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Employee Benefits Package

Essay by   •  October 20, 2013  •  Case Study  •  901 Words (4 Pages)  •  1,856 Views

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1. Describe the importance of employee benefits as a strategic component of fulfilling the goal of HRM.

Offering an employee benefits package that reaches beyond salary and bonuses is key to competing in today's job marketplace. More and more employees are losing their loyalty to their companies due to the lack of a benefit package that suits their individual needs. Packages need to be diverse, have voluntary options and meet the needs of all levels of the workforce. "A one-size-fits-all benefits package is a thing of the past," the study concluded. "Instead, employers should consider choice, flexibility and customization to engage an increasingly diverse workforce." (Scorza, 2011) The needs of the varying generations in the workforce today need to be addressed in the benefits offered. Some companies will include optional benefits such as pet insurance, financial planning, legal assistance, more paid time off and onsite meals to help boost morale. The more a company can offer onsite or through their benefits program the more relief for the employee. Each company will have to review their current program and consider their current employees and also those they are trying to recruit and retain. Monetary compensation is not always the deciding factor in career decisions for employees today. Employees may stay with a company even when offered a higher salary from a competitor if the overall compensation package, including optional benefits, exceeds that of the new salary offered. "The American workforce is growing more dissatisfied and disloyal. Companies that fail to respond to those trends are likely to pay a high price." (Scorza, 2011) HRM is responsible for studying the marketplace and looking for options that benefit both the employee and the employer in the long run. The cost of turnover can far exceed the cost of an added benefit option.

2. Explain how Genentech and Zappos are using employee benefits as a motivating tool.

Genentech and Zappos are using employee benefits as a motivating tool to keep their employees focused and at ease at work. Offering benefits such as on-site meals and on-site daycare they will receive the most out of the employees while they are at work. Little perks like this mean that the employee can save time on their commute but having one place for daycare and work and also save time and money for lunch by having the option to eat at work. Other benefits include rewards for years of service at the workplace and sending employees home with prepared dinners. Again, this is an added reason for an employee to stay with the company, to earn the rewards for service years and less for the employee to worry about during the day if they are taking home a dinner from work. Genentech prides themselves in taking care of the employee on a level above and beyond salary, "any discussion of how great Genentech

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