HRM 7000 WEEK 4 ASSIGNMENT BENEFIT PACKAGE
Week 4
Advantages of a Good Benefits Package
The benefits package an employer offers current or potential staff can be a game-changer. Long gone are the days of simply offering staff a few weeks of paid time off (PTO), along with healthcare insurance. In today’s job market, employees are expecting much more, such as unlimited PTO, optional pet insurance, student loan repayment, on-site daycare, and flexible hours. It has been found that organizations that offer better benefits packages have an increase in profits and a decrease in employee turnover (Boudreaux, 2020).
However, are these benefits being offered in a fair manner? Kristal et al. (2020) contend that disparity in fringe benefits has increased at a quicker rate than wage inequality over the past 40 years when looking at diverse variables such as a decline in labor unions, an increase in part-time employment, and performance-pay practices. Galetić and Klindžić (2020) suggest offering a flexible benefits package as a method of attracting, retaining, and engaging staff.
A robust benefits package is not only beneficial for current employees, but it is also a great way for organizations to differentiate themselves from their competitors when it comes to recruitment. Woodcock (2018) further recommends employers review their benefits package to ensure it is complementing their staffing strategy versus sabotaging it.
References
Boudreaux, C. J. (2020). Employee compensation and new venture performance: Does benefit type matter? Small Business Economics: An Entrepreneurship Journal,1, 1-25.
Galetić L, Klindžić M. The role of benefits in sustaining HRM outcomes: An empirical research study. Management: Journal of Contemporary Management Issues, 25(1), 117-132.
Kristal, T., Cohen, Y., & Navot, E. (2020). Workplace compensation practices and the rise in benefit inequality. American Sociological Review, 85(2), 271–297.
Woodcock, E. (2018). The benefit menu beyond health insurance. Medical Economics, 95(15), 34. <
Week 4 Resources
• The Benefit Menu Beyond Health Insurance
Woodcock, E. (2018). The benefit menu beyond health insurance. Medical Economics, 95(15), 34.
This article provides suggestions for additional options regarding employee benefits.
• Employee Compensation and New Venture Performance: Does Benefit Type Matter?
Boudreaux, C. J. (2020). Employee compensation and new venture performance: Does benefit type matter? Small Business Economics: An Entrepreneurship Journal, 1, 1-25.
This article explores how a better benefits package can positively affect company performance.
• Make Smarter Decisions with Practice Benefit Dollars: How to Build an Attractive Employee Benefit Package that Doesn’t Break the Bank
Stewart, J. K. (2016). Make smarter decisions with practice benefit dollars: how to build an attractive employee benefit package that doesn’t break the bank. Medical Economics, 93(17), 40.
This article advances the discussion on how to offer greater employee benefits on a budget.
• Post COVID-19 Employee Benefits: What to Look for In Your Compensation Package
Stemmle, J., & Hampton, D. G. (2020). Post COVID-19 employee benefits: What to look for in your compensation package. Journal of Financial Planning, 36(10), 23–25.
This article offers suggestions on the type of employee benefits employers should begin offering their staff in a post-COVID-19 environment.
• Workplace Compensation Practices and The Rise in Benefit Inequality
Kristal, T., Cohen, Y., & Navot, E. (2020). Workplace compensation practices and the rise in benefit inequality. American Sociological Review, 85(2), 271–297.
The authors discuss why there has been such an increase in benefit inequality in the past four decades.
• The Role of Benefits in Sustaining HRM Outcomes: An Empirical Research Study
Galetić, L., & Klindžić, M. The role of benefits in sustaining HRM outcomes: An empirical research study. Management: Journal of Contemporary Management Issues, 25(1), 117-132.
This article investigates the relationship between employee benefits and increasing retention, recruitment, and engagement from an international perspective. This study was conducted in the country of Croatia.
Week 4 – Assignment: Explain Company Benefits Package
To help better attract qualified candidates, organizations should pay particular attention to the benefits package they are offering. For this week’s assignment, evaluate the benefits packages of two organizations (one U.S.-based and one international) and write a paper comparing them. (You can find the available benefits packages on the company websites.) In your paper, be sure to address the following:
• Provide a brief introduction to each organization. Identify the following:
o States or countries of operation
o Length of time in business
o Number of employees
• Discuss how each benefits package could influence recruitment and help with retention.
• Make recommendations for how each company could improve their benefits package to help recruit, retain and engage staff.
Length: 3-5 pages, not including title or reference pages
References: Include a minimum of 3 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards
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