Identify and discuss key issues in benefit planning, design, and administration. Be certain to discuss the four major administrative issues that arise on setting up a benefit package (325 Words).
Key Issues in Benefit Planning, Design, and Administration:
Benefits Planning and Design Issues
- How to attract good employees
- How to deal with undesirable turnover
- Integrating benefits with other compensation components
- Strategies for ensuring external competitiveness
- Ensuring that benefits are adequate
- Whether employee benefits are cost justified
4 Major Benefit Administration Issues:
Who should be protected or benefited?
- Series of questions need to be addressed
How much choice should employees have among an array of benefits?
- Concerns choice (flexibility) in plan coverage
- Standard benefit package
- Cafeteria-style," or flexible, benefit plans
How issues associated with flexibility should benefits be financed?
- Noncontributory
- Contributory
- Employee financed
Are your benefits legally defensible?
References: Stewart, G. L., & Brown, K. G. (2015). Human resource management: Linking strategy to practice (3rd ed.). Hoboken, NJ: Wiley.