Compensation and Benefits: Intro.
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Many compensation professionals are faced with making choices about which discretionary benefits to drop because funds are limited and the cost of these benefits continually increase. Assume you must make such choices. Rank-order discretionary benefits, starting with the ones you would most likely drop to the ones you would least likely drop. Explain your rationale. Do such factors as the demographic composition of the workforce of the company matter? Explain.
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Solution Summary
This solution explains how management should decide which discretionary benefits to keep when reducing costs. The rank-order system is discussed and a viable solution is presented.
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We would have to consider the demographics of our workforce to properly answer this question. If the majority of our workforce are parents with young children, we would not want to reduce or eliminate a discretionary benefit that involves additional paid time off. The paid time off is likely being used for children's doctor visits, parent-teacher conferences, and ...
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