Assignment Task: Read the case study below and answer ALL the questions that follow.
Make the Most of Life" Using Microsoft's Benefits Microsoft doesn't mess around when it comes to the benefits and perks they offer employees. Like many large tech companies, Microsoft doesn't mess around when it comes to the benefits and perks it offers to employees. According to their website, Microsoft wants to allow employees, along with their family members, to "make the most of life." Many current and former employees attest to this online. Bowen Li, a former project manager at Microsoft said on Quora that "The healthcare/benefits/etc. were the best I've seen. As people grow up/old at Microsoft, the company is very accommodating of people's lives, both culturally and institutionally." Microsoft's reliable benefits package addresses a variety of employee needs by providing comprehensive health coverage, programs to help them save for the future, and an array of other perks. Reliable and Comprehensive Health Benefits Health Insurance Options Microsoft offers standard and comprehensive health care options that include medical, dental, and vision coverage for employees and their family. There are no premiums for the plans, meaning that Microsoft covers them and nothing is deducted from employee's paychecks. Microsoft also offers their employees the option to contribute to a Health Savings Accounts (HSA) with high-deductible health plans. The HSA helps to cover out of pocket expenses such as deductibles, co-pays, prescriptions, dental etc. According to an article from Paracle Personal Financial Management, the limit on contributions for 2020 is $3,550 for an individual and $7,100 for a family. The contribution limits include the one made by Microsoft, which in past years was about $2,500 per year. It seems like Microsoft is still figuring out the best healthcare plans to offer to employees, as they began offering a new plan to Seattlearea employees in 2019. For this Health Connect Plan, Microsoft partnered with Eastside Health Network (EHN) and Premera Blue Cross with the aim of providing "a better customer experience while ensuring patients receive the care they need" by integrating healthcare services with insurance coverage. This comes as other tech giants like Amazon and Apple pursue similar ventures. According to Bloomberg, Amazon, Berkshire Hathaway, and J.P. Morgan partnered together in 2019 to create Haven. Similarly, to the Health Connect Plan, Haven works to address issues related to high health insurance costs and unimpressive health care service. "Stay Fit" Program Microsoft benefits extend beyond health or medical insurance. Another wellness-related perk is their "Stay Fit" reimbursement program. With this program, Microsoft will reimburse employees up to $800 for wellness-related expenses, meant to assist people maintain their physical and emotional health. These funds may be used for a wide variety of services including (but not limited to) gym memberships, meditation services, weight-loss programs, caregiver support, and financial advising. On-Campus Clinics.
QUESTION: Critically evaluate the best practices implemented by Microsoft to compensate and motivate their employees and discuss discretionary benefits that you would recommend the organisation to implement for their employees.