This is going to be a research paper. The intro will be the origin of employee sponsored health insurance, 2 peer review sources. The 2nd body , will be the current situation employee sponsored health insurance (premium) , 2 peer reviewed sources. The 3rd body paragraph will be how to improve and modify current employee health insurance, 2 peer reviewed sources. Then you will have your conclusion. The “Most desirable Employee Benefits” is an article to use for the research paper.
COMPENSATION & BENEFITS:
THE MOST DESIRABLE BENEFITS
Mariam Mirzakhanyan
WHY BENEFITS MATTER:
The modern workforce heavily weighs employment decisions based on benefits packages
▪ More generous = More attractive
▪ Leads to increased talent retainment
▪ Additional benefits > pay raise
Benefits are not “one size fit all”, some benefits are more desirable than others
Specific benefits can help employers compete with “higher paying” offers of competitors
▪ These higher paying offers don’t offer much more beyond a higher pay rate.
HEALTHCARE IS KEY:
Healthcare insurance (+dental & vision) is
the highest valued benefit amongst all
other benefits.
Unfortunately, healthcare is the most
expensive benefit to provide
▪ Average cost for coverage:
$6,435 individual employee
$18,142 employee+family
GENDER DIFFERENCES:
Healthcare benefits play a more
impactful role in decision-making with
female talent compared to males
Women also place higher consideration
on family related benefits
▪ Paid maternal leave
▪ Day-care services
AFTER HEALTHCARE:
Benefits that prioritize flexibility and work-life balance are most important after healthcare
▪ More vacation/ unlimited vacation
▪ Flexible hours
▪ Remote work options
Flexibility most important to parents who are the largest segment of the workforce
Flexibility perks for employers:
▪ Cost =$0 or close to nothing
▪ At times, saves overhead costs for employers
THE WIN-WIN BENEFIT::
Unlimited paid time off (PTO) is a top 5 benefit after healthcare; benefits both employer
and employee
▪ Traditionally PTO is a liability for the employer as any unused time must be paid out when the
employee is terminated as this time is accrued by the employee at each pay period
▪ With unlimited PTO the liability is removed as there is no accrual of PTO, an employer is not obligated
to give out a lumpsum payment at employee termination
▪ Can save employers on average $1,898 per employee
▪ For employees, this benefit results in better work-life balance and stress reduction
SUMMARY:
Benefits play a major role in employment
Healthcare and health related benefits are most impactful in talent decision-making
Healthcare and health related benefits are the most cost intensive for employers
Women prioritize healthcare and health related benefits more than men
After healthcare benefits are considered, work-life balance related benefits are most
important, with unlimited PTO being a benefit that benefits both the employer and
employee.
REFERENCE:
Jones, K. (2021, August 31). The most desirable employee benefits. Harvard Business Review. Retrieved
March 7, 2023, from https://hbr.org/2017/02/the-most-desirable-employee-benefits
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
