Strategic Value of Employee Benefits Programs.docx

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Running head: Strategic Value of Employee Benefits Programs. 1 Strategic Value of Employee Benefits Programs Student Name Course/Number Due Date Instructor Name
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Strategic Value of Employee Benefits Programs. 2 Introduction Employers requires attracting and retaining talented workforce. Employees’ attitudes toward their benefits correlates directly with employment choices as well as their motivation and engagement into their roles. Employers should understand the importance of benefit package in keeping valuable employees and gaining substantive competitive advantage (Aguenza & Som, 2018). An organization’s plan for success considers managing their employees’ benefits expense for growth. The employees’ benefit program should be long term. The employees’ benefit program includes components such as health insurance, retirement plans, disability insurance, life insurance, vacation pay, and education assistance. This program implementation is expensive but the advantage overrules the challenges. Important variables that should be considered by organizations when offering employees benefits programs The employees benefit programs should be aligned with the business objectives. The objectives are crucial variables for the benefit program. The strategy should be built to meet the needs of the employees while it supports the business priorities. The business objectives guides the strategic plans on the direction they should take. The benefit program strategy should put into consideration all the objectives to avoid confusion (Aguenza & Som, 2018). The implementation process of the benefit program is expensive and failure to align it with the business objectives can bring losses for the organization. The balance between core security and employee choices should be considered. The benefit program should provide a core security and increase employee choices. Life insurance, pension, and health cover are some of the benefits that provide employees with financial security.
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Strategic Value of Employee Benefits Programs. 3 These kind of benefits should be available for all employees. Once the security aspect has been established, the employer can provide employees with add-ons to choose from. The add-ons can be linked to one’s career stages, personal aspirations, and caring responsibilities. This crucial variable offers the employees with variety of choices to choose their benefits in accordance to their needs and preferences. Employees appreciation is a crucial variable for the benefit program. The appreciation is made possible through training. The employer should invest in a training program that explains how the program fit with the company’s goals and reward strategy to increase employees’ motivation. Educating employees about the benefit program is crucial in minimizing resistance that causes the project to fail. Employees are a crucial part of the organization and their attitude towards the benefit program matters for its success (Marcum, Cameron & Versweyveld, 2018).
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  • Summer '18
  • Employee Benefit, employee benefits programs, STRATEGIC VALUE OF EMPLOYEE BENEFITS PROGRAMS

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