Choosing Benefits

Hey Everyone,

This blog post will be about what was discussed during class. In class, we were given the opportunity to group up with other members to come up with a list of benefits that companies use. We then took those benefits and ranked them on what will be most likely be cut if needed. I will go over that list and talk about my own thoughts on the ranking, while also talking about how that may change as the demographic of the workforce is changed.

Some of the benefits that were discussed in the group meeting were things such as medical, 401k, employee discounts, vacation time, maternity leave, and various wellness programs. Medical, vacation time and retirement benefits were the top three to keep, in that order. And things like maternity leave were also deemed mandatory. I totally agree with the ranking. Even though these are “optional” benefits, the times have led to these becoming the norm, and when a company does not offer these benefits, many will be deterred to work for that company. This is especially true if their previous job offered these. Additionally, maternity leave is needed because it helps secure the job position for getting ready for a child and it seems terrible to think that individuals will lose their position jest because they need that time to get ready for a new family member. On the other end, things like daycare services and gym/gym memberships are on the lower end. Gyms may not be the most necessary for some companies, as most of their work may be very labor-intensive and the workers would not appreciate the gesture. As for daycares, while it is nice it does not compare to benefits such as retirement benefits and maternity leave. Overall, I agree with the list and there are no major changes that I would make.

Now to talk about different demographics influencing the benefit choice. For companies that are mostly comprised of minority groups and lower-middle-class members, they may have to focus on more tangible benefits such as medical and vacation and bonuses. As we talked about it before, Maslow’s needs say that people need to meet certain requirements in the lower category before they can even think about the one above. Individuals that are having a hard time meeting end’s meet may not appreciate a gym membership and rather have free medical because medical is a basic need. And if a person have met those needs they may be more open to having more “social” types of benifits.

This week’s discussion was a great look into some of the rational that companies may have when selecting their benefit packages.

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