Question

Assignment #5
employee benefits

General Instructions:  

Please respond to the following question as completely as practicable.

Single Question:

We are a 200-person software company in Cambridge, MA trying to compete for talent in a very competitive talent market.   We have a standard benefits package, with medical, dental, life, disability, and 401(k) plans.   You have just been hired as new Director of Benefits.   There has never been a Benefits Director before, and you have also been given as much benefits staff as you need to accomplish your goals.

The CEO has asked for a memo on what you plan to do in your first year at the company.  What are the most important benefits projects you would take on in your first year, and why?   Describe these projects in detail.  

Answer 1

As a compensation and benefit director , I and my team will be responsible for identification , development and implementation of the compensation policies of our employees. We would oversee the salary and the compensation policies and will guarantee that they  are attractive to grab the attention of new fresh talents and exisiting employees.

In the first year plan of action , following task I will be engaging in

• I will first identify and set into service a attractive salary package which is potential enough for retaining exisiting talent within the firm .And it should be such that it draws the attention of potential employees in the entity
• Secondly , I will analyse the salaries and policies of compensation of other competitors in the markets to make sure that benefit we provide is much better than them .
• I along withmy team with research and scrutinize the factors to ensure that compensaton package is capable of providing an standard of living for the employees. These factor will include the governement policies , change in tax structure and the market condition
• I will then modify the benefit schemes like health and the insurance of life policies of employees and thier family members , their pension schemes, etc by considering the actual cost that is incurred by the employees.
• Next project is to conduct surveys to check the expectation of the employees to various compensation schemes and will compare them with the current policies and propose the modification on the feedback of surveys and their impact on coast to the company .

HAVE A GOOD DAY !