Managing Employee Benefits
answer the following question(s). This is a discussion question and answer should be opinion but supported with facts. No essay-just answer question directly. Question: In recent years we have seen growing paranoia over the security of retirement benefits. As employers continue to find ways to shift more of the risk to employees for their own retirement (e.g. continued movement away from defined benefit plans to defined contribution plans), many employees are growing increasingly concerned about the security of their retirement benefits (including potential claw-backs to retiree health care benefits). If you are currently covered by a pension plan (I work for Jacobs Technology-benefits can be found on Goggle), describe its features (i.e. is it a defined benefit plan, defined contribution, age eligibility, vesting rights, etc.). What ‘risks’ do you see as you contemplate retirement (e.g. social security, health benefits, capital accumulation, the ability to diversify your risk, etc.) and how do you plan on mitigating and managing these risks? What responsibility do employers have ‘today’ to provide for employee retirement, and do you feel your employer is living up to this responsibility?

NOTES:When planning for employee benefits plans, several strategic HR issues need to be addressed. These issues are similar to and should be addressed in conjunction with decisions on compensation.

What are the organization’s long-term strategies? Will there be rapid growth, acquisitions, divestitures? Are we attempting to win the war for talent with our competitors? Have new competitors entered the market? Are we in a fast changing business or a stable, slow changing business? What is the financial position of the company?
Different answers to these questions may mean a change in the make-up of our work force or a need to change our mix of benefits to attract/retain different employees.
What legal issues and changes may impact benefits?
Are our benefit plans competitive for all employee groups? Do we need different benefits for different employee groups?
What financial pressures do we face in providing current or new benefit plans?
What total compensation package (pay & benefits) will allow the organization to attract and retain the talent necessary to accomplish its objectives?
Having a well-thought out strategy for a benefits plan is necessary to insure we are meeting the challenge of both delivering meaningful benefits to employees and being cost effective managers. Just as with base compensation; we need to know what the competition or marketplace is providing, develop cost effective offerings, and communicate the benefits package to our employees to insure maximum impact.

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