HRM 240 Week 7 Assignment Employee Benefits - Tutorial
HRM 240 Week 7 Assignment Employee Benefits - Tutorial
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Date Created: 11/16/15
IMPORTANT PLEASE READ! PLEASE REFORMAT AND REWORD THE DOCUMENT! BE SURE THAT THE WORK SUBMITTED IS THAT OF YOUR OWN TO AVOID COPYING WORD FOR WORD THE WORK PROVIDED IN THIS TUTORIAL AND GETTING IN TROUBLE. THIS TUTORIAL IS TO BE USED AS A GUIDE AS TO WHAT YOUR INSTRUCTOR IS LOOKING FOR IN YOUR SUBMISSION. THIS IS ORIGINAL WORK, WHICH HAS BEEN SUBMITTED TO AXIA AT LEAST ONCE. PLEASE KEEP IN MIND THAT MY TUTORIALS ARE CREATED BASED SPECIFICALLY ON MY INSTRUCTORS REQUIREMENTS AND GRADING RUBRIC. THEREFORE, YOUR INSTRUCTOR MAY ASK FOR ADDITIONAL OR LESS REQUIREMENTS THAN THAT OF THIS TUTORIAL. EACH INSTRUCTOR IS DIFFERENT, SO PLEASE BE SURE TO ADD OR REMOVE THE REQUIREMENTS NEEDED TO RECEIVE FULL POINTS. I HAVE JUST FINISHED WITH MY DEGREE AND CURRENTLY HOLD A 4.0 GPA! I AM NOW BEGINNING MY BS; THEREFORE, I WILL HAVE MANY MORE CLASSES TO COME! NOTE! EVERY TUTORIAL THAT HAS A GRADE ATTACHED OR POSTED AT THE TOP OF THE DOCUMENT HAS BEEN GRADED BY THE INSTRUCTOR! 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HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 ALCOTT GROUP Human Resource Department February 24, 2008 Memo To: Upper Management From: xxxxxxxx Subject: Employee Benefits for Patient Care Technicians Introduction Attaining employee benefits for such a diverse employee population frequently demands a degree of flexibility that can only be attained through the implementation of a skillful benefits strategy. As discussed on February 1, 2008 due to overwhelming amount of claims and the increasing cost of healthcare, we are pleased to propose these employee benefits for Patient Care Technicians. In an effort to lessen the overall increase in cost, various employee benefit plans have been considered and discussed during a meeting with HR staff and upper management. We have chosen the benefit plan that best suits DaVita and have provided full details. First, our goal is to minimize the impact of employee benefit costs while providing the maximum benefits possible. Employee benefits play a crucial role in the lives of employees and their families. Many need it to assist in health needs, others for future financial security, and most for unexpected absences from work. Providing the right benefits, will help retain good employees, foster employee morale, and help us remain competitive. Therefore, we must offer the Patient Care Technicians at DaVita the best possible employee benefits, which will increase employee loyalty and reduce employee turnaround. HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 Employee Benefits Based on research done and input received from our staff, Alcott has decided to propose the following health plan for 2009. Our Strategy is, while others will be increasing their benefits, we will be implementing ours at lower cost for all Patient Care Technicians. Benefit Plan Other Companies Current DaVita 2009 Office Visit CoPay $5 $5 RX CoPay $5Generic $5Generic $10 Brand $10 Brand OutofNetwork 1,500 per person 1,500 per person 2,500 Family 2,500 Family Emergency Department visits $100 $100 (waived if admitted) Vision Exam $5 ($150 Allowance for eyewear) $5 ($150 Allowance for eyewear) (Kaiser Permanente, 2008) This plan features full coverage with no deductible for all innetwork services and a 60%/40% coverage for outofnetwork services. By implementing these benefits, the overall benefits will be held at 30% while other companies will be increasing by about 39%. While still significant, the economic hardship imposed on Patient Care Technicians will be less severe than that of other companies. Considering the abovenoted benefits, the monthly premium for next calendar year will be as follows: Option (Blue Cross) Employee Cost DaVita Cost Total Cost Single $70.65 $122.97 $193.62 Employee and Child $139.52 $236.88 $376.40 Employee and Family $185.78 $309.56 $495.31 Research conducted for this proposal has indicated that even at the above rates, our benefit plan compares rather favorably against those of nearby dialysis clinics in terms of employee coverage and overall cost. Option DaVita Total Avg. Cost Area Avg. Cost DaVita Cost As % of Blue Cross Cost Clinics Renal Centers Area Clinics and Centers HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 Single $193.62 $214.18 $210.40 91% Employee and Child $376.40 $436.10 $438.88 86% Employee and Family $495.31 $555.25 $564.36 85% Combination of Benefits When meeting the changing economic and security needs of employees, a combination of benefits programs is the most efficient. For most employers, a benefit plan is an integral part of the total compensation. Employers have the choice to either pay the entire cost of a benefit plan or have the employees contribute a portion of the premium costs. Unexpected illness or injury can be devastating to employees and their families. Thus, threatening their emotional and economic wellbeing. For this reason, adequate health insurance is important to employees. The Right Benefits Employee benefits are extremely important in the lives of employees and their families. Today most companies operate in an environment in which an educated workforce has come to expect full benefits program. In fact, the absence of a good benefit program or an inadequate benefit program can critically hinder a company's ability to attract and keep good employees. We must be aware of these issues and be ready to make informed decisions when selecting employee benefits. Many employees search for good dental benefits because they have children; therefore having a good dental plan is a plus. Most want a good retirement plan that is willing to match their contributions. Contribution matching gives employees the incentive to remain with the company; therefore, creating employee loyalty. For this reason, we will match our employees’ contribution 100%. In addition to providing these benefits, we will provide our employees with the accidental death and dismemberment plan. This will give our employees the feeling of HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 security in case of an accident. They will feel secure in knowing their families will not be left in the dark. Additional Benefits Next, we will focus on additional payroll deduction plans for the 20092010 year. Additional Benefits Cost Dental Insurance (Aetna) $8 single $12 Family Accidental Death and $25,000 (Provided by DaVita for Dismemberment FTE) 401K DaVita will match employees contribution 100% Paid Time Off Employees will accrue 0.21 minutes for every hour worked. Sick Time Employees will accrue 0.15minutes for every hour worked. (Kaiser Permanente, 2008) Other important factors considered when selecting these benefits were paid time off and sick time. Unlike other employers who give an employee a certain amount of set days per year we will give employees .21 minutes for every hour worked. Therefore, the more hours worked the more PTO the employee accrues to be used as he or she wishes. In addition, sick time will be accrued at .15minutes per hour worked to be used when employee brings doctor’s note for self or immediate family member. We are also considering a flexible spending account for employees where they can put aside pretax dollars to cover qualified childcare and medical expenses. This additional plan in conjunction with current set 401k plan will help employees feel more secure about their position and future with this company. With so many employees going from one job to the next in search of better benefits, we hope to demonstrate how providing these benefits to our employees will benefit both the employees and DaVita. HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 Conclusion Overall, our benefit cost for each employee is about 89% on average for area clinics and private centers. In addition, by providing 100% benefit coverage and no deductibles on all in network services, our plan is loaded with benefits when compared to plans offered other clinics. Such plans usually provide only 88% coverage and include deductibles. We are aware that the above comparison does not diminish the financial impact of total plan rates on Patient Care Technicians. However, we can take comfort in knowing that our plan is by far the best in terms of benefits provided and total cost. Although time is extremely crucial when confronted with difficult choices such as these, we must be able to make informed choices using our research and extensive input received from our staff as a guide. Implementing the abovementioned employee benefits will bring us exceptional employee choices. We will continue to communicate with management and continue to explore all possible options for future years regarding any changes affecting our benefit plans. HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 References: Kaiser Permanente. (2008). Quotes and Applications. Retrieved February 25, 2008, from Kaiser Permanente:http://prospectiveemployers.kaiserpermanente.org/casmallbusiness/instantqu ote/viewselectplans/planbenefitdetails.do HRM 240 Week 7 Assignment Employee Benefits Due February 24, 2008 Points Points Possible Comments Earned Health insurance, time off, retirement/savings plan, 7 7 and one other work/life benefit are addressed. Explanation of the pirmary strategic concern. 7 7 Explanation of an additional strategic consideration. 7 7 Focus of paper is on the components of the benefits plan for position chosen for final project. 7 7 Strategic considerations are clearly related to the 7 7 benefits discussed. Paper is in memo form and appropriate for delivery 7 7 to upper management. Each type of benefit is elaborated on. 7 7 Primary strategic consideration is identified as cost. Additional consideration is explained 7 7 and related to one of the benefit plans. Purpose of memo is introduced at the beginning of 7 7 the paper. Conclusion is logical, flows from body of paper and reviews major points. 7 7 Readability and Style Points Points Possible Comments 15 Points Possible Earned Sentences are complete, clear and concise. 5 5 The tone is appropriate to the content and 5 5 assignment. Transitions are logical and maintain flow of thought. 5 5 Mechanics Points Points Possible Comments 15 Points Possible Earned Rules of grammar, usage and punctuation are 5 5 followed. Paper is laid out with effective use of headings, font styles, white spaces and APA format. 5 5 Spelling is correct. 5 5 Total Points 100 100 Submitted on Time? Date Due and Date Submitted: 2/24/08 2/25/08 No! 1 day(s) late. Adjusted Points 90 Comments: Excellent essay...you have met and exceeded the Final Grade A requirements for this assignment...great job.
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