The head of the benefits team stated that it would take the firm more time to create a new benefits plan than merging the benefits plan of both the companies. Why would creating a new benefit plan take more time? What do you think is a better strategy and Why?
The head of the benefits team has confirmed that the company will take more time to design a new plan. This will happen because the company has many employees. The idea to create a new plan requires new experts and accountants from the two companies. This process might take longer because the team needs to address the needs of every employee. The team will also have to reconsider every new operation and activity at the company. The team should also make proper decisions depending on the new roles of every employee. The company has doubled its workforce. This explains why “the company will be handling more resources, finances, and employees” (Reddick & Coggburn, 2012, p. 75). The decision to create a new benefits plan will take more time. The decision might also affect the employees’ morale and satisfaction.
The decision to create a new plan might be a good strategy. This approach will ensure the new company identifies the weaknesses and strengths of the current plans. This approach might also affect the company’s performance because the employees might not receive their benefits in a timely manner. This explains why the benefits team should merge the existing two plans. This strategy will ensure the benefits team identifies the strengths of every company’s plan. The new benefits plan will also preserve the organization’s business culture. The benefits team should also “remove every negative aspect of the original plans used by the companies” (Reddick & Coggburn, 2012, p. 64). This decision will also ensure the company conducts its operations in a smooth manner. This situation explains why the head of the benefits team should merge the two plans.
The benefits team has to devise a benefits program that would satisfy the employees of both firms. Suggest some steps for the benefits team to function effectively? Create a sample benefit plan for the new organization.
The benefits team should devise the best benefits program in order to satisfy the expectations of every employee in the new company. The benefits team should also be aware of every legal requirement. This approach will ensure the company offers the best benefits to its employees. Some of the benefits will include “compensation, unemployment, and disability benefits” (Reddick & Coggburn, 2012, p. 85). The team should also provide more benefits in order to motivate the employees. Some of these benefits might include “dental insurance, vacation leave, sick leave, a retirement plan, and health insurance” (Reddick & Coggburn, 2012, p. 98). The benefits team should also work together with the HR department to understand the needs of every employee. The team should also collaborate with every department in order to make the best decisions. This practice will ensure the team addresses the expectations of every employee. The team should also consider every employee’s contributions to the success of the organization. These steps will ensure the benefits team functions effectively. The approach will also make the company a leading provider of quality services to its customers and stakeholders.
Sample Benefits Plan
- Every employee will get “a competitive salary and remunerations” (Reddick & Coggburn, 2012, p. 83).
- Education Savings Plan: Every employee’s child will get free education from the company.
- Maternity Leave: 20 weeks off and regular pay.
- Parental Leave: this benefit is for every secondary caregiver.
- Employee Referral Program: Our organization will offer bonuses for referrals.
- Back-Up Child Care
- Adoption assistance: We will help our employees raise every adopted child ($5,000 for legal expenses).
- Lunch and Dinner: Every employee will get healthy and delicious foods from the company.
- On-Site Doctor: Every employee can see a doctor for immediate medical support and attention.
Reference
Reddick, C., & Coggburn, J. (2012). Handbook of Employee Benefits and Administration. New York: CRC Press.