. Answer – Choosing the right type of benefits package is a very critical component of being attractive employer, helping attract and retain satisfied employees, by ensuring that majority of employee needs are taken care of. Given the huge number of options that are available in the market, with many more coming up every year, it becomes very tricky to determine what benefits package would be the most beneficial to the employee. Given the constraints on budgets, there must be multiple trade offs made between the extent and variety of benefits provided, and therefore the employer has to determine which package would cover the needs of majority of its employees. In this scenario, given that the available budget is fixed and the benefit plan for the next year has to at least as good as or even better than the previous year, the HR director has to think creatively to come up with a package that best aligns with the needs of the employees. ...
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...How Flexible Are Your Flexible Benefits? By: Barbra Volpe Lisa Crass Cheryl Hurt Shaun Montalvo Karla Smith Compensation and Benefits HRM 3213 Mid – Continent University Facilitator: Dana Cosby December 5, 2012 How Flexible are flexible spending plans? Only as far as the organization will allow it to bend. Flexible spending accounts (health FSA) are very common today with major health care providers and seem to be very popular with the people enrolled in these programs. These are also known as health reimbursement accounts, health savings account and the like, are components of ways for individuals to allocated funds (Wikipedia, 2011). Funds are deducted from your weekly paycheck and may be used to pay for out-of-the pocket expenses. These funds are tax deductible and “pre-tax” dollars are a benefit to people. Flexible Benefit Program What is a flexible benefit program? A flexible benefit program is a program that allows eligible employees to choose and pay for benefits such as medical insurance, life insurance, short and long term disability, out-of-pocket medical expenses, child care or even adult day care. These benefits are paid for out of their pre-taxed income. One benefit for an employee who takes advantage of a flexible benefit program is that the insurance and other benefits that they contribute to are usually of a better quality than what they could purchase on their own. This is because the company that is going to supply these can get a...
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...restructuring plan, Rump’s CEO, Ronald Rump, and Rump’s board of directors approve a plan to terminate 100 of Rump’s employees. Under the plan, each terminated employee is to receive a lump-sum cash payment equal to one month’s salary but only if the employee voluntarily signs a waiver of any right against Rump. The following additional facts are given: * The plan was approved on December 27, 2005 by Rump’s board of directors and Rump’s CEO, Ronald Rump. * The corporate restructuring plan identifies 100 employees to be terminated, the job classifications and locations of each employee to be terminated, and the expected completion date of January 31, 2006. * On December 31, 2005, each affected employee was e-mailed a summary of all the plan’s terms, which included the amount of severance benefits the employee would receive upon termination, subject to signing the litigation wavier by January 31, 2006. * Rump believes it is unlikely that significant changes will be made to the plan or that the plan will be withdrawn before its execution. * The plan allows employees to leave Rump at any time, but no later than January 31, 2006. The employees must sign the waiver no later than January 31, 2006. Identification of questions and alternatives Should Rump recognize a liability for expected employee termination benefits as of December 31, 2005? Conclusions and Authoritative Reasoning Rump should recognize the liability for expected employee termination benefits as of December...
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...Career Development Plan Part VI—Compensation HRM/531 Human Capital Management December 20, 2010 University of Phoenix 1 Career Development IV: Compensation Compensation Plan In the challenging and unpredictable economic market, companies are trying to redefine sales strategies, incentives, and pay compensation. Labor commands a high level of overhead for a company; therefore, pay policies, benefits, and compensations are critically important to be evaluated closely because it impacts the way of life for all employees. Developing a workable compensation plan enables both workers and employers to achieve mutual goals. When employers reach set goals, rewards and incentives set forth within the compensation plan are based upon the level of achievement. To succeed in uncertain times, companies must adapt to the needs of current and potential employees. To do this, a comprehensive compensation plan, which motivates its employees, keeps costs at a minimum, and provides equality for all will provide employers with an advantage. To achieve a successful sales compensation plan, the sales goals are defined clearly, realistically, and challenging to the employee. Tracking and measuring goals help to determine performance levels that impact an creating an employee’s pay structure. To do accomplish this, InterClean incorporated a scoring system that includes experiences, education, and other qualifications. The compensation plan for new sales team will consist of the...
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...Flexible Spending Plans December 8, 2011 Until recently employers have offered employees benefits in a standard way. All employees received the same benefits in the same way, regardless of what they needed as an individual. This standard method of benefits is much easier for employers to offer; giving them choices is generally too much work. But employees may want something different than what the employer may be offering. There have been recent developments that have opened up with a new approach offering benefits called “flexible benefits”. Some included benefits are flexible spending accounts which include health care and dependent care options. The health care FSA allows employees to use tax free dollars for eligible health care expenses that are not covered by insurance for the employee, their spouse and eligible dependants. The dependent care FSA lets employees use tax free dollars to pay for children and elder care expenses incurred so that employees may work or attend school full time. By offering a flexible spending plan employees can direct a portion of their gross income into an account and take out pre taxed dollars to pay for health care or child care expenses. A flexible spending plan is good for the employer as well as the employee. Flexible spending accounts allow employees to pay for out of pocket health care and dependent day care expenses with tax free money. Flexible benefits plans are also authorized under section 125 of the Internal Revenue...
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...Head: WAL-MART EXPANDS HEALTH BENEFITS Business Case 4 Human Resource Management Foundation – HRM 500 1. How well do you think Wal-Mart’s earlier, more limited health benefits supported the company’s overall business strategy? I feel Wal-Mart’s earlier, limited health benefits did not support the company’s overall business strategy because, in order for employees to want to work for a specific employer, employees must feel they are making a difference in his/her position. Employees must also feel that the organization is meeting some of their important needs. Employees place value in job satisfaction for example, employee earnings and benefits. ‘A job is the primary source of income and financial security for most people” (Noe. 2009, p.294). An employee expects a fair salary for the work he/she performs. If the employee feels his/her pay is not equal or comparable to others, who are doing the same job, can cause the employee to feel a sense of unfairness and dissatisfaction. An employee who feels the organization supports their individual needs are more motivated in displaying positive behaviors and working relationships. When an employee feels good about his/her employer it shows in his/her performance. Employees are more engaged in their position when the organization presents a pleasant working environment and opportunities for growth. One of Wal-Mart’s expectations of their employees is to provide superior customer service. Employees who are satisfied with their...
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