The Benefit Determination Process, Benefit Options - Essay Sample

Paper Type:  Essay
Pages:  2
Wordcount:  446 Words
Date:  2022-11-22

Introduction

As the human resource director I would start by assessing the company's current options, for example, does the company have a cost-centered approach, what is the organization absolute level of payment and what are the employees need (Hartzell & Starks 2003). Benefits are considered to be important for workers in any organization regardless of the organization is in the public or private sector. According to research, in the current competitive environment managing all the incurred costs has become critical. Therefore one of the major areas that various organizations are trying to emphasize cost containment is in employees benefits (Narasimhan et al.,2016). Considering that most companies are not offering high benefits, there tend to be other huge varieties of benefits that can be given other than the legally required payments (Kiraka & Manning, 2005). For example, life insurance, a savings plan, and health insurance.

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My suggestion or decision as the human resource director would be based on the employee's benefits that are currently available and unavailable. For example if cringle company was not giving discounts on certain services such as mobile phone plans I would suggest we offer the services to the workers by ensuring that a share of their cost is cut from their paychecks and paid for by cringle while the extra cash can be spent on bonuses (Milkovich et al., 2002). The primary agenda, in this case, is to assess the organization to be in a better position of providing what the workers need while still providing some benefits to the organization such us reducing the turnover. The benefits packages to be offered should be in line with the organizational goals and constrained by the organization's ability to pay. Other alternatives I would be willing to explore include looking for service providers who are ready to offer services at a reduced cost and negotiating with the current benefit providers to ensure that we agree on a common price that is fair to all parties (Bebchuk & Fried, 2003). These alternatives will help the organization to save on cost; thus the will have enough amount to spend on bonuses.

References

Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of economic perspectives, 17(3), 71-92.

Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374.

Kiraka, R. N., & Manning, K. (2005). Managing organizations through a processbased perspective: its challenges and benefits. Knowledge and Process Management, 12(4), 288-298.

Milkovich, G. T., Newman, J. M., & Milkovich, C. (2002). Compensation (Vol. 8). New York: McGraw-Hill.

Narasimhan, H., Ferlisi, S., Cascini, L., DeChiara, G., and Faber, M.H. (2016). A cost-benefit analysis mitigation options for optimal management of risks posed by flow-like phenomena. Natural Hazards

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The Benefit Determination Process, Benefit Options - Essay Sample. (2022, Nov 22). Retrieved from https://proessays.net/essays/the-benefit-determination-process-benefit-options-essay-sample

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