I'm currently a student doing a project on human resource management concerning employee benefits. If you could identify three of the greatest challenges that you face in implementing these employee benefits, also give some possible solutions to the problems as well. Thanks in advance.
From United States, Jacksonville
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From United States, Jacksonville
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I don't have three, but I have two.
1) Providing health insurance that the company can afford to offer, especially if the company is small. Some companies split some portion of the cost with the employees, and it helps, but is still cost-prohibitive for the employee to take advantage of it, and thus they don't really have a health insurance benefit.
2) Providing employee retention benefits. The cost of replacing an employee is very expensive. Benefit managers struggle with what is a good incentive to keep current employees. I've seen some companies offer expensive watches, autos, etc. at a certain anniversary date with the company.
3) Someone recently posted they were struggling with sick pay policies and carryovers of unused sick pay from the year before. That seems like a good one for a paper.
From United States, Chambersburg
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1) Providing health insurance that the company can afford to offer, especially if the company is small. Some companies split some portion of the cost with the employees, and it helps, but is still cost-prohibitive for the employee to take advantage of it, and thus they don't really have a health insurance benefit.
2) Providing employee retention benefits. The cost of replacing an employee is very expensive. Benefit managers struggle with what is a good incentive to keep current employees. I've seen some companies offer expensive watches, autos, etc. at a certain anniversary date with the company.
3) Someone recently posted they were struggling with sick pay policies and carryovers of unused sick pay from the year before. That seems like a good one for a paper.
From United States, Chambersburg
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Medical insurance is usually provided by companies irrespective of their size. There are various ways in which companies provide this coverage.
1- Coverage of medical insurance to family, where family means the employee, spouse, and 2 kids above 3 months. The amount is insured as per designation, i.e., Rs. 50,000 per head in a year.
2- Comprehensive coverage - total family is covered for, i.e., Rs. 100,000.
3- You can analyze your employees, e.g., age-wise. Normally, in small companies, you will find mostly freshers (1 to 3 years of experience) get medical insurance only for them. If they get married, add the spouse to this medical plan. Your company will save money on this, as those freshers most probably will get married 2-3 years down the line. Additionally, your company can market this benefit.
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1- Coverage of medical insurance to family, where family means the employee, spouse, and 2 kids above 3 months. The amount is insured as per designation, i.e., Rs. 50,000 per head in a year.
2- Comprehensive coverage - total family is covered for, i.e., Rs. 100,000.
3- You can analyze your employees, e.g., age-wise. Normally, in small companies, you will find mostly freshers (1 to 3 years of experience) get medical insurance only for them. If they get married, add the spouse to this medical plan. Your company will save money on this, as those freshers most probably will get married 2-3 years down the line. Additionally, your company can market this benefit.
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Employee Benefits.doc
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