3-2-3 Total Rewards Benefits
docx
keyboard_arrow_up
School
Bellevue University *
*We aren’t endorsed by this school
Course
605N
Subject
Health Science
Date
Dec 6, 2023
Type
docx
Pages
3
Uploaded by ChefKnowledge1435
From a recruitment standpoint, the following have been ranked based on their relevance and worth in
an employee's life.
Vision
Dental
Life Insurance
FSA
EAP
Based on the above benefits, health insurance would take priority. As a result, vision and dental
insurance would be of highest importance. Dental would be of highest importance as it is extremely
expensive to employers. Additionally, employees of
a manufacturing plant will most likely benefit the
most from this insurance. This type of plan usually provides services such as x-rays, routine check ups,
restorative procedures, etc. (Jain, n.d.). According to Simply Insurance, “the average monthly cost of
dental insurance in California for one person is $35, or approximately $424 per year” (El, 2023,p13).
Average premiums for family plans are increasing tremendously. As a result, employers end up paying,
on average, 73% of health insurance premium costs for family coverage and 83% for single coverage. This
is equivalent to $16,357 annually for family coverage and $6,584 annually for single coverage per
employee (Walker, 2023,p5).
Vision would be ranked in second due to employees and management needing excellent vision for
employment in the chemical factory. Vision insurance ensures that all employees have access to
adequate vision treatment.This is an essential benefit that workers receive, and it may help to attract and
keep them. Overall, dental and vision insurance helps employees maintain their health, which can
impact overall well-being and productivity. Investing in employee wellness through health insurance
benefits can help keep employees healthy and working. Without access to preventative care, employers
may end up having more employees out for long periods of time with serious illnesses (Compliance
Legal, 2023). Additionally, when employees have the tools to prioritize their health, they become
motivated.
Due to the dangerous nature of working on a chemical manufacturing plant, life insurance would be next
of importance. Life insurance provides financial protection for employees and their families in the event
of an employee's death, offering a safety net and peace of mind (Thomas, 2021). Life insurance can be
extremely beneficial to all of the workers, allowing them to worry less and work more effectively.
Offering life insurance also demonstrates the company's commitment to the well-being of its employees
and their families.
Next of importance would be a flexible spending account. Flexible spending accounts are highly useful
for employees because they allow them to deposit a certain amount that may be used for any medical
expenditures that are not covered by the employee's insurance coverage. One of the benefits is the fact
that it is tax free. Flexible spending accounts are of least importance compared to the other benefits
because FSAs are overly complicated. They often favor people with higher incomes. FSAs are “an
expansion of a very inefficient way of subsidizing health insurance” (Scott, 2023,p3). The people who
benefit the most from these accounts are less likely to really need the assistance, while the people who
could use the help are less likely to have the option of enrolling in an FSA in the first place.
The employee assistance program would be ranked last in terms of retaining employees.
EAPs can help
employees deal with personal and work-related issues that may negatively impact their job performance
and productivity. By providing confidential counseling and support services, EAPs can help employees
address these issues and improve their overall well-being, which can ultimately lead to increased job
satisfaction and retention (Denovo HRC, 2019).
While EAP’s have proven to be beneficial at retaining
employees, not all employees may need or profit from this type of benefit. Additionally, the physical risks
associated with working in a chemical manufacturing plant may require workers to prioritize healthcare
expenses over counseling services (Thomas, 2021).
While the EAP may be beneficial to some employees, I would recommend removing this benefit from the
list because it does not assist all employees. Employees usually view EAPs as a resource to use once they
are already at risk. While most EAPs can provide employees with crisis support, they may not be effective
in preventing or managing burnout or other mental health concerns. EAPs can be viewed as reactive,
while health insurance and FSA's are proactive in promoting mental and physical health. To replace
EAP’s, the manufacturing plant should consider incorporating a retirement plan. This plan should focus
on ensuring financial stability for employees even when they decide to leave the company. Incorporating
a retirement plan would be beneficial to workers at a chemical manufacturing plant because it would
provide them with a retirement savings tool that would enable them to build wealth and prepare for
retirement. This is particularly important in the United States, as government social security programs
are not necessarily effective at providing retirement support. Offering a retirement plan can increase
employee job satisfaction and engagement and this can be especially true in physically demanding
industries such as manufacturing. Additionally, with the median employee age in the materials
manufacturing industry being 43 years, a retirement plan provides older employees with a way to
prepare for retirement and live comfortably after they retire (Mployer Advisor, 2022).
References
Compliance Legal. (2023, April 26). Should You Offer Employees Health Care Benefits?
Www.wolterskluwer.com. https://www.wolterskluwer.com/en/expert-insights/should-you-offer-
employees-health-care-benefits
Denovo HRC. (2019, November 22). The Differences Between EAPs and Employee Wellness Programs.
Denovohrc. https://www.denovohrc.com/single-post/2019/11/22/difference-between-eaps-and-
employee-wellness-programs
El, S. (2023, April 21). Best Dental Insurance In California (from $35/month). Www.simplyinsurance.com.
https://www.simplyinsurance.com/best-dental-insurance-california/#:~:text=The%20average
%20monthly%20cost%20of
Jain, R. (n.d.). Employer Sponsored Dental Insurance Eases the Pain. BLS.gov. Retrieved November 25,
2023, from https://www.bls.gov/opub/mlr/1988/10/art3full.pdf
Mployer Advisor. (2022). Materials Manufacturing Industry- Employee Benefits Summary.
Mployeradvisor.com. https://mployeradvisor.com/state-benefit-guides/employee-benefits-summary-for-
the-materials-manufacturing-industry
Scott, D. (2023, October 16). Who thought flexible spending accounts were a good idea? Vox.
https://www.vox.com/policy/23892823/healthcare-flexible-spending-account-fsa-hsa-wageworks
Thomas, M. (2021, May 26). The Importance of Insurance for Chemical Engineers. Www.aiche.org.
https://www.aiche.org/chenected/2021/05/importance-insurance-chemical-engineers
Walker, E. (2023, July 6). How Much Do Employers Pay for Health Insurance? | PeopleKeep.
Www.peoplekeep.com. https://www.peoplekeep.com/blog/cost-of-employer-sponsored-health-
insurance
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help