expertise in compensation and benefits to develop a package for all full-time future employees

You were recently hired as the new Human Resources manager for a new company that has been in business for two weeks. The CEO is looking to you for your expertise in compensation and benefits to develop a package for all full-time future employees. The CEO is estimating that in the next four months this company will have over 40 full-time employees. The CEO is leaning on you to develop a report for the board meeting in two weeks.

Some things to consider: Though most employers are required to provide mandatory benefits such as Social Security contributions, worker’s compensation insurance, and unemployment insurance, most other benefits are voluntary in nature and determined by the employer. Benefits programs should include medical insurance, life and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs. Benefits selection and design are critical components in the total compensation costs. In some cases, benefits account for 40 percent or more of total compensation costs. Due to the employer cost investment and the importance of employee benefits in recruiting and retaining, employers should have a well-thought-out benefits plan design that meets both employee needs and employer objectives.

Develop a compensation and benefits package for your company. You must first address the type of company you were hired for (your choice). Second, you must select the city and state in which the small company is located (your choice). In your HR Compensation and Benefits Report to the board, you must address the following:

Identify the Organization’s Benefits Objectives and Budget: The organization’s business and/or HR strategy will help guide the development of the benefits objectives, as these objectives should help achieve the overall strategic goals. Factors such as employer size, location, industry, and collective bargaining agreements should be considered in the development of the benefits
Conduct a Needs Assessment: This needs assessment will be based on your company’s location and estimated future size. It should be conducted to determine the best benefits selection and design based on the needs and wants of the employees. The needs assessment may include an employer’s perception of employee benefits needs, competitor’s benefits practices, and tax laws and
Formulate a Benefits Plan Program: Using the data collected from all resources in Step 2, the employer can begin to formulate benefits offerings in order of priority. Can changes be made to the current plan design to induce cost savings? Can benefits that are underused or not valued by employees be eliminated? What are the administrative costs for the benefits? What cost-containment features can be put in place? Will employees have to contribute, and how much? These are among the evaluations an employer will make in determining whether to add, change, or eliminate benefits
Communicate the Benefits Plan to Employees: Employee understanding of the benefits is critical to employee buy-in. Without buy-in, the employer’s efforts, no matter how perfectly designed to meet employees’ needs, may be futile. The positive impact on recruiting, retention, and employee morale may be lost without effective communication plans. Good benefits communication objectives should include:
Creating awareness and appreciation of the new or existing benefits and improving employee financial
Providing a high level of understanding of the benefits
Encouraging wise use of
Develop a Periodic Evaluation Process to Determine Effectiveness of Benefits: Periodically reviewing the benefits plan program is another important step in the benefits management process. The benefits program must be assessed on a regular basis to determine if it is meeting the organization’s objectives and employees’ needs. Changes in the business climate, the economy, the regulatory environment, and workforce demographics all create dynamics that affect benefits offerings.
Christian Worldview: What is God’s approach to money, and how we are to care for others? Provide a verse from the Bible, and discuss how this relates to the HR