Perception of Value

I’m trying to learn for my Business class and I’m stuck. Can you help?

Do you agree that employees tend to undervalue or take their employee benefits for granted and why or why not? From your readings and your experience, how might an employer effectively increase the perceived value employees place on their employee benefits package?

Inc., Human Resources. (2010, April). How to build a competitive employee benefits package.

  • The Inc. magazine on-line article identifies their version of “what constitutes a solid employee-benefits package, and how do you set up various benefits plans”?

Use the following resource to assist you with your response for Unit 6.1 DB: Perception of Value.

  • Miller, S. (2013, April). Better benefits communications pays off. Society for Human Resources Management.
    • This article provides, “tactics that could help employees understand—and value—their benefits”.

Videos:

Watch Video Trends in 401(k) and Retirement Plans

Duration: (6:06)
User: worldatworktv – Added: 4/2/13

YouTube URL: http://www.youtube.com/watch?v=4aunwWgrn_w

This video reports that the 2008 economic crisis may not have affected employer contributions to 401(k) plans despite what the media has reported. WorldatWork Practice Leader Lenny Sanicola discusses this and other 401(k) and retirement planning research.

Watch Video Making Smart Benefit Choices

Duration: (2:51)
User: mercervideo – Added: 9/4/12

YouTube URL: http://www.youtube.com/watch?v=NEWli66L104

Watch Video Communicating the Value of Employee Benefits

Duration: 3:16
User: n/a – Added: 5/31/16

In this video Mindy Fox at Mercer Consulting talks about the issues employees face when making choices as they take greater accountability for their retirement and health benefit decisions. This video gives a short overview of the importance of communication in helping employees understand their benefit plans.


Supplemental Resources:

Employee Benefits Research Institute

  • The mission of the Employee Benefit Research Institute (EBRI) is to contribute to, to encourage, and to enhance the development of sound employee benefit programs and sound public policy through objective research and education.

United States Department of Labor – https://www.bls.gov/bls/proghome.htm (BLS)

  • The BLS publishes a large amount of information on the wages, earnings, and benefits of workers in the U.S. by geographic area, occupation and industry.

Deloitte Consulting, LLP. (2013). 2013 Top five global employer rewards priorities survey.

  • This annual Deloitte Consulting survey identified the top five global employer compensation and benefits priorities for 2013, as follows:
    1. The ability of reward programs to attract, motivate, and retain employees
    2. Clear alignment of Total Rewards strategy with business strategy and brand
    3. Motivating staff when pay increases are flat or non-existent
    4. The cost of providing benefits to employees
    5. Demonstrating appropriate return on investment for reward expenditures

Harriet Komisar, H. (2013, January). The effects of rising health care costs on middle-class economic security. AARP Public Policy Institute.

  • This AARP Public Policy Institute report documents the devastating impact of national health care spending in the United States “averaging $8,402 per person in 2010 — 72 percent higher than a decade earlier when it was $4,878, and nearly triple the 1990 level of $2,854.” Employers have generally responded to higher health care costs by scaling back wage increases and shifting cost increases to their employees, or changing the type of insurance they offer.

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