Given what you know about benefits plans and options, as well as costs and facto
ID: 331044 • Letter: G
Question
Given what you know about benefits plans and options, as well as costs and factors for designing a benefits plan, draft a basic plan for a start-up company of fewer than 100 employees in your local community. In your plan, include the following:
1.Describe the benefits options you will offer along with the cost of these options. Explain why you chose these options.
2.Explain which of the benefits you selected would be considered standard, which are unique for your industry, and which would attract highly qualified candidates.
3.Describe your company's competition in your community, and describe strategies to manage the competitive factors that are at play for attracting employees.
4.Determine an appropriate cost target as a percentage of the total compensation package for your total benefits package, as well as the process to determine the cost target. What trends will have an effect on your cost target?
5.Explain how your plan will affect retention and motivation of the workforce. Propose a review plan to maintain a competitive benefits package into the future.
6.Explain how you will ensure that your plan meets legal requirements now and into the future.
7.Will any of your benefits show an unintended preference for people of a certain age, gender, marital status, or number of dependents? Describe the impact and any issues that might arise from this. Suggest best practices to avoid discrimination resulting from the plan.
8.Explain whether you would be able to administer the plan in a small employer environment. What are the advantages and disadvantages of administering the plan in a small employer environment? How might the company leverage the advantages and manage the disadvantages?
Explanation / Answer
The benefits plan will include compensation insurance and unemployment insurance. There are also other benefits which are voluntary in nature. The programs will include medical insurance, life and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs. The compensation cost will take into account selection and design. The benefits accounts for around 40 percent.
The benefits plan will take into account important objectives and budget of the company. The factors included in this case will be employer size, location, industry and collective bargaining agreements. The development of the benefits objectives will be taken into account. A needs assessment will be conducted and benefits selection will be used. The tax laws, benefits practices and regulations will be taken into account for employee benefits planning.
The benefits plan for the employee will be divided into insurance which will include disability insurance, life insurance, disability and health care. It will account to 8.8 percent were divided into the following categories:
The befits with social security, Medicare, unemployment insurance and compensation for workers will account to 7.7 percent.
The paid leave will account to 6.9 percent and it will include holidays, vacations, sick time and personal leave.
Retirement and savings will account to 4.5 percent and it will include contribution plans and benefit programs.
The supplemental pay will account to 2.5 percent and it will include bonuses and overtime pay.
The average salary of an employee with $50,000 will have compensation of $71,839.
The plan will focus on giving more priority to women to have the reputation of women friendly work spaces. It will focus on paid maternity leave and provide training programs for employees.
The benefits program will aim to encourage the employee retention by providing them with plans and benefits which encourage them and elevate their status.
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