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Benefits And Services Of Blue Cross Blue Shield Of Massachusetts

2167 words - 9 pages

The benefits and services that an employer provides is one of the most important components of every employee's compensation. Benefits and services management functions have grown more dynamic and complex than ever. The reason for this is because companies are becoming extremely competitive with each other, and many of them are seeking ways to reduce costs while building employee job satisfaction through improving benefit and service options. At Blue Cross Blue Shield of Massachusetts (Blue Cross), employees are offered a broad range of benefits and services, which are nonfinancial payments for continuing their employment with the company. At Blue Cross, there are a majority of benefits and services that are exceptional as well as those that a few that need improvement.Blue Cross provides health care coverage to 2.9 million members and it takes more than 3,800 associates to work around the clock to help these members lead healthy lives. What is it exactly that makes Blue Cross a great place to work? As a Blue Cross employee, one can answer that question and without a doubt, it is definitely the benefits and services that the company provides, which makes Blue Cross a great place to work at. Blue Cross has always been recognized as a great place to work in publications such as Working Mother to the Boston Business Journal because they "provide our associates with options so they can make the right choices for themselves and navigate successfully through their work and personal lives" (http://www.bluecrossma.com/careeropportunities). For many employees, benefits are just as important as salary, especially with the rising costs of health insurance. What makes these employees stay with Blue Cross are the common benefits and services such as health and life insurance, and time off with pay, and benefits that many other companies do not typically offer such as child-care facilities and fitness reimbursement.The four main categories that benefits can be classified as are supplemental pay benefits, insurance benefits, retirement benefits, and employee services. Supplemental pay benefits are basically pay for time not worked and "is one of an employer's most costly benefits because of the large amount of time off that many employees receive" (Dessler, 2005, p. 479). Blue Cross grants yearly paid vacation time based on the employer's number of years employed. Employees who have been with the company for up to 5 years will receive 3 weeks of paid vacation time. An additional one week paid vacation time is approved for every 5 years an employee have worked with the company. The company also pays employees for not working on seven major holidays in the year as well as two personal days that can be used for non-medical reasons. Blue Cross provides eight sick leave days to employees when they are out of work due to illness. The company requires employees to accrue both vacation and sick days on a bi-weekly basis so that time off is not abused. Another...

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