Draft a memo to upper management detailing the benefits available to Accounting employees. Include health insurance, time off, retirement/savings plan, and one other work/life benefit. Explain to management the primary strategic consideration involved in managing the proposed benefits program. Identify an additional strategic consideration related specifically to one of the benefits in your proposed program.© BrainMass Inc. brainmass.com April 3, 2020, 5:09 pm ad1c9bdddf
The response addresses the queries posted in 1829 words with references.
//Here we have to write a memo which is drafted for upper management with the elaborated and various details of accounting employees. For understanding all these benefits; firstly, I will write about the significant benefits provided to these employees under the heading of introduction //
Date: October 6, 2007
To: Upper Management
Subject: Benefits Available to Accounting Employees.
Management is involved with alluring and retaining the employees, whose performance meets at least minimum level of acceptability; and at keeping 'absenteeism' and 'turnover' to tolerable levels. The provision of 'benefits' and 'services' can be and are essential in cultivating the employees and plummeting or keeping turnover and absenteeism as low as possible.
It is important to note that 'financial' incentives and benefits are paid to specific employees whose work is beyond the standards. 'Employee benefits and services' on the other hand, are available to all employee based on their contribution and participation in the organization. The purpose of such benefits and services is to retain people in the organization and not to stimulate them greater effort and higher performance. They foster loyalty and act as a security base for the worker. (Mamoria, Gankar, 2002) There are various benefits available to Accounting employees, which are important for the employees and organization, as discussed in the memo.
//Above, we described about the various benefits that need to be given to the accounting employees. As per the directions, now we will discuss about health care benefits plan, Time of benefit, Retirement/Saving benefit plan with their peculiar advantages.//
Health Care Benefit Plan:
Health care benefit plan can be defined as the benefits of contribution plans, which provides various pension and health care facilities to the accounting employees in their working period and after the retirement also.
This plan includes the various benefits, which are as follows:
I. Life Insurance Benefit.
II. Medical Insurance, dependent care.
III. Long term care benefits such as: vision, hearing, dental, Prescription drug etc.
IV. Accidental Death or dismemberment pay.
These benefits are supplied by the organization for its employees, regardless of whether it wants to or not. This plan provides physical security to the accounting employee, which results in the employee's working with zeal without fear of any accident in the working time period. (Rosenbloom, 2005)
Advantages of Health care Benefits:
This plan provides a discount on the health care services to the employees of the organization.
It is an innovative approach, which reduces financial burden of health care upon the employees.
This type of benefit raises the morale and working capacity of the employees and influences them to work within the rules and regulations of the organization.
Paid Time off Benefit Plan:
Time off plan or benefits are those benefits in which an organization provides a paid ...
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