Introduction
The management strategies are very important in terms of the incorporation of pay plans that would be advantageous for both the company and employees’ needs and expectations. As a benefits package is a part of the compensation it can include different kinds of benefits in terms of the needs of employees and the company’s opportunity. The benefits package can include medical insurance or some other payments within social programs or regardless of any common standards. The case includes analysis of “EatNGas. Inc., founded in 1991, … a family-owned corporation with 15 combination convenience store/gas station locations and approximately 150 employees” (BrainMass, 2010, para. 1).
As the stores are located in different states with various employee demographics, it is necessary to propose applicable modifications or enhancements to specific benefits (or options of benefits) in a benefits package that will best satisfy the company’s and employees’ needs and expectations. So, Pieper (1990) presents the options of benefit packages and analyzes the reasons for incorporating non-standard benefit packages; the author explains that most benefit packages that cannot be considered uniform are designed to attract and retain talented employees but “at a cost that the firm can bear” (Pieper, 1990, p. 55). Medical insurance can be or can be not included in a benefits package. Moreover, “premium and exempt groups” (Agyepong & Adjei, 2008, p. 16) are regarded in terms of different technical approaches.
New York City Location
The first location that should be considered concerning possible modifications and enhancements to specific benefits is the New York City location which has an average age of employees of about thirty years and a male/female ratio of about 50:50. As the employees are young, it is obvious that the issue of dwelling is one of the most burning for them. Naturally, the most important thing for most people under and in their early thirties is the dwelling.
The company could compensate some percentage of the rent payment or pay a share of the mortgage about potential compensations and their percentage of total compensation paid in the form of benefits. Another variant that a company may choose is to become a stockholder in the house-building which would provide employees with more chip dwellings in terms of compensations that would cover a share of the rent payment. Thus, as talented employees are likely to choose positions that meet their personal and financial needs, they are likely to be retained by rent-related benefits.
Suburbia, MO Location
The next location of EatNGas. Inc. stores in Suburbia, Missouri, where the average employee age is about forty years and the male/female ratio is 20:80 (20 percent of men and 80 percent of women). When people are about forty, they usually have their apartments and do not need some encouragement and compensations directed on house purchasing or rent payments. This age presupposes that people have children and need to provide them with some assistance in terms of obtaining an education.
Moreover, the company may become an investor in an educational institution and grant scholarships to students whose parents are the company employees. Another demand that may be made is the opportunity to travel and visit different resorts and recreational areas. Compensation may cover some expenses about vacation and benefits packages that may be based on merits. As people would be encouraged to work to their full capacity to gain an opportunity to have a full-fledged vacation, it would satisfy the company’s needs and expectations.
Deep Caverns, TX Location
The last but not least location that should be analyzed is the Deep Caverns, Taxes where the average employee age is about fifty years old and the male/female ratio comprises the correspondence of 70 to 30 percent. When people become older, their health may become more vulnerable. Thus, it is necessary to include medical care and all possible procedures related to this area into the benefits package which is sure to be beneficial for both the company and employees, whereas large exit compensation would not encourage employees to work longer. Another option is the necessity of attracting young employees to increase productivity and effectiveness. As young people need someplace to live, it would be reasonable to use the same benefit package strategies as in the case when most employees are about thirty years old.
Conclusion
As the compensation is one of the parts of the salary, it is necessary to introduce benefit packages that would be interesting for existing employees and would attract and retain new talented workers. A merit-based compensation is the most appropriate option in terms of benefits, though it may make unsatisfied talented employees leave. Medical insurance and compensation of a mortgage share are the most appropriate and attractive types of compensation, as both would attract new employees and retain the existing ones. The dwelling issue is relevant for locations with young employees that need some support and locations with older employees because it is necessary to attract the young ones.
Reference List
Pieper, R. (1990). Human Resource Management: An International Comparison. New York: Walter de Gruyter.
BrainMass. (2010). Key Factors Affecting Compensation and Benefits. Problem #185822. Web.
Agyepong, I. A., & Adjei, S. (2008). Public social policy development and implementation: a case study of the Ghana National Health Insurance scheme. Health Policy and Planning. Web.