FPX 4043 Capella University Benefits Plan and Programs Paper
Description
- In 3-4 pages, draft and justify a basic benefits plan for a start-up company of fewer than 100 employees.
Introduction
Historically, unions fought hard for pay and benefits for their members. Companies and the government realized that a certain base level of benefits was essential to a healthy national workforce, as well as to a well-funded retired workforce. As demographics and economics shifted in every direction, benefits issues began to become as important as pay issues for ensuring an effective contract between employer and employee.Fewer than 40 years ago, benefits accounted for approximately one-fourth of payroll. Today, many companies budget benefits at 40 percent of payroll or even more, which is a huge number to fund and manage for any size company (Gerhart & Newman 2020).
Reference
Gerhart, B. & Newman, J. M. (2020). Compensation (13th ed.). New York, NY: McGraw-Hill.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 3: Create a base benefit plan.
- Describe a complete benefits package for a company that would attract highly qualified candidates.
- Determine an appropriate cost target for a benefits package as a percentage of the total compensation package.
- Describe trends affecting a selected cost target.
- Analyze the potential for discrimination in a selected benefits plan.
- Describe the impact and issues that might arise from unintended discrimination in a selected benefits plan.
- Explain the advantages and disadvantages of administering a selected benefits plan in a small employer environment.
- Competency 4: Evaluate effective incentives and perks programs.
- Describe business competition in the community and the competitive factors involved in attracting employees.
- Explain how the benefits plan will help retain and motivate the workforce.
- Competency 5: Analyze the effects of laws and regulatory agencies on compensation and benefits strategies.
- Explain how to ensure a selected benefits plan will meet legal requirements.
Preparation
Given what you know about benefits plans and options, as well as costs and factors for designing a benefits plan, draft a basic plan for a start-up company of fewer than 100 employees in your local community. In your plan, include the following:
- Describe the benefits options you will offer along with the cost of these options. Explain why you chose these options.
- Explain which of the benefits you selected would be considered standard, which are unique for your industry, and which would attract highly qualified candidates.
- Describe your company’s competition in your community, and describe strategies to manage the competitive factors that are at play for attracting employees.
- Determine an appropriate cost target as a percentage of the total compensation package for your total benefits package, as well as the process to determine the cost target. What trends will have an effect on your cost target?
- Explain how your plan will affect retention and motivation of the workforce. Propose a review plan to maintain a competitive benefits package into the future.
- Explain how you will ensure that your plan meets legal requirements now and into the future.
- Will any of your benefits show an unintended preference for people of a certain age, gender, marital status, or number of dependents? Describe the impact and any issues that might arise from this. Suggest best practices to avoid discrimination resulting from the plan.
- Explain whether you would be able to administer the plan in a small employer environment. What are the advantages and disadvantages of administering the plan in a small employer environment? How might the company leverage the advantages and manage the disadvantages?
Additional Requirements
- Length: Your plan should be 3-4 double-spaced pages.
- APA style and formatting: Be sure to cite all outside resources used in your assessment in proper APA (6th edition) format.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 3: Create a base benefit plan.
- Describe a complete benefits package for a company that would attract highly qualified candidates.
- Determine an appropriate cost target for a benefits package as a percentage of the total compensation package.
- Describe trends affecting a selected cost target.
- Analyze the potential for discrimination in a selected benefits plan.
- Describe the impact and issues that might arise from unintended discrimination in a selected benefits plan.
- Explain the advantages and disadvantages of administering a selected benefits plan in a small employer environment.
- Competency 4: Evaluate effective incentives and perks programs.
- Describe business competition in the community and the competitive factors involved in attracting employees.
- Explain how the benefits plan will help retain and motivate the workforce.
- Competency 5: Analyze the effects of laws and regulatory agencies on compensation and benefits strategies.
- Explain how to ensure a selected benefits plan will meet legal requirements.
- Competency 3: Create a base benefit plan.
-
SCORING GUIDE
Use the scoring guide to understand how your assessment will be evaluated.VIEW SCORING GUIDE
- ASSESSMENT 6
- Define FMLA, COBRA, HIPAA, and ERISA and describe a current issue associated with each.
- Competencies MeasuredBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 5: Analyze the effects of laws and regulatory agencies on compensation and benefits strategies.
- Explain the FMLA in relation to employer issues of concern.
- Explain COBRA in relation to employer issues of concern.
- Explain HIPAA in relation to employer issues of concern.
- Explain ERISA in relation to employer issues of concern.
Four actsFMLA, COBRA, HIPAA, and ERISApassed by Congress greatly define the arena of benefits. For this assessment, complete the following:
- Briefly define each of the four acts.
- Cite one current issue that employers should be or are concerned with for each act. In defining your current issues:
- Describe why each is an issue.
- Include an example of an organization that has violated the act.
- Describe the violation and the penalties that were imposed.
You may reference textbooks, your current work environment, an interview with a colleague, a head of human resources, an article from a popular business publication, or related information from the Capella library. Refer to the course library guide listed in the Resources for relevant databases and search strategies for conducting research on regulation of benefits. You may also find the Four Laws that Govern Benefits Programs multimedia piece linked in the Resources to be useful as you complete your assessment. Be sure to use proper APA style in citing and referencing your sources.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 5: Analyze the effects of laws and regulatory agencies on compensation and benefits strategies.
- Explain the FMLA in relation to employer issues of concern.
- Explain COBRA in relation to employer issues of concern.
- Explain HIPAA in relation to employer issues of concern.
- Explain ERISA in relation to employer issues of concern.
- Competency 5: Analyze the effects of laws and regulatory agencies on compensation and benefits strategies.
-
SCORING GUIDE
Use the scoring guide to understand how your assessment will be evaluated.VIEW SCORING GUIDE
- ASSESSMENT7
- Introduction
- Often the market will select a company’s market position through word of mouth from current employees, former employees, or local press coverage through a best employer list. Taking a more proactive approach to managing a market position is the strategy of choice for most employers.Tracking turnover rates, inflation, and economic indicators all play into the formula, as does a sense of the market and a company’s image and reputation. The numbers and trends tell a huge story. Interpreting that story is the difference between a superior compensation plan and ineffective one.Most would agree that a policy is effective if it meets the standard of attracting and retaining a desired staff, stays within the laws of the market, and does not wreak havoc on the bottom line. But, what of the individual? Should the employee’s position be a factor in that equation? Should other outside, unsolicited opinions play a factor in the effectiveness equation?How will you communicate your policy and standard to the employees of the organization? Will you make your message public to your consumer? These are the final questions that connect the complete package of managing compensation and benefits.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Evaluate the components that comprise an effective total compensation program.
- Prioritize top employers based upon their compensation and benefits.
- Analyze characteristics of top employers for compensation and benefits.
- Explain recommendations for a company to follow to achieve excellence in compensation and benefits.
Preparation
Research any one of the top employer lists frequently posted by top news publications or industry journals, which you can search for using the Internet. Once you have found the information, complete the following:
- Read the top 25 employers on the list.
- Note how many of these employers made the list because of their compensation and/or benefits policies, and also note the specific compensation-related policies that were mentioned.
- Log which policies were mentioned.
Based on your research about top employers, prepare an analysis of your findings in a report that includes the following:
- Prepare a chart listing at least 10 of the top employers, their ranking on the list, and the compensation or benefit that was cited as a reason for being a top employer.
- Next, review your list of employers. Can you make any determination from that list? Is there a pattern that makes for a top employer in compensation and benefits? What characteristics do you view as being more important than others?
- Conclude with a recommendation for your current or desired HR manager. Explain what standards you think are critical to becoming recognized as a top employer with excellent compensation and benefits policies. In other words, create the standard you think your company should follow. Justify your recommendations.
Your report should be no more than 2 pages. Be sure to use proper APA style in citing and referencing your sources.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Evaluate the components that comprise an effective total compensation program.
- Prioritize top employers based upon their compensation and benefits.
- Analyze characteristics of top employers for compensation and benefits.
- Explain recommendations for a company to follow to achieve excellence in compensation and benefits.
- Competency 1: Evaluate the components that comprise an effective total compensation program.
-
SCORING GUIDE
Use the scoring guide to understand how your assessment will be evaluated.VIEW SCORING GUIDE
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