Employee benefit packages are not only an ideal way of providing employee satisfaction and maintaining workforce loyalty, but also an element of a company’s legal compliance. By offering benefit packages, employers are in a better position to drive employee engagement while providing a sense of security and encouraging employees to remain devoted to their jobs, even in tough times. Benefits are also an enabling factor in the process of creating trust and long-term bond with the staff. A typical benefits package includes benefit plans that arise from legally required social insurance payments, payments for time not worked, extra cash payments, and cost of services to employees. This paper presents a benefits package for employees at Good Health Clinic, which comprises mandatory benefits, voluntary benefits, along with the description of each benefit. Concisely,the function of employee benefit packages is to increase economic security of the workforce as well as ensure worker retention across the organization.
As a healthcare organization, Good Health Clinic is compelled by law to provide a set of mandatory benefits to its employees which include disability insurance, family and medical leave, leave benefits, social security, and Medicare taxes. These benefits fall under a number of mandates including the Fair Labor Standards Act 1938 (FLSA), Americans with Disabilities Act 1990 (ADA), Employee Retirement Income Security Act (ERISA), and Affordable Care Act, among others.Many states require firms to provide both short-term and long-term disability insurance in their benefit packages as a way of insuring workers in case of any mishap. Precisely, this benefit offers income protection to employees who become disabled for a long time, and who as a result, cannot work during the time of disability(Liebman, 2015). For example, if a member of staff suffers from an inability to maintain composure as a result of an injury, illness, physical impairment, or a psychological disorder, they are bound to receive protection under the benefit of disability insurance. Nevertheless, in the case of the US, they must be compliant with the Federal Insurance contributions Act (FICA) tax program for a certain period of time in order to be eligible.
Good Health Clinic is also bound by law through the Family Medical Leave Act (FMLA) to provide its workforce up to 12-weeks of unpaid leave if they are in compliance with the stipulated requirements. The benefit is intended to balance the demands that employees face in the workplace and those of their families(Moran, 2014). Employees may take up to 12 work weeks of unpaid leave during any year with the intention of attending to serious health conditions or tackling other momentous healthcare issues facing a parent, spouse, or child. The leave may also be offered on account of other subjects like pregnancy or care of newborns. According to the stipulations of the FMLA, employees must have worked at Good Health Clinic for at least 12 months and served in the organization for at least 1250 hours in the past one year(Moran, 2014). However, the family and medical leave does not apply to workers who need time to care for their pets, care for seriously ill elderly relatives (unless the relative acted in in loco parentis when the employee turned 18), recover from short-term illnesses, or to perform routine medical care checks.
Other mandatory benefits that Good Health Clinic is duty-bound to offer are unemployment insurance, social security and Medicare taxes, and life insurance benefits.Unemployment insurance benefits entail unemployment cover taxes made by the organization to every employee regardless of their nature of the job. This ensures that the availability of funds in case one or more employees become involuntarily separated from the organization. For instance, if a worker is terminated for no identifiable reason, then they are eligible for compensation for a certain period of time. On the other hand, Good Health Clinic is also obligated to pay social security and Medicare taxes for every employee(Street & Desai, 2016). Contributions are then directed to fund the social and social security federal programs which provide benefits to disabled people, retirees, and children of deceased workers. The last obligatory benefit that Good Health will provide to its employees embroils paid time off and other leave benefits. Although federal law is not strict on this category of benefit, employers are required to offer them as a standard industry practice. Generally, paid time off is limited to jury duty leave, bereavement leave, personal leave, sick time, and vacation and holiday time.
Besides mandatory benefits, the benefits package at Good Health Clinic will include worksite wellness, professional development training, and corporate perks. Work site wellness comprises of a fully equipped gymnasium along with two qualified trainers, which will be primarily directed toward improving the health of employees. Because worksite environment and organizational culture influence behavior, the program will assist employees to adopt healthier lifestyles and gain improved physical fitness, increased stamina, increased self-image and self-esteem, as well as physical fitness. There are many other benefits related to wellness programs and, indeed, there are more than 200 scientific studies that indicate the positive return-on-investment for these programs. With regard to this, Good Health Clinic anticipates to gain the following benefits: decreased rates of employee injuries, increased productivity, reduced absenteeism, improved relations and morale, and enhanced recruitment and retention of healthy workers.
Secondly, Good Health Clinic will provide a professional development training benefits program to increase employee performance and greater responsibility on the part of the workforce. The organization also anticipates the program to help in retaining the best workers and in attracting top candidates (Grohmann&Kauffeld, 2013). Specifically, Good Health will support continuing education by providing reimbursement, organizing meetings, and sending employees to accredited training seminars and conferences. This will increase collective knowledge of the workforce, boost job satisfaction, make the organization more appealing, attract high performing candidates, and ease succession planning.
Lastly, the organization will include a range of corporate perks among which life and medical insurance will be the primary focus. The managerial team feels that Good Health Clinic should insure the lives and well being of the workforce given that the organization is a healthcare institution. Not only will it increase employee job satisfaction, but also ensure responsibility on the part of the organization. Precisely, Good Health intends to provide group-term life insurance benefits to all full-time doctors and nurses, especially because owing to the added benefit of getting lower rates and avoiding individual medical exams with a bigger group(Howe, 2014). Even so, because some employees will receive life insurance a special benefit, the managerial team understands that the institution will not deduct all premiums for federal tax purposes unless it meets special non-discrimination requirements. Such non-discrimination requirements are aimed at discouraging companies from offering benefits to only a few employees based on pay rates. Thus, Good health will ensure that the plan cover more than 70 percent of all employees and at least 85 percent of the participants will not be key employees. By offering medical and life insurance, Good Health Clinic anticipates contributing to the well being of the employees, especially concerning individuals who are worried about how their family or heirs will success financially in the event of their death. The company will also gain reputation and attract high-value candidates during recruitment.
In conclusion, employee benefit packages can increase the economic security of the workforce and guarantee worker retention across the organization. Typical employee benefits packages normally encompass mandatory and non-mandatory benefits. For the mandatory benefits, Good Health Clinic will provide disability insurance, family and medical leave, leave benefits, social security, and Medicare taxes. It will also include three non-mandatory benefits, which include unemployment insurance, social security and Medicare taxes, and life insurance benefits, to encourage worker retention, augment job satisfaction, and increase return-on-investment on the part of the organization.All in all, the benefits package will give Good Health Clinic a better position to drive employee engagement while providing a sense of security and encouraging employees to remain devoted to their jobs, even in tough times. It will also serve as an enabling factor in the process of creating trust and long-term bond with the staff. Order Unique Answer Now