Flexible Benefits in Health Sectors Essay
Flexible Benefits in Health Sectors Essay
Many businesses and organizations offer flexible benefits as part of their benefits program. Starting with medical plans and having the ability to revised schedules to receiving a great retirement plan. There are numerous organizations that must comprehend the value of their employees and that it’s important to make sure they’re satisfied, by giving flexible benefits they can maintaining their workforce with qualified individuals. The description of a flexible benefits plan is that it permits the worker the chance to choose what type of benefit being offered by the employer that will fit their needs. These types of plans may include healthcare elements like medical, dental, vision, and dependent care (David A. DeCenzo, 2018). Flexible Benefits in Health Sectors Essay.
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I start with researching blue cross and blue shield and found that there is a company named Premera Blue Cross. How did blue cross start? In 1929, Justin F. Kimball working with Baylor University Hospital in Dallas, Texas established an advance payment arrangement that offered a 3-week stay in the hospital and it covered a semi-private room (Premera Blue Cross, 2018). This was the start of medical insurance and it was associated with single hospitals. In 1932, an individual had their choice of hospitals. Then in 1933, the AHA endorsed and developed advance payment plans (Premera Blue Cross, 2018). Flexible Benefits in Health Sectors Essay
In 1998 the name was changed with the merger of Blue Cross Washington and Alaska with Medical Service Corp. to Premera Blue Cross. Five years later they announced a new methodology for healthcare plans which was called “Dimensions”. This model for providers makes available to the customers more products at reduced prices and added procedures and new technology. Premera wanted to increase and attracted the qualified individual that worked in healthcare (Premera Blue Cross, 2018).
Since healthcare has had tremendous change throughout the years with new laws such as HIPAA, and the most recent Affordable Care Act. At Premera, benefit plan improve their employees through physical, emotional, and financial health which consist of health, life and death insurance, plans for retirement, time-off and vacation pay. Once hired the benefits goes into effect after the employee has worked 20 hours per week (Premera Blue Cross, 2018). Flexible Benefits in Health Sectors Essay
Their viewpoint is that the look out for all employees because their a team, therefore it is important that they invest in their total health means the business by large will succeed. Since, Premera is a Hugh health insurance plan that provides services to more than 2 million people that they’re committed to offering reduced cost to its customers and employees because it is focused on the wellness and preventing, disease management, and patient safety. Their vision is to improve the lives of the customer by ensuring healthcare that works better. They are dedicated in giving back to the community through monetary efforts, volunteering and partnerships in their effort to make healthcare better. However, their values of putting customers first they announced that over a five-year period they would be investing 40 million in Washington and Alaska for behavioral health illnesses. Behavioral illnesses can include several conditions such as:
• Depression
• Anxiety
• Mood disorders and
• Substance abuse (Premera Blue Cross, 2018).
They hope to be able to impact the community with additional programs to meet the needs. Whereas only 20 percent is being addressed by providers across Washington and Alaska.
Premera is not stopping there but is including both people of color and low-income families, because these are the ones that seem to fall through the cracks and don’t always receive the required healthcare that is needed. Premera is committed to servicing:
• The whole person
• Giving quality care
• Finding solutions for difficult issues
• Collaborating with other organizations with the same goals (Premera Blue Cross, 2018).
In the healthcare industry, Premera Blue Cross has created an approach to employing and maintaining their workforce through offering substantial payments and the outstanding flexible benefit plans. By investing in the employees, they are creating a positive environment that promotes a productive workplace. It also shows that Premera realizes its success is based on not only the customers but how they treat the workforce (Premera Blue Cross, 2018).
References
David A. DeCenzo, S. P. (2018). Fundamentals of Human Resource Management (12th Edition). Wiley.
Premera Blue Cross. (2018). Retrieved from Our History: https://www.premera.com/wa/visitor/about-premera/our-story/history/
Premera Blue Cross. (2018). Retrieved from https://www.premera.com/wa/visitor/about-premera/supporting-our-community/premera-social-impact/
Premera Blue Cross. (2018). Retrieved from https://www.premera.com/wa/visitor/about-premera/fact-sheet/
Many businesses offer their employees fringe benefits. According to Businessdictionary. com (n. d. ), “Compensation in addition to direct wages or salaries, such as company car, house allowance, medical insurance, paid holidays, pension schemes, subsidized meals. Some fringe benefits are regarded part of a taxable income. ” There are different types of fringe benefits. Every benefit offered falls under one of four different classifications. The first classification is employment security. Flexible Benefits in Health Sectors Essay
Maternity leave, sick time, bereavement, and cost of living adjustments are just of few of the fringe benefits that fall under this area. The next classification is health protection. Under this heading short-term and long-term disability are offered as well as workman’s compensation insurance and life insurance. Another classification is old age and retirement. Just as it sounds this area provides aging individual with deferred income options, old age assistance, and pension plans. The final classification is personnel identification, participation, and stimulation.
Different types of incentive pay are covered under this heading along with many different free or discounted services (Sardhar, n. d. ). Some of the most common fringe benefits that are offered are employment security, retrenchment compensation, layoff compensation, and safety and health. Employee security provides every employee a sense of peace for not only their physical safety but also his or her financial and mental well-being. Retrenchment and layoff compensation are supported by the industrial disputes act of 1947.
In summary, the law states that any employer who employs 50 or more people has to either give employees a full months notice of their job loss or up to 45 days of pay in the case of retrenchment. Layoff compensation is only required at 50 % of their wage up to 45 days. Most safety and health benefits are required and monitored by the Occupational, Safety, and Health Administration (Sardhar, n. d. ). Employers offer fringe benefits for many different reasons. One is to improve relations within their market niche. Flexible Benefits in Health Sectors Essay
Another is to support and improve the morale in the working environment. Understanding the needs of the employees and satisfying the needs that are not can be another reason businesses offer fringe benefits. Companies also choose to offer different types of fringe benefits to provide a quality working environment. Employers also provide security to their working family by protecting them from different social risks. The health and welfare of every employee is also important and another reason fringe benefits are offered.
Turnover can be very costly for any business so maintaining loyal workers is a positive effect of fringe benefits. Probably one of the most evident reason employers provide these benefits to employees is that they are required to by law (Sardhar, n. d. ). References Businessdictionary. com. (n. d. ). Fringe benefit. Retrieved from http://www. businessdictionary. com/definition/fringe-benefit. html Sardhar, M. (n. d. ). Types of fringe benefits. CiteHR. com. Retrieved from http://www. citehr. com/148249-types-fringe-benefits. html
Flexible working is a manner of a work pattern that allows the employees the freedom in make up one’s minding how the work will be done and how they will organize their agendas and pull off their clip. The employer sets certain bounds such as the nucleus clip during which flexible clip employees must be present and the figure of hours of work every twenty-four hours.
Flexible working is a cardinal component to concern success but is frequently categorised by the human resource ( HR ) map as a ”family friendly ” benefit. This is frequently one of the grounds that flexible working is non viewed strategically by employers and is frequently seen as an employee benefit. However, flexible working is turning quickly in many administrations, thanks partially to statute law such as that in the UK, which giving the right to parents of immature kids to bespeak flexible working every bit good as carers of handicapped and aged relations. This right is non automatically extended to other employees. There are besides new signifiers of contractual agreement that sometimes acquire included in the flexible on the job definition. Shift work and Part-time working have been around for a long clip but newer agreements including household contracts and occupation sharing are get downing to look. The ultimate flexible worker could possibly be the freelance person who has entire control over when and where they get the work done.
Flexible working agreements in an administration can be built from many pieces such as to increased committedness and trueness, addition public presentation, keeping of staff, enlisting, reduced absenteeism. The topographic point of work has besides become more flexible, encouraged by nomadic and laptop engineerings that allow people to work from their practical office wherever they are.
At a clip when productiveness and increased competition are a precedence, doing a nexus between flexible working and organizational demands is cardinal factor as it is of import to recognize and leverage the benefits that flexible working can add particularly during these unsure times of economic recession.
Some of the common concerns and issues where economic force per unit area affects the concern are the force per unit area to cut down head count, force per unit area to cut cost and pull outing maximal value from all concern assets.
Cuting head count is a common response for fighting administrations ; nevertheless it may transport with it hidden costs which damage the administration in the longer term. For illustration, acquire rid of the concern most valuable assets, its staff it is unsafe for the long term success of the concern as rivals can pick them up and add value to their concerns. Flexible working here, in the signifier of decreased hours working in its many different signifiers ( parttime hours, occupation portion, term clip working etc. ) can be used to redistribute work across more reduced-hours stations. Harmonizing to a study of 1,200 concern leaders ( Leaders in London ) , most foremans intend to offer flexible on the job hours instead than pay rises to assist retain their staff during the current economic downswing ( Channel 4 News 11 August )
Avoiding the costs of both redundancy and enrolling new staff when concern public presentation improves, are accomplishable ends. The keeping of accomplishments and cognition along with the committedness that employees will experience for an administration which has actively sought to maintain them on, will be of benefit in arousing high public presentation, which is important for the success of the administration. As Linda Holbeche, CIPD manager of research and policy points out, “ Peoples are normally prepared to travel the excess stat mi if they believe in what they ‘re making, if they feel it ‘s worthwhile, if they feel reasonably treated and have the chance for personal growing ” . Flexible Benefits in Health Sectors Essay
It is besides deserving sing the employees that left buttocks and how the decrease in demand for the figure of employees affects them in footings of morale, increased work loads and insecurity. Where an administration additions its competitory border from its people, the job when is cutting into the work force is likely to be how to pull off the same or increased work loads with fewer people, who are likely experiencing unhappy with the administration. Once more flexible working can be used here as a tool to maintain employees balanced and focussed and experiencing valued in the concern every bit good as aid the administration to manage more work.
For little and average size endeavors ( SMEs ) , flexible working can be a procedure which will likely be more direct and successful to the common benefit of concern and employees particularly when times are tough.
Each employee is a cardinal portion for SME ‘s mundane success as their competitory border most of the times lies in their people. For illustration, when one individual leaves, it has a much larger consequence in a SME than in a bigger company. Therefore utilizing working methods which increase trueness and motive, like flexible working, should hold a positive consequence on public presentation.
Another manner that flexible working can truly do a difference is the ability to cut down concern cost for premises, energy and travel utilizing the engineering that is available today. For illustration, BT as a manner of cut downing their estate costs and cutting their belongings portfolio developed a home-based working programme which based people at their places alternatively of in their offices, associating squad members through package and hardware tools. They estimate that their economy from this attack were & A ; lb ; 450m per twelvemonth. Furthermore, absenteeism is reduced and keeping has increased dramatically. Besides they cut down the cost of travel every bit much as possible by presenting techniques like phone and picture conferencing and meetings with co-workers in different offices, which might be located globally, are non necessary.
Most strategies of flexible working are highly successful nevertheless, there are some issues that need to be see such us jobs of equity for illustration some section can hold certain forms and others ca n’t, the everyday meetings timing, if the clients demands are fitting with this manner of working besides the deficiency of entree to the right engineering is seen as a block to place working for workers. Company civilization and image besides play a important portion in the attitudes towards flexible working patterns. Flexible Benefits in Health Sectors Essay.
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In decision, disputing economic times can be used as an chance to see following a different strategic attack to working patterns and bettering the public presentation of the administration. The rate of return on tenable and planned flexible working undertakings can be really high taking to improved concern public presentation on service bringing and client satisfaction and decreased enlisting and keeping costs.Flexible Benefits in Health Sectors Essay.