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Conduct research on financial services industries. Identify the prevalent employee benefit practices for that industry. Discuss the discretionary benefits that are offered in your chosen industry. Make sure to discuss protection programs, paid time-off and services. Analyze both the short and long-term benefits. What factors might influence the current benefits practices? How might these practices change over time? What benefit recommendations would you make to this industry?
1. Write an introduction to your paper which includes background information of your chosen industry (this section should be approximately 1-2 pages in length).
2. Discuss discretionary benefits. What are they? Which benefits are typically offered in your industry? Which benefits appear to be missing in your industry? Analyze both the long term and short term benefits offered (This section should be approximately 2-3 pages in length).
3. What factors do you see influencing your industries present benefits practices? Do you see any major changes in the types of discretionary benefits offered in this industry over the next 5 years? 10 years? (This section should be approximately 2-3 pages in length).
4. Write a conclusion to your paper which offers recommendations to your industry on ways to improve their benefits offering. Support your recommendations with facts (this section should be approximately 1-2 pages in length). Make sure you tie the topics covered in this course back to your research. Give your opinion of how effective your chosen industry has been in offering these types of benefits to their employees.
//Before any research on the research of financial services, it is necessary to understand the financial service industry. The best way of the research is to know the service and sectors included in the industry and what are the various processes of financial services. In the starting of the research, introduction is given to understand the concept of financial service.//
The financial service industry mainly deals in the management, investment, transfer and lending of money. In this industry, all the financial services are provided to the organizations for the management of money. Financial industry has a large number of financial institutions like banks, credit card companies, stock broking companies, insurance companies and investment funds. Every company performs the business for earning money, but making of money is the business of financial institutions by providing fiscal services to the customers.
The main sectors of the financial industry are Investment Banking, Commercial Banking, Money center banks, Investment services, Mortgage companies, Brokerage firms, Exchanges, Investment research providers and Debt and Credit rating agencies. In the financial industry, the two basic levels of services are carried out, in which buying and selling of shares and securities takes place by the investors and companies. In this case, a discretionary benefit means the brokerage account in which the client allows the broker to carry out the transaction without asking the client (Financial Services Regulations, 2010).
Various discretionary benefits are used in the industry like disability insurance, life insurance and retirement plans for the benefit of employee. Long term and short term benefits also play an important part in the financial service industry. From the past few years, the financial industry is facing a large range of regulatory changes. The regulatory framework has a wide range of financial products which are securities, derivatives, general and life insurance, deposit accounts and providing payment facilities. It is very important to understand the implications and practical applications of the financial services to operate the functions and regulations properly. It is also necessary to know the main challenges that occur in the types of discretionary benefits offered by the financial service industry for the coming 5 years and 10 years.
// After having the brief introduction on the research of industry and it's various process, the discretionary benefits and it's various types are conducted in an effective way. All the related topic are discussed under the heading of Discretionary Benefits.//
Discretionary benefit is the benefit in which the client allows the broker to perform the transactions in the brokerage account without asking the client. Discretionary benefits help the employee in achieving compensation other than wages and salary. There are several types of discretionary benefits provided by the financial service industry like protection programs, paid time benefits, benefits include accommodation and enhancement.
The types of discretionary benefits are as follows: ...
The responses address the queries posted regarding the financial services industry in 1904 words, with two scholarly references.