Benefits program for employees at Lansing-Smith Corporation
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Scenario:
You are the Director of Compensation and Benefits for Lansing-Smith Corporation, a 6-month old sales and service organization that currently has a workforce of 150 employees. You recently joined the organization when the Vice President of Operations decided to move the Compensation and Benefits function out of the Accounting Department, into a separate function. From your own observations you have identified several areas in need of review, redesign or development, including projects such as an audit of current pay plans to ensure they are aligned with federal regulations, an analysis of various pay plans to assess which plans will provide maximum benefit for Lansing-Smith, extensive job analyses to ensure a solid understanding of each position, job evaluations to determine the worth of the positions, consideration of various incentive plan designs to identify a plan that effectively drives individual and group performance to achieve production goals and research, development, communication and management training for a company-wide performance appraisal process.
You are dedicated to developing compensation and benefit practices that are motivating and empowering for employees. You are confident that with well-developed programs and practices, employees will be motivated to perform at higher levels, thereby driving overall company performance.
TASK NEEDING ASSISTANCE: 3-4pages with references
You are conducting an annual benefits review for your company. You must determine what, if any, changes should be made for the following plan year. This is a great opportunity to design and implement a benefits package that includes more than what is currently offered. The current plan includes an indemnity health plan, long-term disability and life insurance.
As you prepare your plan recommendations, consider how to create a plan that is competitive within the industry, is financially feasible for the organization, and meets the needs of the employees.
In your plan you should address the following:
Various discretionary benefits you recommend and why
Legal regulations to be considered
The issues/challenges need to be considered with this new benefit program
How the new benefit program will be communicated to managers and employees?
Describe the components of employee benefit programs.
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Solution Summary
This posting discusses the benefits program for Lansing-Smith Corporation. Issues related to legal regulations and motivation are also described in detail.
Solution Preview
In your plan you should address the following:
Various discretionary benefits you recommend and why
· The cost of burial and funeral and the costs of transporting a deceased person, if the person is dependent of the employee.
· The cost of travel and transportation.
· The cost of vocational training and retraining.
· Prosthetic appliances including eye glasses.
· Dental services.
The cost of burial and funereal can put unnatural burden on the employee with limited income. In addition, the company should show solidarity with the employee during his period of bereavement. In addition, the total cost to the company is not very high.
If the person or his dependent travels and the cost of transportation is deemed essential the cost shall be paid by the administrator. For example, the travel by a dependent child of an employee for either medical treatment or for education. Dental services are not covered by insurance and so these services as determined by the administrator.
Legal regulations to be considered:
In general discretionary plans are not covered by regulation. The following material is taken from the website:: www.familiesusa.org/
"Discretionary health plans are not group plans. Consequently, they can avoid consumer protections that apply to group plans under federal law, such as the requirement that a plan must offer the same rates to all members. Discretionary associations have been able to avoid regulation by operating out of, and selling in, states with little insurance regulation." :www.familiesusa.org/
http://www.dol.gov" ERISA sets uniform minimum standards to ensure that ...
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