Question

You are the benefits manager in a firm metaphorically described as part of the rust belt, in Syracuse, NY. The average age of your 600-person workforce is 43. Eighty-eight percent of your workforce is male, and there is hardly any turnover. Not much is happening on the job front. How do these facts influence your decisions about designing an employee benefit program?

Answer 1

Answer:

The outside market certainly impacts choices about structuring a representative advantage program. Syracuse is a declining market where work supply surpasses request, i.e., low turnover. In the short run, it is conceivable to save money on both advantage and compensation costs.

A choice to pay underneath the market models will set aside the organization cash, without bringing about heavier turnover. In any case, since workers have a feeling of economic situations, the better representatives may rush at the primary chance.

The second piece of the inquiry pose about advantages for a more seasoned working environment. Proof proposes there is higher enthusiasm for annuity and social insurance benefits among more seasoned laborers.

The representatives ought to be inquired as to whether the present blend of advantages is addressing their needs, and whether a move in certain assets to either of these classifications may be invited. Keep in mind the general costs must be controlled since any expanded payouts must be met by decreases somewhere else.