This website uses cookies to ensure you have the best experience. Learn more

Discussion Of The Effects Of Employee Benefits On Cost And Workforce Quality

2889 words - 12 pages

I. IntroductionMost benefits are a form of non-taxable income to employees, providing them with such advantages as retirement provisions, paid personal time, insurance and health protection and various other employee services. Benefits are to increase an employee's feeling of security, happiness and wellbeing. The aim of benefits is to attract better, more skilled employees and be competitive in local market for most positions.The benefits provided can range from bonuses for performance to different insurances to discounts or even material gifts. It depends on the company, market and employee structure and needs which benefits will provide the best effects on performance and company culture. Benefits can also be used to increase employee loyalty, by providing more than do others, thus relieving their company of costs associated with finding a replacement.Some benefits may seem inadequately expensive while others might be more effective in achieving the objective with less cost. However, it is important not to look at just the obvious price, but also at the other costs associated with providing or not providing a benefit. The hidden cost of not providing a benefit is the cost of high turnover, the cost of lost productivity or the costs of providing other substitute benefits.The workforce quality goes up with the quality of benefits provided. The more and the better benefits an organization provides, the more skilled workforce it can attract and retain. If education is provided as a form of benefit, it can be the means of having higher skilled workforce without the need for recruitment (4).I. What are benefitsBenefits are extra services provided by an employer to his employees, they are an indirect form of the total compensation to an employee (5). Benefits include mostly health insurance, paid time from work and retirement income, but they can vary into a wide range of other services. Most companies offer at least some form of benefits as it is more cost-effective than giving the employees cash instead.Benefits were first introduced during the World War II, when a shortage of workers forced companies to look for new ways of attracting workers. Since they could not increase their wages, which were controlled by the government, together with labor unions the companies decided to offer inducements not controlled by the government. They offered to pay employees' medical bills, provide insurance and subsidize cafeterias. Later on, tax policies were set to aid the development of benefits. Benefits became deductible expenses for the employer and are not subject to tax for the employee. Most organizations today in the US offer some kind of benefits.The objective of benefits is to accomplish external competitiveness along with cost effectiveness. Benefits must also comply with legal regulations and should be designed to meet individual employees' needs and preferences (5). When choosing a benefit package for an organization, the organization's objectives...

Find Another Essay On Discussion of the effects of employee benefits on cost and workforce quality

The Effects of Climate, Environment, and Cost Impacts Have on Construction

1731 words - 7 pages Climate, Environment, and Cost impacts are important factors to consider when working in carpentry. Carpenters need to do critical thinking about jobs, plans, and materials for the job. Different environments have different climates. The climate has a very big impact on the cost impact of the job. Climate affects the way a job is constructed in a number of ways. The environment controls the cost and overall construction of the job. Does area

The Benefits of High Quality Early Education

2685 words - 11 pages , illuminate both the educational and business progress effects of high quality early education and it is implied to address many school readiness challenges (Wat, 2010). Educators and advocates use research as a way to help increase preschool. The teachers direct the activities within their classrooms and often it has an impact on the children learning; Preschools is described as a policy solution and it establish a solid foundation for academic

The Effects of Pre-martial Cohabiation on Martial Quality and Stability

3085 words - 12 pages will look at twenty three studies and analyses of pre-martial cohabitation and the effects it has on the martial quality and stability of the relationship. The research will illustrate nuptial instability and a decrease in marital quality due to the effects cohabitation has on the couples. In addition, the research presented will show selection factors and characterizes of the individuals who chose to cohabitation, which causes a decline in marital

Evaluate the strength and weaknesses of psychometric testing within employee selection as a tool of workforce management?

1823 words - 7 pages Coursework.Info Coursework - - Redistribution Prohibited Evaluate the strength and weaknesses of psychometric testing within employee selection as a tool of workforce management? Work organisations consist of different types of people working together in the same environment, thus a certain level of understanding needs to be maintained in order to deal with different people. This will help improve

Effects and Benefits of MDMA

874 words - 4 pages linked to emotion and memory. According to Dr. Robin Carhart-Harris from the Department of Medicine at Imperial College London, these effects may be related to the feelings of euphoria that people experience on the drug. The resting state functional connectivity results complemented the cerebral blood flow results with the decrease in resting state functional connectivity between midline cortical regions, the medial prefrontal cortex, and medial

Dallas's Ban on Smoking: brief discussion about the recent ban on smoking in Dallas area restaurants and businesses in early 2003. Discussion of health and economic effects

726 words - 3 pages Dallas's Ban on SmokingRecently, Dallas city council voted to ban smoking in area restaurants and businesses. For months, the citizens of Dallas bickered back and forth about the effects of smoking regulations on area economics. These consequences, however, did not stand a chance against the main issue of public health. Health issues of the city's large population are a growing concern for Dallas's mayor and city council. The city government has

A discussion on Benefits and Disadvantages of Social Media for Business

959 words - 4 pages Peidan Chen 13101547dMIS Individual PaperPeidan ChenStudent #: 13101547DA discussion on Benefits and Disadvantages of Social Media for BusinessThe definition of Social Media changes and varies from time to time because of the evolution of its usage (Cohen, 2011). One of the most popular definitions of social media is suggested by the Oxford Dictionary: Social media is the websites and applications that allow users to create and share ideas or

Effects of Nitrate on Water Quality

1006 words - 5 pages appalling. Water quality levels are decreasing, hurting us as well as the countless organisms depending on freshwater habitats to be safe homes. One of the main contaminants, nitrates, which spring from mainly manmade sources, are especially treacherous… Many people are unaware of the impact of nitrate ions in freshwater habitats. Nitrate presence is imperative for plant growth and development. This is because nitrogen is a key ingredient in the

Problems Associated with Cost and Quality of Day Care

1118 words - 4 pages How does the cost of child care influence the decisions of mothers with young children? A large problem I have noticed with sub-optimal child care and high-quality child care are that they have an extreme variation in prices. Some people say that high-quality child care is more expensive then sub-optimal child care because of how well they take care of the children. The differences between the both of them; in some child care centers there are

Recognition and measurement of IAS 19 – employee benefits

2141 words - 9 pages to the requirement for recognising the benefits as an expense if another International Accounting Standards require or permit the cost of the benefits to be recognised as an asset. For instance, IAS 16 – property, plant and equipment – requires employee benefits to be capitalised and recognised as an asset if they arise directly from construction or acquisition (MELVILLE, 2009). For the measurement, the benefits are measured on an undiscounted

Benefits of Total Quality Management

2680 words - 11 pages management’s commitment is absolutely necessary as they have hold of resources and provide guidance for the employees. Top management was found to actively coordinating the processes of TQM. They made sure communication was done clearly and that each employee knew about TQM and how they can contribute. Top management is found to make strategies and goals regarding quality and pass them down to the managers. Managers then communicate these to employees

Similar Essays

Healthcare Information Technology: Effects On Cost Access And Quality

1986 words - 8 pages technology from an administration standpoint, the question becomes; in what way will the use of such practices produce a worthwhile benefit? The foundation of healthcare delivery consists of three major elements: cost, access, and quality (The Triad)[5]. Therefore, this paper will focus on the relationship between these three elements and the effects healthcare information technology will/can have on them. Healthcare cost is defined in three ways

Widget Production Paper Provide , A Cost Benefit Matrix That Compares The Alternative, The Effects The Alternative Will Have On Productivity, Possible Benefits Of Using A Network Strategy To...

1256 words - 5 pages Untitled Widget Production Paper Widget Production Paper Employees at Taylor Inc. spend 27% of their total labor time in walking by assembly lines to acquire parts needed in the production of their tasks. They are also required to lift containers that weigh an average of 42 pounds. A total of 17 employees are required on the assembly lines. Employees average hourly cost is $43.00 per

Hrm Implications Of Generation X/Diversity/Aging Workforce Essay On Changing Workforce And The Future Of Workforce Includes Bibliography

1931 words - 8 pages lazy. They have a profound effect on the workforce; their diversity resists characterization perhaps more than any generation before them. Generation X is more pessimistic, skeptical and pragmatic. They tend to think globally rather than locally. Another belief is they are disloyal, and tend to value self-building jobs that contribute to their marketability. Generation Xers grew up in the boom of technology having the benefits of everything quick

Who Bears The Cost Of Quality (Total Quality Management)

1003 words - 4 pages can have a large impact on the company's reputation and could affect its profitability adversely. The customer may need to bear the cost of opportunity lost due to the poor quality product, which could affect the customers' further transactions or use. However, the customer at times can sue the company which provided the poor quality products for damages. Ultimately, it can be seen that even the costs of poor quality is borne by the