Many compensation professionals are faced with making decisions over which discretionary benefit programs they must eliminate because of the limited resources and cost increases of these programs. Looking at the discretionary benefits offered by your present or past organization determine which ones you would choose to retain and identify those which you would eliminate. Are these decisions based on the existing demographic composition of your workforce? Please explain your rationale for each. Cite at least two outside sources as references in your initial response. Read about limited resources and cost increases of these programs
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Discussion
Benefits to retain
Life and disability insurance: This is one of the benefits I will retain because when the employee is injured in the line of duty, the company will compensate(McCollum, 2014). Although this benefit is available in many third-party insurance companies, it is important to give assurance to the employee that incase of death or accident in their line of duty, they get compensated, thus minimizing uncertainty among the employees.
Employee assistance program, day care services, and wellness programs: These benefits are significant in the productivity of the employees. Studies have showed that employees cannot concentrate when they are not sure about the safety of their children. Similarly, unhealth employees are not productive(Bonache & Paz-Aparicio, 2015). Therefore, it is the responsibility of the employer to ensure that employees concentrated fully in their duties by providing assistance program, day care services and wellness program. These are part of the non-traditional benefits and compensation.
Medical and health benefits: This is one of the very crucial benefits that an employer can extend to the employees. A healthy staff is very productive(Noe, et al., 2017). Many studies have showed that many employees cannot afford good medication and it’s the prerogative of the employer to maintain a healthy working staff. Medical and health benefits is the biggest perk of any employee.
Benefits to eliminate
Transportation services: Instead of incurring a lot of costs in transportation, the company should consider paying commuter allowance. Transportation services is unnecessary cost and it eats into the profit of the company.Paid time off: I don’t find it necessary to an employee…………………………………………………………………………………………………
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