Promotions and transfers are displayed on the james

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Promotions and transfers are displayed on the James River Insurance Company intranet for all staff, in all offices to see . Two (2) recommendations for improving the effectiveness of the discretionary benefits provided by James River Insurance Company Because compensation, in its entirety, can play a large part in employee motivation or demotivation, it is important to know what elements within a company’s compensation plan are causing dissatisfaction amongst employees . Discretionary benefits, also known as non-mandated benefits, are benefits given to employees that the law does not require the employer to offer . There are several advantages of discretionary employee benefits, such as boosting productivity, building positive relationships, matching competitor’s benefits packages and offering options (Martin, 2017) . James River offers a pretty competitive list of discretionary benefits currently, as listed earlier . Some may ask “what more can they give?” . The best people to answer this question would be the current employees . James River currently conducts satisfaction surveys on the work environment and upper management. Implementing a satisfaction survey that is tailored towards the company’s benefits package could be beneficial as well . This satisfaction survey will give Human Resources insight into what the employees feel they are missing from their benefits,
COMPENSATION PLAN OUTLINE 6 things that may be useless and things that can be done better . Just conducting the survey alone will show employees that the company they work for is listening to them . A benefits package satisfaction survey should shed light on discretionary benefits that employees are using the most and those that are not being utilized enough . Eliminating the unnecessary benefits will make it easier on the Benefits Management Coordinator, and will allow funds to be funneled into benefits that are being actively used by employees . The additional money may be used to increase other benefits that are found to be beneficial, thus satisfying employees and improving effectiveness . Evaluation of the types of employer-sponsored retirement plans and health insurance programs provided by James River Insurance Company and comparison to the company’s major competitors Benefits such as retirement plans and health insurance programs are a big part of attracting and retaining employees, as well as giving a company a competitive advantage over their competitors . A 2013 study done by Towers Watson found that: 29 percent of employees said retirement benefits were an important reason they decided to work for their current employer . 33 percent said that healthcare benefits were an important reason they decided to work for their current employer . 45 percent said that retirement benefits were an important reason why they stayed with their employer . 47 percent that healthcare benefits were an important reason why they stayed with their employer . (Barnes, 2015)
COMPENSATION PLAN OUTLINE 7 Currently, James River Insurance Company offers employees 401(k) packages, that include a company match of 100% of employee contribution up to 6% of annual salary .

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