Introduction
Pioneer enterprises have the responsibility of providing a good working condition for its employees. For that reason, it is essential for its management to consider the various insurance benefit programs that can help to facilitate the employees’ welfare for the period of the service and after retirement. The following are the options available for the company.
List of benefit plan options
- Health benefits program: This program can help the company’s employees together with their families meet their health care needs.
- Dental benefits: the management can arrange with insurance companies, to provide dental benefits to the employees, their dependents as well as the retirees.
- Employee life insurance/retirement plan: Upon employees’ retirement, a certain percentage of their salary base can be paid to them as annuity income.
- Long term disability insurance scheme: This scheme can be provided to safeguard against the loss of income as a result of lengthy periods of illness, disablement or injury.
- Travel accident insurance: travel accident insurance can be provided for the employees to compensate them against total permanent disability, bodily injury, or death as a result of an accident sustained in the course of official duty.
- Workers’ compensation: The workers’ can be compensated in different instances especially in a manner that complies with the state laws.
- Vision benefits: Employees together with their dependent can be provided with eye examination and compensation.
- Employee assistance program: This plan can be provided alongside a medical plan to ensure employees, and their dependents are paid benefits to enhance their job performance and personal satisfaction.
- Group service plan: This cover can allow the employees to access legal support through a network attorney.
- Education program: The Company can arrange for its employees to get assistance whenever they wish to further their education, or education of their dependents.
The plan that best suits the company
Vision Benefits
Pioneer is a manufacturing plant, hence making the vision health status of its employees very vulnerable. As such, a plan that guarantees their eye examination, at least once annually can be helpful. The eligible beneficiaries can pay partially for the examination, though the management may want to stand for the full charges since the company is remarkably profitable.
Tuition Assistance Program
The company goal of ensuring professionalism can be encouraged if the staff is well educated. In this regard, it can be advisable to arrange a tuition assistance program; which will help the employees in paying for their degrees or any other approved course. This will also ensure that the company remains competitive in the market.
Employee Assistance Program
The company can arrange to have an assistance program for the employees and their dependents. This can help improve their working conditions as it can address the predicaments that interfere with job performance and personal satisfaction.
Issues that can be sent through this program include “the stress associated with relationships, work and career issues, financial and legal difficulties, substance abuse, child and elder care and a variety of other Work Life situations” (Lengnick-Ball, 1988, p. 456).
Employees’ Retirement Plan
Pioneer enterprises should arrange for a benefits pension plan, especially if it is a requirement by law. This plan will ensure that the employee enjoys income upon their retirement. This is very important as it will ensure that the employees’ welfare is guaranteed even after retirement. Upon retirement, the employees can be given the option of receiving a lump sum or monthly income.
Conclusion
These benefits options are designed to improve the welfare of the employees, as well as to help the company achieve its long-term goals. It is the mandate of the management and the board to assess the most suitable benefit plans for implementation, but at the same time, the state laws affecting these plans must be adhered to.
Reference
Lengnick-Ball, M. L. (1988). Strategic Human Resources Management. A Review of the Literature and a Proposed Typology’, Academy of Management Review, 13(2), 454 -70.