Determine Which Benefits to Offer

In the United States, employees are entitled to various benefits. One of the essential benefits is the job-protected leave, which might be as long as 12 weeks. During the leave period the employees, take care of themselves or immediate family members. Both part-time and full-time employees in the US are eligible for Family Medical Leave Act (FMLA) after completing a specified number of working hours. The purpose of the leave or the vacation is to offer their employees benefits to meet their needs. The Human Resource practitioners work alongside the employee’s managers to ensure a successful leave education as one of the benefits in the bid to meet staff needs. In order to comprehensively enjoy these vacations, organizations need to put together all the benefits that boost health and productivity, compensation plans, and tax and other reforms, which will only be achieved through setting robust policies, including pension benefits, which govern organizational practice to promise best practice. These benefits are highlighted in the chart be

Figure 1: A chart representing the benefits that leadership offers to employees and their cost-effectiveness.

1. Benefits required by law. There are various requirements by the law that govern the benefits that are entitled to any employee in the United States. Among many others, an employee in the US enjoys employee benefits and executive compensation provisions of the tax cut and reform provision. A very critical example of this benefit was evident on December 22, 2017, where the president, Trump, signed into law, Tax Cut and the Reform Act. The purpose of this Act was to amend the Internal Revenue Code of 1986 (Code). This act had comprehensive benefits on employees, including creating new excise tax on tax tax-exempt organizations and offering reasonable compensation (Andrioff, 2017). More importantly, the Act aimed at the creation of new employer tax credit for paid family and medical leave credit under Code Section 500A(b).
2. Benefits preferences by the employees. These are those benefits that workers term as priorities. These are determined based on employee’s opinions. One of the benefits that employees prioritize is the pension benefits, which most employees have described as important to them. Pension benefits are wide in definition, narrowing down, most of the employee prefer health insurance the essential benefit, regardless of age group (Fronstin & Helman, 2015). Taking various instances into consideration, Millennials, Baby Boomers, and Generation Xers affirm that health insurance is the essential pension or retirement plan.
3. Competing for talents. There is high competition for the best employees in the organization. Employees always prefer working with organizations where they feel better and where their rights are well catered for. Employees first have to understand the policies that organizations have put in place concerning employees’ welfare. In the workplace, the employees benefit from effective policies; they also help manage employee obligations and reduce exposure to potential liabilities (Raleigh et al., 2016). Policies offer employees advantages that surpass the expected behavior performance, making some organizations better than others. Some of these advantages include offering education to new staff, attracting and retaining new employees by offering them additional benefits, especially the leaves and valuable resources such as motor vehicles. Other policies include eliminating all practices such as discrimination and all forms of harassment, more importantly offering equal opportunities to employees.
4. Retention of talents. In the effort to retain employees, it is essential to work toward ensuring their satisfaction. This can be achieved by putting some key aspects together. Some of these aspects include integrating disability, leaves or vacations, health, and other management initiatives into one complete program. These are in the effort to lower costs and create an efficient process, resulting in high productivity and employee satisfaction (Trumbull, 2014). In the US, a lot of transformation occurs in the healthcare sector, where most of the organizations are now appreciating the impact of the Affordable Care Act (ACA), integrating it as a solution to employee health. Employees under the ACA benefit from better tracking and reporting concerning their health status, easier and consistent administration across programs, improved regulatory compliance, enhanced employee experience, reduced costs, and stronger productivity. These benefits make employees like their organization over their competitors.
5. Cost-effective benefits. Benefits are deemed cost-effective if they can be purchased and managed effectively by an organization. In order to achieve this aspect in the organization, there is a need to appreciate the importance of developing a more robust cross-cultural competence (Davis, 2021). Cost-effective benefits can be realized if the voice of all stakeholders, regardless of the position, are taken into account. In order to grow and do a good business, a company needs to draw viewpoints from all dimensions. This will ensure that organizations embark on best practices that will have the best results on organizations. Some of these strategies include making a diversity of training, establishing metrics and tracking progress, focusing on diversity in the entire talent pipeline, and networking intensively with business unit managers.

 

References

Andrioff, J. (2017). Employee Benefits and Executive Compensation Provisions of the Tax Cut and Reform Act. Retrieved 26 May 2021, from.

Davis, S. (2021). SHRM's International Diversity & Inclusion Study Reveals Global Trends and Best Practices. Retrieved 26 May 2021, from.

Fronstin, P., & Helman, R. (2015). Pension Benefits. Employee Benefit Research Institute And Greenwald & Associates, EBRI Notes,. Retrieved 26 May 2021, from.

Raleigh, A., Counsel, S., & Hogan, B. (2016). The necessity of having effective workplace policies: Potential risks for employers. Retrieved 26 May 2021, from.

Trumbull, K. (2014). Putting It All Together-Benefits Integration Boosts Health, Productivity. Retrieved 26 May 2021, from.