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Benefit packages are not as "healthy" as they used to be. Companies often offered employees full medical, dental, retirement savings and life insurance. These companies also often offered decent paid time off to their employees. Now with recessions, and poor economic outputs, companies are cutting back as much as they can to save a dime, and their companies. According to the text the fastest growing labor force segment will be from 45 to 64 years old (Dessler, 2013, p. 163). With this age group comes knowledge, both from their schooling and from their experience in life and in work. This group of employees has lower absenteeism, they tend to be more reliable and they often have better work habits. Their younger counter parts, Generation X and Y, bring energy and hopefully enthusiasm to the table. I read a medical review article that said, the more recently the person, in that case doctor, has graduated from school the more they know. Meaning that they have read the most up to date information in their field and they are freshly armed with this knowledge.
In order for a company to attract and retain these two very distinctive groups, benefit packages are often offered to "sweeten the pot". But someone that is 60 years old and looking for work is not going to be seeking the same types of benefits as a 30 year old is looking for. Some of the benefits that are offered to our older employees are: portable jobs for snowbirds that travel to warmer climates in the winter, health benefits for part-timers and even part time projects for the retired worker that is looking for something to do from time to time (Dessler, 2013, p. 163). I have never heard of a portable job, but I think that is a fabulous way to attract the "semi-retired". With all of these nationwide organizations, it is beneficial to both the employee and the employer. The employee has the flexibility to live 6 months a year in a warmer climate while keeping their job and the employer benefits from retaining the experience that employee brings to the table.
For the generation X and Y's, many family structures are different today, than they were for the Baby Boomers. Even if it is a two parent household, most of the time both parents need to work to provide for their families. In an effort to work with these situations, companies are offering the option to tele-commute. Which enables the employee to stay home a day or two during the week, but they still are productive. It offers the best of both worlds scenario (unless of course you have a toddler, then you are crazy!) Another benefit that can be offered to the young parent is day care at the office. Knowing that your child is in the next room is often reassuring, and a parent at ease will be more productive and often stay loyal to that company.
Obviously there are many more benefits that are offered to the new employees, but these were the most interesting that weren't basic medical/dental benefits. The bottom line is you get what you pay for, even if you are paying in the form of "perks" or benefits, the more you give the better you will get.© BrainMass Inc. brainmass.com October 25, 2018, 9:53 am ad1c9bdddf
I think there are many dynamics that affect the benefit packages that companies are currently offering. Most of those dynamics are resulting in benefits packages that are far less valuable to employees than what they used to be. The biggest change that I've witnessed is from a healthcare perspective and from the evolution of healthcare entirely. People are ...
Assess Current Compensation Trends
Make a presentation for preparing managers to evaluate the total compensation programs that are likely to be needed in the workplace over the next ten years.
- Incorporate at least three journal articles or publications which may provide some insights into the future requirements for effective pay programs.
- Address pay equity in organizations, and the audience will be your senior management and a few staff members.
- The multi-generational workforce, along with more work-life balance demands by workers, may also influence future pay programs. Imagine that you are giving the presentation to senior management.
Length: 10-15 slides
Notes Length: 150-200 words for each slide.View Full Posting Details