In my paper I would like to expand on three different companies and compare and contrast their benefit plans, and packages that are offered to their employees. These companies are Walmart, The Home Depot and Lowes. “Pay and benefits are critical factors in the attraction, motivation, and retention of talent and it is probably unwise to consider them as separate entities (Morgan & Stark 2014, pg. 5). One of the main attractions for me at my place of employment is the benefit options that were offered to me during the orientation period. The benefits included dental, vision, HMO or PPO plans and a flex pay spending account.
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According to Morgan and Stark (2014) “Benefits are commonly referred to as a fringe or perks compensation that is neither wage nor a salary. “ I believe benefit packages are things that engage employees because it gives them something to look forward; to knowing that if they get ill they are covered from their companies benefit package. Other ways that can help keep employees engaged is by rewarding them for the good deeds. “ Organizations look for ways to motivate employees in the workplace, and pay and rewards play an important role in motivation” (Morgan& Stark 2014 9.1) According to Walmart’s website (2014) their benefit packages includes Health insurance, Life insurance, Disability insurance, Critical illness insurance, short term and long term disability insurance, business travel insurance, and illness protection which generally means sick time. While researching the benefits offered I noticed that critical illness insurance is not offered at most companies and that was very impressive. According to Walmart’s media relations Molly Blakeman, (2014) “Recent research proves that more than 60 percent of people have difficulty understanding their health insurance plan options and nearly 40 percent feel they picked the worn plan after enrollment” I have also felt this this frustration when trying to chose the proper plan for health insurance it is very important having someone who is knowledgably explaining the facts in a way that is understandable and not very complex, most times it is too late to switch your plan until open enrollment rolls around in a another year. “The 1980’s witnessed marked changes in the American business environment, changes that have brought employee benefit packages to the forefront of corporate personnel policies economically, the combined interest
According to Morgan and Stark (2014) “Benefits are commonly referred to as a fringe or perks compensation that is neither wage nor a salary. “ I believe benefit packages are things that engage employees because it gives them something to look forward; to knowing that if they get ill they are covered from their companies benefit package. Other ways that can help keep employees engaged is by rewarding them for the good deeds. “ Organizations look for ways to motivate employees in the workplace, and pay and rewards play an important role in motivation” (Morgan& Stark 2014 9.1) According to Walmart’s website (2014) their benefit packages includes Health insurance, Life insurance, Disability insurance, Critical illness insurance, short term and long term disability insurance, business travel insurance, and illness protection which generally means sick time. While researching the benefits offered I noticed that critical illness insurance is not offered at most companies and that was very impressive. According to Walmart’s media relations Molly Blakeman, (2014) “Recent research proves that more than 60 percent of people have difficulty understanding their health insurance plan options and nearly 40 percent feel they picked the worn plan after enrollment” I have also felt this this frustration when trying to chose the proper plan for health insurance it is very important having someone who is knowledgably explaining the facts in a way that is understandable and not very complex, most times it is too late to switch your plan until open enrollment rolls around in a another year. “The 1980’s witnessed marked changes in the American business environment, changes that have brought employee benefit packages to the forefront of corporate personnel policies economically, the combined interest