Complete the questions in that picture all three questions must answer and put i
ID: 349915 • Letter: C
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Complete the questions in that picture all three questions must answer and put it in your sentence. Make sure answer is correct. Type the question answer. Thanks CASE STUDY The Whole Truth Whole Foods Market (WFM) started out in 1980 percent of all expenses, and when some employees as one store with 19 employees in Austin, Texas. complained about the proposed change, the com- Today, with 370 stores and 54,000 employees in pany decided to put it to a vote. Nearly 90 percent North America and Great Britain, it's the leading of the workforce went to the polls, with 77 percent natural and organic foods supermarket (and ninth voting for the new plan. In 2006, employees voted largest food and drug chain in the United States). to retain the plan, which now carries a deductble of Along the way, it has also gained a considerable around $1,300; HSAs may go as high as $1,800 reputation as a socially responsible company and (and accrue for future use). The company pays 100 a good place to work. WFM's motto is "Whole percent of the premiums for eligible employees Foods, Whole People, Whole Planet," and its (about 89 percent of the workforce guiding "core value, according to co-CEO Wal ter Robb, is "customers first, then team members, employer (the higher the deductible, the lower the balanced with what's good for other stakehold. premium), and more importantly-at least accord ers.... IF I put our mission in simple terms," Robb ing to founder and co.CEO John Mackey-they also continues, "it would be, No. 1, to change the way make employees more responsible consumers the world eats and, No. 2, to create a workplace When the first $1,300 of their medical expense based on love and respect." High-deductible plans save money for the comes out of their own pockets (or their own WFM made Fortune magazine's very first list of the "100 Best Companies to Work For" in HSAs), he argues, people "start asking how much things cost. Or they get a bill and say, 'Wow appeo t ever that's They begin t ens Observers have acknowledged the compa They may not want to go to the emerge oom ny's growth (which means more jobs), salary cap they wake up with a hangnail in the middle of the limits (the top earner gets no more than 19 times night. They may schodule on appointment now."4 the average full-time salary), and generous health plan. The structure of the company's current health care program, which revolves around high deductibles and so-called health savings accounts HSAs), was first proposed in 2003. Under such a plan, an employee (a "team member," in WFM parlance) pays a deductible before his or her expenses are covered Questions 1. How important would benefits like those offered by Whole Foods be to yau if you were working there to put yourself through school or to collect a paycheck while look ing for a position in your chosen field? Meanwhile, the employer funds a special account (an HSA) for each employee, who can spend the money to cover health-related expendi tures. The previous WFM plan had covered 100 2. What negative elements do you see in Whole Foods approach to pay and benefits? 3. Why don't more companies use the approach to employee health care pio neered by Whole Foads?Explanation / Answer
How important would benefits like those offered by Whole Foods be to you if you were working there to put yourself through school or to collect a paycheck while looking for a position in your chosen field?
Benefits will be very crucial to me even though working there is a temporary stint. Especially health care benefits are very critical considering the high costs associated and risk of getting hospitalized any time. Even though a temporary position, still my expectations will be of decent living, if not clearing student loans or buying real estate. Thus, if the benefits include high deductibles taking away chances of decent living, I will be impacted. Basically, with high deductible plans, the choice must be made between getting health care against paying other essential bills.
What negative elements do you see in Whole Foods approach to pay and benefits?
Even though the case talks about the plans making employees more responsible towards their health, there are some negative elements. For workers earning at the lower end of pay spectrum, high deductible plans are almost equal to being uninsured. The upfront costs are so high that it will take out significant part of their salaries. This is self-evident from the fact that many of the employees complained about the proposed change. Another negative approach towards the pay and benefits is the seemingly lack of democratic approach, drafting of options doesn’t include team members. Team members are present with options by the management and must vote within them.
Why don’t more companies use the approach to employee health care pioneered by Whole foods?
Before new health care plan, Whole foods pioneered quite a few organizational behavior best practices like inculcating and fostering team culture, salary capping limits. This also resulted in getting ranked among top 100 places to work for. With introduction of high deductible plans, Whole Foods might save more money as insurance premium will reduce with higher deductibles. Changing health care plans at other companies might not be as easy as it was possible at Whole foods, for one how employee unions play big role in dictating the health benefits. in addition, employee must meet the deductible before health benefits can be availed, thus in case of Whole foods, first $1300 has to be arranged by employee which will be challenging for low earning employees.
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