Employee Benefits and Services
Employers still elect to offer their employees healthcare benefits despite the ever increasing costs. This they do as a result of; pressure from the labor market, the need to increase or enhance employee performance, etc.
Some of the factors that affect employer spending on benefits include the financial health of both the company and the industry. Given the effects of the recent downturn in economic activity, I am convinced that most employers will not be able to pay out the pension benefits they have promised. Both the state and federal governments should in my view come up with strategies aimed at providing an alternative means of income to retirees who miss out on their pension benefits.
Question 3
Mandated benefits are benefits mandated by an authority that has an obligation or powers to assign the said benefits. Government mandated benefits in basic terms are the various benefits entities are required to provide to their employees by the state or federal governments. The three benefits mandated by the federal and state governments include workers compensation, social security, and unemployment insurance. While government mandated benefits could be an additional strain on a company struggling financially, they play a critical role in protecting the welfare and well-being of workers.
Question 4
The three general types of benefits provided by large and medium-sized firms voluntarily include; life insurance, paid leaves, and medical care. While life insurance avails lump-sum benefit to beneficiaries (designated), paid leave is essentially the amount of time an employer allows an employee to be away from work for further studies...
Unlike is the case with unpaid leave, employees receive their normal pay during paid leave. Healthcare benefits on the other hand provide assistance to employees most particularly with medical costs incurred.
Question 5
Most employees regard services/benefits as entitlements. This effectively means that most employees believe they have a right or legal claim to these benefits/services. To make employees understand that benefits have to be earned, employers could amongst other things ensure that where possible, the said benefits are not dished out routinely. A company could also peg such benefits to things like exemplary performance, etc.
Question 6
As it currently stands, the Family and Medical Leave Act seeks to find common ground between individuals' own health and medical problems (and those of their families) and the demands of work. As per the amendment, expansions to the military caregiver leave now means that 26 weeks can be used to provide care to recuperating veterans.
Question 7
The escalating costs of health insurance can be attributed to, amongst other things, excess utilization of fee-for-service medicine, costly tests and sophisticated technology, malpractice insurance premiums, escalating health care labor costs, etc.
Question 8
In my view, the most important services for an increasingly diverse workforce are; social and recreational programs and relocation services. While social and recreational programs will be of great relevance in seeking to give people an opportunity to connect and hence appreciate diverse cultures and personalities, relocation services are of great relevance at a time when…
