Managing people Essay Example | Topics and Well Written Essays - 3000 words

Managing people - Essay exemplificationEmployees of auspices24/7, Ltd. are very much aware of their rights and the eudaimonias they stand eligible for, and they know that benefits are crucial to get them some extra support in the tough financial times. However, historical trends of the company show that benefit costs has become a main concern for the employers because the cost of certain benefits even surpasses the wages, like the aesculapian expense coverage. This following section will discuss some very important employee benefits being offered in Security24/7, Ltd.The HRM practice of negotiated benefits offered in the company include those benefits which collective bargaining covers, like healthcare, flexible spending accounts (FSAs), pensions, personalised days, paid vacations, holidays, reduced tuition for children under 26 and spouse, and tuition assistance.Security24/7, Ltd. employs group health plans to provide medical care to the employees and their families through i ndemnity or reimbursement. The company also pays for health insurance premiums. Health insurance premiums make health insurance an employee welfare benefit, maintained by the employer or the union. The company implements Employee Retirement Income Security Act (ERISA) that covers most of the private sector health care plans, and provides medical protection to its employees and beneficiaries. The individuals who are appoint to manage these plans are required to meet certain standards or the code of conduct that is specified by the law. ERISA is administered and enforced by The Department of Labors Employee Benefits Security Administration (EBSA), which provides information on health plans for the employees, and also conformance assistance information for the employers.Retirement benefits are negotiated benefits which are actually employee defined contribution plans. Pensions are the superlative employee benefit for the retirees of