Compensation Final project (1)

Compensation Final project (1) - I am on the superhighway,...

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I am on the superhighway, with respect to my ideas on health care benefits relating to significance towards business issues. That being said, if health care benefits are used as the basis for strategic competitive advantage, inherently they should set the business up for being highly competitive in the industry. In years past, benefits were offered as a means for attracting and retaining employees where today employees have a sense of entitlement where benefits are concerned (Cascio, p 465). Typical benefits packages include multiple types of insurance (i.e. disability, health, life, etc.), hospital, surgical and maternity coverage’s, sick leave, pension plans, social security and severance pay, to name a few. Although an employee may not see it as such, it is just as much about how the company views benefits as is what type of benefits the company offers. Companies need to understand that basic needs and “peace of mind”, which benefits set out to cover, are the building blocks for substantiating productive employees. This yields healthier and happier employees for the company. The businesses of today who recognize the issues related to today’s benefits programs are changing from traditional coverage to a focus on preventative and shared risk with the employees. Statistical evidence over the past ten years shows that more substantial links between the implementation of health and safety programs and their beneficial impact on a business's productivity and profits are emerging, both directly (such as reduced sick pay and compensation claims) and indirectly (for example, reduced absenteeism, improved corporate reputation and reduced turnover) (DOL.govt, n.d.).
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Companies are using “disease management programs to help patients with costly chronic diseases…manage their illnesses better so they don’t progress and become costlier to treat” (Cascio, p495). Another important concept is prevention, which aims to decrease claims of overall healthier employees. This includes offering exercise programs and educational seminars. “(E)mployers who offer high-quality health and productivity services to their employees can see an increased return when services are better utilized” (Ceridian, 2007). Increasing participation is key to preventive maintenance as it is always cheaper to pay for illnesses when they are caught
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Compensation Final project (1) - I am on the superhighway,...

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