one 80 words shelby creasman 1 B u s i n e s s F i n a n c e
respond to each one 80 words
1. I believe employers use different strategies and approaches to employee benefits because of the different cost factors that go into it. Health care is one of the costliest benefits so it depends on the employers budgets.
2. Some other factors that influence employers benefits choices include competition, it’s crucial for companies to stay on top of their competitors by providing the best benefits they can while still staying afloat. Having costly benefits helps attract new employees as well as retain the talented and well-experienced employees. This also depends on the size of the company and how many employees the plan on retaining.
3. Workforce demographics come into place with benefits. Depending on the industry and size of company, it can be beneficial to focus on certain benefits over others because it is what that group of employees truly focuses on and help retain these employees because the benefits are worth it.
4. I believe the factors that influence employer benefits strategies are cyclical. If a company is experiencing a lack of employees, that’s when they offer “hard to pass up” benefits in order to attract new employees and keep them motivated to work for them.
!. Benefit needs, especially healthcare can vary greatly company to company, theres no one fits all formula thats will suit the needs and risk of everyone.
2. A satisfied and fulfilled employee is a good employee. Better benefits may serve to effectively retain employees in some situation, making it worth its costs.
3. as mentioned every job and individual differs greatly, a road worker has higher health risks and premiums likely than an accountant who works from home or an office,
4. There are for sure many jobs and industries in a cyclical setup, think seasonal holiday stores, teachers, pools/ recreation, amusement parks (up north anyway),
I think that employers have different approaches to benefits based off of their business plans and their level of competition in the job market. For example, a really healthy company might push for insurance benefits and higher premium plans, as well as encourage incentives to lower the deduction of it from their paycheck (for example: my mom is a nurse and at her job if she runs tests and they find she is not a smoker, has normal blood sugar and even if she makes certain steps monthly on her fitbit, she has a lower cost). If there is a company that is more customer service/ family based, they will have more benefits to promote you and make you want to participate in their beliefs (for example: Publix has a benefit where only employees can buy stock). These benefits might also change with employee demographics. Although it is good to have a diverse set of employees, some jobs attract certain employees. For example, tech jobs like Google have more young people apart of their company so when it comes to attracting talent, they might not have to worry about having really good health insurance plans because (lets be honest) a lot of young people do not look for that, while another company like Disney have a more family oriented environment so it would be more inclined to have good health insurance. There is a potential of employer benefit strategies being cyclical due to a change in job demands. If there is a low demand for a certain type of job, meaning there is no need to hire more people, they might have fewer or worse benefits than those who need people to come.
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