'Compensation and Benefits Strategies Essay\r'

'Employees ar worth much than their hourly wage, even though, that is typically all that is considered by an employee while looking for a untried job or considering a imprint to a different job or employer. Employers descry employees as much more(prenominal) than the hourly or salary that they be offered to do a particular job. The benefits computer softw atomic number 18 that employers offer to employees is worth a material amount of money. wellness indemnity, action insurance, check insurance and former(a) benefits, and even some discount programmes ar part of the entire fee and benefits mailboat. Employers, and employees alike, neediness to clear and educate themselves on the added value they have by looking at the entire stipend and benefits computer software and comparing it to other companies before taking a position for a higher hourly or salaried rate. Centura puff upness is evaluated throughout this paper regarding their hire and benefits strategi es.\r\nMarket Evaluation\r\nCompanies in competing markets need to last what their competitors are offering in terms of compensation and benefits packages so that they are able to stay certain with what other organizations are offering their employees. Researching and understanding the compensation and benefits of competitors is a vital put to work in hiring and go intoing parvenu employees from the regular job market of employees and when trying to recruit employees away from their current employer. Understanding the compensation organise of your own company, and of your competitors, leave alone make evaluating the current anatomical structure easier and then making it more appealing to employees abstracted to be employed by the organization depart be a more informed finale making process. Centura tumefyness, Kaiser Permanente, and the University of conscientious objector infirmary will be reviewed.\r\nCentura wellness\r\nCentura wellness is one of the largest employe rs in Colorado. Centura health’s website states, â€Å"Centura health takes pride in providing a all-round(prenominal) benefits package that’s designed to animise health” (Centura wellness, n.d., p. 1). Centura wellness is looking for talented employees that will second them continue their mission and support their signalise values. Centura wellness offers competitive wages, health insurance, prescription coverage, vision, and dental through their health benefits package.\r\nCentura wellness offers short-term and long disability packages along with brio insurance and unintended expiry insurance for an additional low fee. Centura Health offers a paid quantify-off (PTO) that accrues during each pay extremity and 401k and other retirement programs. An employee assistance program is offered by Centura Health for employees who may need counseling or a referral to a counselor to help them coping with issues in their work or home life. Centura Health also has an associate discount program that offers discounts on many advantages such as electric cell phone carriers, life, and car insurance among many other discounts.\r\nKaiser Permanente\r\nKaiser Permanente (KP) is another one of Colorado’s largest employers and a dominate player in hiring talented health wangle employees. Kaiser Permanente’s website states, â€Å"we understand that providing excellent service to our employees enables you to provide excellent service to our members. As a result, we offer a total compensation package designed to enhance the lives of you and your family member” (Kaiser Permanente, 2015, p. 1). Kaiser Permanente offers a total range of benefits to their employees with enrolment into the KP health insurance beingness at the top of their list. Kaiser Permanente also offers â€Å"flexible outlay accounts (FSA), health savings account (HSA), supplemental life insurance, occu spewional accident insurance, mental health, care, ac cidental death and dismemberment insurance, dental insurance, vision insurance, life insurance, disability insurance, health care on-site, and retiree health and medical examination” (Kaiser Permanente, 2015, p. 1). Kaiser Permanente also has other benefits under the following categories for employees, monetary and retirement, family and parenting, vacation and duration off, perks and discounts, and professional support. All of these categories prosper into additional orbital cavitys of benefits to employees.\r\nThe University of Colorado Hospital\r\nThe University of Colorado Hospital is also one of Colorado largest employers in healthcare. The University of Colorado Hospitals (UCH) website states, â€Å"We are proud to provide competitive and comprehensive health and welfare benefits as part of our complete Rewards program” (University of Colorado Health, 2014, p. 3). The University of Colorado Hospital, like the previous(prenominal) employers, offer a medical health plan, life insurance, accidental death and dismemberment insurance, short and long-run disability insurances, and dental and vision plans. The UCH offers a bloodsucking day care spending account (DCSA) to their employees to help pay the cost of day care with exempt dollars.\r\nThe UCH also offers their employees the ability to sign up for a group court-ordered plan. The University of Colorado Hospitals benefit registration guide states that their UltimateAdvisor program, â€Å"offers you a wide range of legal work to help you prevent and resolve day-after-day legal issues” (University of Colorado Health, 2014, p. 17). The daycare and legal programs offered by the UCH are not offered by their competitors and make them more desirable when comparing compensation and benefits packages.\r\nCompensation social organization\r\nCentura Health uses an annual employee review form called Performance, Feedback, and training (PFD) to review employees to determine if they are eligible for a yearly raise. This process involves the employee rating themselves on how they are meeting their job performance in treaty with Centura’s seven vegetable marrow values. The seven core values are compassion, respect, integrity, spirituality, stewardship, imagination, and excellence (Centura Health, n.d., p. 1). This process is time intensive and cumbersome for employees and managers to sit down and spell out scenarios and narratives for these values. Employees skip the self-assessment section by doing the bare stripped-down of just checking the auto-populated response available to meet their call for timeline for turning in the assessment.\r\nMarket Position\r\nCentura Health’s market position falls into the large-sized companies. Centura Health employs â€Å"17,100 employees and associates” (Draper, 2014, p. 1). Centura Health is expanding into a new health campus and new physician buildings in the northern capital of Colorado metropolita n area. Centura Health had a net income of $61.5 million â€Å"(Sealover, 2013, p. 1). Centura Health operates 15 hospitals throughout Colorado after the modern expansion into the St. Anthony North Health Campus.\r\nCompensation and Benefits\r\nCentura Health needs to stay competitive when offering their compensation and benefits package to new employees. The existing compensation package that Centura Health offers is solid and market comparable to their competitors. As Centura Health continues to expand their locations and the need for employees continues to grow it would be advised that Centura Health looks at daycare benefits to their employees with shaverren and, to include, aged(a) family members who may need assistance of daycare programs as well. Centura Health promotes health and wellness throughout their system and has recently stopped hiring any employee that smokes. Employing healthier employees does some(prenominal) things for Centura Health.\r\nSick time will be r ock-bottom by hiring healthier employees, reduced profit going away by having more employees at work than on sick time and reduced health insurance costs for both(prenominal) Centura Health and the employee. Work-life balance is authorised for Centura Health to review in their compensation and benefits packages. Centura Health stick out benefit from telecommuting for many administrative jobs and to support more flexible work schedules for employees who need to start earlier or later and terminate stay for the full shift amount of time because of their home life requirements. Work-life balance is important to employee’s health and wellness and offering additional options into the conceptualize mold of being a healthcare actor will make Centura Health a more desirable employer for the talented employees they want to employ.\r\nPerformance Incentives and chastity Pay\r\nCentura Health would benefit from a reward-based program that would include bonuses, for employees who are doing the non-management and non-executive jobs. Incentive Compensation for employees creates a work environment of higher performance and rivalry between employees. Employees and lower level management cease give each other a pat on the back for a job well done, cost savings identification or a heroic moment with a patient, but those moments are short-lived. Rewarding employees speaks volumes when trying to create a absolute work-life balance in an organization. Creating an incentive-based program that management can reward on-the-spot accomplishments creates the need to do ameliorate with the other employees in the organization. Recognizing employees for a job well done with an incentivized program using gift cards, bonuses, or additional PTO motivates others to try and receive these awards. Creating a positive competitive work environment encourages employees to reach to work better, do better, and be better.\r\nLaws\r\nThe Employee Retirement Income hostage Act (ERISA) was originally created to direct issues with pension plans and did not address health, life, disability, or medical benefits. ERISA has been modified, for the most part, to address pension plans, but the medical coverage area was modified with the creation of the Consolidated Omnibus work out Reconciliation Act of 1986 (COBRA) and the Health Insurance Portability and accountability Act of 1996 (HIPAA). COBRA was created â€Å"to provide continuation of group health coverage that otherwise might be alter” (United States Department of Labor [USDOL], n.d., para. 1).\r\nCOBRA\r\nCOBRA is offered to employees who have been terminated, either voluntarily or involuntarily, without any gross misconduct or because of the reduction of work hours by the employer. COBRA is paid for due by the employee and at higher rate than offered through their plan when they were employed. The qualified employee must be offered uniform coverage to the plan they had while employed. COBRA is usual ly an also expensive option for employees that have been released from their jobs.\r\nHIPAA\r\nHIPAA is a federal law that â€Å"limits pre-existing condition exclusions, permits special enrollment when certain life or work events occur, prohibits favoritism against employees and dependents based on their health status, and guarantees availability and renewability of health coverage to certain employees and individuals” (United States Department of Labor [USDOL], n.d., para. 3). peculiar(a) enrollment examples are exhaustion of COBRA benefits, marriage, and new child by birth or adoption. The employee is to be effrontery a 30-day period to request the special enrollment option\r\nregardless of the plan’s direct enrollment dates as provided by the employer.\r\nConclusion\r\nCentura Health is one of Colorado’s largest providers of healthcare services and largest employers. Centura Health has invested in understanding the health care market so that they can provide a competitive and attractive compensation and benefits package to tempt talented employees. There is a benefit to Centura Health and the employee regarding understanding the package presented to them during the hiring process so that both parties understand the worth they are gaining with employment. The compensation and benefits process for an employer is worth an in-depth review of their competitors and the market the organization is in.\r\nReferences\r\nCentura Health. (n.d.). Compensation, Benefits and nurture Reimbursement. Retrieved from http://www.centura.org/careers-and-education/compensation-benefits-and-tuition-reimbursement/ Centura Health. (n.d.). Mission & Values. Retrieved from http://www.centura.org/about-us/mission-and-values/ Draper, E. (2014). Colorado hospital giant Centura Health to stop hiring tobacco users. Retrieved from http://www.denverpost.com/news/ci_26977759/colorado-hospital-giant-centura-health-stop-hiring-tobacco Kaiser Permanente. (2015 ). Benefits, pay, and enrollment. Retrieved from http://www.kaiserpermanentejobs.org/employee-benefits.aspx Kaiser Permanente. (2015). Kaiser Permanente Benefits. Retrieved from http://www.glassdoor.com/Benefits/Kaiser-Permanente-US-Benefits-EI_IE19466.0,17_IL.18,20_IN1.htm Sealover, E. (2013). Denver hospitals post healthy profits. Retrieved from http://www.bizjournals.com/denver/news/2013/05/30/denver-hospitals-post-healthy-profits.html United States Department of Labor. (n.d.). Applicable Laws, Regulations, Publications and Related Links. Retrieved from http://www.dol.gov/elaws/ebsa/health/7.asp United States Department of Labor. (n.d.). Frequently Asked Questions COBRA Continuation Health Coverage. Retrieved from http://www.dol.gov/ebsa/faqs/faq_compliance_cobra.html University of\r\n'