Introduction
Benefits packages are a crucial component of any business seeking to maintain a satisfied workforce. They are designed to provide workers with the protections and benefits they need to foster a positive and effective work environment. This essay discusses the advantages and benefits that should be included in any comprehensive company benefit package, as well as any additional incentives and perks that are not legally required. Benefits include health coverage, vacation and paid leave, disability and retirement plans, tuition support, remote work, parental leave, gym discounts, team events, stock options, bonuses, and salary increases. All these elements are crucial for developing a good and prosperous workplace.
Required Benefits for Airbnb Employees
Health insurance, paid time off for vacation and sick days, and disability insurance must be included in any benefit package I design for the Airbnb corporation. Through the Families First Coronavirus Response Act (FFCRA) and the Consolidated Omnibus Budget Reconciliation Act (COBRA), the federal government mandates these benefits (Doyle, 2022). Due to the COVID-19 epidemic, employers are required by the FFCRA to offer paid time off to employees who cannot work due to school or childcare closures. For employees who are unable to work due to their own illness or to care for a sick family member, this includes offering paid sick leave and FMLA leave (Doyle, 2022).
COBRA requires employers to provide health insurance to all workers, even those who have been fired or are no longer eligible for employer-sponsored insurance. Moreover, COBRA mandates that businesses offer continuation coverage for 18 months to departing employees (Doyle, 2022). I would also provide optional benefits, such as life insurance, retirement plans, tuition assistance, and the legally required ones. Although these incentives are not mandated by law, they help attract and retain top talent.
Optional Benefits to Attract and Retain Talent
I would offer additional advantages and incentives beyond the required ones to attract new talent. These include accommodating parental leave policies, remote work possibilities, and flexible work schedules (Alvi et al., 2020). Employees would have the option to adjust their hours according to their requirements and preferences if work hours were flexible. Employees with long commutes or those who prefer a more relaxed work environment may benefit from remote work options, which allow them to work from home or other locations.
Additionally, I would offer benefits such as free snacks, discounted gym memberships, and team-building exercises. Providing free food and discounted gym memberships would help keep staff members motivated and healthy. Team-building practices would promote employee cooperation and camaraderie (Alvi et al., 2020).
Moreover, I would offer additional financial benefits, such as stock options, bonuses, and pay raises. These perks would encourage staff members and increase their sense of pride in the business (Doyle, 2022). I could attract and retain new talent if I provided these additional perks and rewards. These incentives would make working for the company more appealing to potential employees and contribute to a happy and effective work environment.
Rationale for Selected Benefits
I chose the perks and incentives because they are necessary for fostering a supportive and effective work environment. The legally mandated benefits are essential for giving employees the most fundamental security. The additional bonuses and advantages I have chosen are intended to inspire and reward current employees and attract and retain new talent.
The federal government requires health insurance as a compulsory benefit to make treatment easier for people, as it is a primary concern that spans from the individual to the national level (Galetić & Klindžić, 2020). Offering medical expense coverage and ensuring workers can access the required care is crucial. Additionally, necessary benefits include paid vacation and sick leave, which are essential for allowing workers to rest and recover (Bao, 2020). Disability insurance is also a required benefit, crucial for protecting employees’ finances if they become disabled and are unable to work.
Additional perks I offered to attract and retain new talent included flexible work schedules, remote work opportunities, and generous parental leave policies. Employees with remote work choices can work from their homes or other locations. In contrast, those with flexible work hours can adjust their schedules to suit their needs and preferences, especially since the COVID-19 pandemic and the increased adoption of technology in all forms of work (Bao, 2020). Employees can take time off to care for their children without worrying about being fired because of generous parental leave policies.
I chose bonuses like free snacks and discounted gym memberships to keep employees motivated and healthy. Added benefits: I decided to incorporate team-building exercises to foster collaboration and camaraderie among the staff. I also selected extra financial benefits to motivate and reward present employees, including bonuses, salary increases, and stock options (Haider et al., 2019). Due to my belief that these are not necessary for fostering a supportive and productive work environment, I did not opt for additional benefits or perks, such as tuition reimbursement or transportation subsidies. I also skipped over extra benefits, such as complimentary meals and company-sponsored activities, because I don’t think these are vital for fostering a productive work environment.
Comparison With Benefits Offered by Other Companies
Other companies may offer additional benefits, such as flexible spending accounts, commuter benefits, pet insurance, paid time off for personal duties, adoption assistance, and help with student loan repayment. Through flexible spending accounts, employees can set aside pre-tax money for childcare and medical expenses (Haider et al., 2019). Thanks to commuter benefits, employees can save before taxes to cover the cost of their commute to work. The expense of veterinarian care for employees’ pets is partially covered by pet insurance.
Employees are given paid or unpaid time off to care for their families during family leave. Some companies may offer child adoption assistance to families who require it (Galetić & Klindžić, 2020). Employees who receive student loan repayment aid can use it to pay off their debt. By offering additional financial support and promoting a healthy work-life balance, these extra benefits help firms become more appealing to prospective employees. Employers can enhance their company’s appeal to prospective employees and contribute to developing a positive and effective work environment by offering these benefits.
Compliance With the Affordable Care Act (ACA)
The Affordable Care Act (ACA) requires businesses with 50 or more full-time employees to provide their staff with health insurance that meets specific requirements for affordability and coverage (Dillender et al., 2020). These standards include restricting the employee’s yearly out-of-pocket payments and covering at least 60% of the total cost of covered benefits (Haider et al., 2019). They also include covering at least three primary care visits without a yearly deductible and paying for preventative services totally out of pocket.
According to Dillender et al. (2020), businesses must also offer insurance to all full-time employees and their families, up to the age of26. Employers may be subject to substantial financial penalties if they fail to comply with the ACA’s standards. The law does not compel employers with fewer than 50 full-time workers to provide health insurance to their staff (Alvi et al., 2020). However, several states and municipal governments have enacted legislation forcing businesses of a particular size to offer their employees health insurance coverage.
Conclusion
In conclusion, health insurance, paid vacation, sick leave, and disability insurance are legally mandated benefits that employers must provide to their workers. Organizations should offer additional benefits, such as flexible scheduling, remote work options, and comprehensive parental leave, to attract new talent. They may also motivate employees with complimentary discounted gym memberships, snacks, and team-building activities. Additionally, businesses can enhance their appeal through financial incentives, such as stock options, performance bonuses, and salary increases.
References
Alvi, A., Jawaid, A., Kaur, P., Safdar, U., & Bakht Yawar, R. (2020). Relationship between oganizational benefits and employee job engagement. European Online Journal of Natural and Social Sciences, 9(2), 339-350. Web.
Bao, J. (2020). (HOW) do risky perks benefit firms? the case of Unlimited Vacation. Academy of Management Proceedings, 2020(1), 18308. Web.
Dillender, M., Heinrich, C. J., & Houseman, S. (2020). Effects of the affordable care act on part-time employment: Early evidence. Journal of Human Resources. Web.
Doyle, A. (2022). Review the different types of employee benefits and perks. The Balance. Web.
Galetić, L., & Klindžić, M. (2020). The role of benefits in sustaining HRM outcomes. Management, 25(1), 117–132. Web.
Haider, S., Bao, G., Larsen, G. L., & Draz, M. U. (2019). Harnessing Sustainable Motivation: A grounded theory exploration of public service motivation in local governments of the State of Oregon, United States. Sustainability, 11(11), 3105. Web.