Prior to this course my preference in benefits have always catered towards long-term stability. Growing up in a low-income household individuals as myself learn to prioritize consistency and security. Over half of American’s, across the country, 66% to be exact, believe they do not have enough financial security to afford an unexpected doctor visit, this is one of the many issues within our country that involves healthcare. Uncertainty is often a determinant for how an individual plans for the future. With that being said, my initial ranking for my preferred benefits is as listed starting with “employee care” as I define as health, dental, and vision insurance.
- Initial Ranking:
- Employee Care (health, dental, and vision insurance coverage)
- Flexible Hours
- 401(K) Matching
- PTO
- Pay for Knowledge
- Wellness programs
Before MGMT 449 along with the 400 series of our BA blueprint courses, I have always placed priority on those benefits that require high costs, like health insurance. After these courses and further exploration into other discretionary benefits I have developed a slightly adjusted list that better suits my financial goals and understanding or current and future needs. Added into my new ranking include Remote work, unlimited vacation and daycare.
- Revised Ranking:
- Employee Care (health, dental, and vision insurance coverage)
- 401(k) Matching
- Flexible Hours
- Unlimited vacation
- Pay for Knowledge
- Daycare
- Wellness Programs
- PTO
After learning about the long-term importance of finances down the road, and new work practices remote work became an important part of work benefits for my future. Employee care is further prioritized along with 401(k) matching as it pertains to long term financial stability. I included daycare because I hope to have a family, with that caring for kids comes at a high cost. Daycare would be a great additional benefit that can make the lives of employees much easier to navigate, it would be one less thing to stress about as I navigate my career. I highly value flexibility at work since, more-so unlimited vacation as well because of the cost-saving opportunity but it also is much more appealing. There are many factors that could influence an employers decision on discretionary benefits. Often time at top tech companies included benefits could be anywhere from yoga and relaxation techniques to also gym memberships that encourage employees to live healthy and get away from the computer screen. Some companies will even send you away for paid vacation as a method to get you out of the office. I believe most employer’s can decide on which benefits to choose based on work environment, affordability, and demand. At a very high output company where one may work overtime often, employees would rather prioritize OT pay instead of a daycare. If the work one does is laborious or requires a ton of effort employees generally will prioritize health care to make sure they are taken care of for the future. Everyone through the years will determine what’s important for themselves from previous job experiences. Some love to be involved and invested, often asking for profit sharing or stake in the company, other employees might just want more vacation or sick hours. It is as easy providing cafeteria lunches or gym memberships. However one decides to move forward is up to their own needs.
Leonhardt, M. (2021, January 5). 66% of Americans fear they won’t be able to afford health care this year. CNBC. Retrieved February 19, 2022, from https://www.cnbc.com/2021/01/05/americans-fear-they-wont-be-able-to-pay-for-health-care-this-year.html
Jones, K. (n.d.). EBSCOhost Research Platform: EBSCO. EBSCO Information Services, Inc. | www.ebsco.com. Retrieved February 19, 2022, from https://www.ebsco.com/products/ebscohost-research-platform
