Understanding the competitiveness of the environment and the importance of providing favorable working conditions, Pioneer Enterprises should work out an effective employee’s benefits program and select the most appropriate option. The employees’ benefits program will consist of medical, life and disability insurance paid time off, after-retirement plans and other benefits.
Regarding the medical benefits, the employees should be covered with a comprehensive employer-sponsored medical insurance program. As to the existing options, the company can decide between single status contracts and married status contracts. In the first case, the insurance plan will cover only the healthcare expenses of the individual employee.
In the second case, the plan will deal with the employee’s spouse and children. Analyzing these two options, it can be stated that the second one covering the health expenses of the employee’s family is preferable. However, it is possible to make the medical plan personalized so that the employees could select the options which are the most appropriate for their family circumstances.
Furthermore, the insurance plan should be comprehensive and include not only medical and dental benefits but also life, disability and accident insurance. In case of death or permanent disability of employees, the insurance program provides up to four times of employees’ annual salaries.
Additionally, these plans should include business traveler accident insurance to consider the specific working circumstances which can be associated with the increased risks for the employees. As to the aspect of the paid time off, the company should consider the time of vacation and extended leave.
Traditionally, the employees in Saudi Arabia are entitled to 22 days of paid vacation a year. Additionally, every employee can use five days of the extended leave per year or bank these days and use them in a two-year frame. Another important aspect is the system of bonuses for the employees playing an important role in motivating them.
Along with the monetary compensation for the work, the company can consider the opportunities of rewarding the employees for excellent performance, high achievements and any contribution to the development of the company’s vision. The monetary compensation is one of the strongest motivators which can significantly improve the employees’ performance.
Apart from the benefits for the employees during their employment at Pioneer Enterprises, the company should consider the post-retirement plan for those employees who reached the retirement age at the company. It is recommended to consider not only the retirement payments but also the health insurance program for the retired employees.
This can contribute to the company’s positive image as an employer and not only attract the best human resources, but also motivate them to remain with the company for a substantial period and even reach their retirement age with this employer. Human resources are one of the most significant assets of every company.
For this reason, the company should pay proper attention to the employees’ benefits program to attract the best employees with the opportunities offered by the company. Additionally, the employer should make investments into the research and development sphere and not only employ the best employees with profound skills, but also train young specialists to improve their performance.
The employees’ benefits program is important for attracting and retaining the best employees. Therefore, the employees’ benefits program adopted by Pioneer Enterprises should comprise a comprehensive, personalized medical coverage, paid time off, a system of bonuses and post-retirement plan.