Employee Benefits Essays (1803 words) - Employment Compensation

Employee Benefits Rob Barr Benefits that will come with a job might not make you take the job just because of that. But It could have major influence over your decision. Flexible scheduling, paid time off, and child care were singled out as key programs that impress job candidates. (http://www.amcity.com/)3 Employee benefits are becoming a major part of what employees are looking for from their companies. And in return companies are looking at their benefit packages trying to trim benefits that are not benefiting anyone. Or basically trying to get the most for their buck without upsetting their employees. Benefits also can be a way to motivate employees into better enjoying their jobs. By employers surveying their employees to see what kind of needs they have, they can better suit the benefits for their employees. Surveying is a primary tool for better understanding employees' desires, and the migration of those desires.1(http://www.amcity.com/) And it is a good way of getting rid of unwanted benefits without upsetting the employees as much, because this is what they wanted. This paper will cover the topic of employee benefits, How they have evolved through time?, What types of benefits are being offered now?, and What benefits are required by law and which are not? EVOLUTION OF BENEFITS Employee benefits, once known as fringe benefits, use to be only given to a select few employees. During World War II, there was a pay freeze in effect. Employers wanting to pay more to attract employees couldn't, so the stepped up the benefits offered to the employees. It was at this time that employee benefits started to grow and bring us to where we are today with all kinds of benefits. DIFFERENT TYPES OF BENEFITS Over time there has been a large increase in the different types of benefits introduced into the workplace. With benefits initially introduced to attract potential employees, there have been some very good ideas and some very bad ones. To start out lets first list the benefits that are out there. Retirement and Savings Plans Life Insurance and Death Benefits Medical Coverage Paid Vacations and Holidays Sick Leave Personnel Time/Flex Time Parental Leave Discounts Child care Employee Assistance Programs Most companies have some type of retirement plan set up. It could be in the form of a savings plan, 401k, pension plan or whatever they call it. There are two category types of pension plans. They are 1) contributions from the employer and 2) amount of pension benefits to be paid. Under these different types there are four different types of plans. They are: Contributory Plan- A pension plan where contributions are made jointly by employees and employers Noncontributory Plan- A pension plan where contributions are made solely by the employer Defined-Benefit Plan- A pension plan in which the amount on employee is to receive upon retirement is specifically set forth Defined-Contribution Plan- A pension plan that establishes the basis on which an employer will contribute to the pension fund2 A spinoff of the pension plan is the 401k plan, which is named after the section in the Internal Revenue Code. This plan is becoming more popular since its introduction because it is tax deferred and it is taken out by payroll deductions. Since the 1992 Presidential election, health care has been on the hot seat for a lot of companies. There are usually two different types of health care available for employees. Health maintenance organizations(HMOs) which are organizations of physicians and health care professionals that provide a wide range of services to subscribers and dependents on a prepaid basis. And Preferred provider organization (PPO) which is a hospital or group of physicians who establish an organization that guarantees lower health care costs the employer.2 And since health care costs are on the rise companies are finding ways to combat this. Their result are wellness programs. Studies show employee absenteeism is reduced when wellness programs are implemented. In a study at Prudential Insurance, disability days were 20 percent lower and disability-per-capita costs were 32 percent lower after implementing a wellness program. In addition, annual medical costs fell by 46 percent.(http://www.amcity.com/)4 The whole reasoning behind wellness programs is to lower health costs, but in return they have also reduced absenteeism, on the

Word Choice Cell vs. Sell - Proofeds Writing Tips Blog

Word Choice Cell vs. Sell Word Choice: Cell vs. Sell The letter â€Å"C† is a sneaky one. Sometimes, for example, it sounds just like the letter â€Å"S.† And this makes it easy to mix up words like â€Å"cell† and â€Å"sell,† which sound identical but have completely different meanings. How, then, do you avoid errors when using these terms? Let us explain. Cell (A Bounded Area) The noun â€Å"cell† has a few uses, but all of them describe a bounded area or a unit within a larger whole. One common example of this is referring to a small room as a â€Å"cell†, such as in a prison or convent: The old prison cell was cold and cramped. In biology, meanwhile, all living things are made up of â€Å"cells.† These are considered the basic structural units of life, from the blood cells and brain cells in our own bodies to tiny single-celled organisms. Blood cells. Possibly not an actual photograph. We also use the word â€Å"cell† to refer to a group within a larger organization, such as a â€Å"terrorist cell.† Sell (Exchange for Money) â€Å"Sell† is a verb. Its main meaning is â€Å"exchange a product or service for money†: Our business plan is to sell clown car insurance. This term can also be used more figuratively to mean â€Å"persuade someone†: The CEO needs to sell her idea to the shareholders. In this sentence, â€Å"sell† doesn’t mean that money is changing hands. It simply implies that the CEO wants to convince the shareholders to accept her plan. Cell or Sell? While these words sound the same, they are used in completely different ways. The most important thing is that â€Å"cell† is a noun and â€Å"sell† is a verb. Consequently, if you need a noun that describes a small room or compartment, the correct word will be â€Å"cell.† But if you need a verb that describes the action of exchanging something for money, the correct word will be â€Å"sell.† Remember: Cell = A bounded area, a small room, or a unit within a larger whole Sell = Exchange a product or service for money