BUS FPX4043 Assessment5.docx BUS-FP4043 Designing a Benefit Plan Capella University

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BUS FPX4043 Assessment5.docx BUS-FP4043 Designing a Benefit Plan Capella University Managing benefits for employees is an important and a very costly endeavor for employers. Although most emplo... yers are required to provide types of mandatory benefits, such as Social Security contributions, worker's compensation insurance and unemployment insurance, other benefits can be voluntary and determined by the employer. Benefits programs can vary; however, the typical packages can include medical insurance, life and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs. Benefit selection and design are critical components in the total compensation costs [ CITATION SHR21 \l 1033 ]. Research provided by Willis Towers Watson suggested that employers are aware of the need to provide a range of benefits their organizations offer to their employees. According to this study, the example provided states that in the US, 92% of employers believe that voluntary benefits and services will be important to their employee value proposition over the next three to five years. This awareness is up from 73% in 2015 and 59% in 2013 [CITATION Sam16 \l 1033 ]. As an experienced HR professional, I have learned that during consistent self- development, as well as recruitment and retention of talent, the right benefits plan is one of the most important factors for any organization. At the center of this, the function of a benefits plan is to serve an organization™s most i. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . [Show More]

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