MAKE ONE RESPONSE OF AT LEAST 250 WORDS TO EACH OF THE ATTACHED POSTS.
Each reply must be at least 250 original words that respond to the initial threads. Each reply must incorporate citations in current APA format from the textbook, at least 2 scholarly sources, and 1 integrated Bible verse. Any sources cited must be peer-reviewed and have been published within the last five years.
Innovative benefit practices are what are referred to as discretionary benefits, or benefits that a company offers on their own, not out of obligation (Martocchio, 2020), and they are becoming more and more common in businesses and organizations. They are becoming more common because they are an attractive incentive for employees to apply and remain with an organization. While it used to be the pay that drew in and motivated the employees to stay, now it has been shown that employees are influenced by other employment benefits (de la Torre-Ruiz, 2019). These days the employee is looking for where they can get the most, a high total reward value which includes innovative benefits (Laundon et al, 2019).
According to Indeed.com the best place to work that has the most innovative benefits is Costco Wholesale. Along with their excellent pay they also offer a 401k retirement plan, paid vacation and awesome management (Indeed.com). Not only do they have starting pay higher than most of their competitors they offer a great work culture and atmosphere that keep employees happy and staying (Indeed.com). I can tell you from my experience working in both a great working atmosphere and a horrible working atmosphere that having great management and culture is one of the most valuable benefits a company can offer, and it has nothing to do with compensation. It is one of the innovative benefits that’s often get overlooked because it does not seem to offer anything tangible that can be shown, but it is so important. Who your management is, how they treat you, and the environment they create can not only affect your job performance but also how you feel about your work and self, overall. While it cannot be measured the impact is major.
Another great innovative benefit that I have also used consistently at my company is tuition reimbursement or tuition assistance. This is being offered by many companies, one of them being Verizon (Indeed.com). This is one of the best and monetarily the biggest discretionary or innovative benefits that can be offered. Companies are helping employees return to or finish their secondary education. Not only does it help the employee accomplish their accident goals but helps them to do it with as little debt as possible because they are paying for the courses. Student loans, as with many other Americans, are a huge hassle and thorn in my side. I was overjoyed when I found out that my company offered this benefit and that I could go back to school and finish. One of the reasons I had to stop was because I was racking up way too much debt, but it is because of this benefit that I was able to graduate with my bachelor’s in business last year. And although I have it, I have not been in any great hurry to leave my company because it offers such great benefits. I think that is also one of the reasons companies have gone to the great lengths they have to offer the greatest benefits they can: just the fact that the company would invest in the employee like that, makes them feel valued and want to stay and perform well. At least I know that was the case for me. Psalm 19:14 states “May these words of my mouth and this meditation of my heart be pleasing in your sight, Lord, my Rock and my Redeemer.”(NIV, Biblegateway.com). Just as King David was appreciative of the Lord for being his Rock and Redeemer, he wanted to please God, employees usually want to please and do well for the company that gives them so much.
References
de la Torre-Ruiz, José M., Vidal-Salazar, M. D., & Cordón-Pozo, E. (2019). Employees are satisfied with their benefits, but so what? the consequences of benefit satisfaction on employees' organizational commitment and turnover intentions. International Journal of Human Resource Management, 30(13), 2097-2120. https://doi.org/10.1080/09585192.2017.1314315 Links to an external site.
Indeed Career Website. https://www.indeed.com/lead/top-rated-compensation-benefits?gclid=Cj0KCQjw7aqkBhDPARIsAKGa0oISajM89y_xIYJ-nXfDdvT20DboShMTlyqZtLqj9GN8VXjzXI_4xMUaArNxEALw_wcB&gbraid=123&aceid=&gclsrc=aw.ds Links to an external site. . Retrieved on 06/15/2023
Laundon, M., Cathcart, A., & McDonald, P. (2019). Just benefits? employee benefits and organisational justice. Employee Relations, 41(4), 708-723. https://doi.org/10.1108/ER-11-2017-0285 Links to an external site.
Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.). Upper Saddle River, NJ: Pearson ISBN: 9780135175910
New International Version. (2011). BibleGateway.com. http://www.biblegateway.com/versions/New-International-Version-NIV-Bible/#booklist
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Employee benefits are a crucial factor in attracting and retaining top talent in organizations. In today’s competitive employment market, a well-designed benefit package is essential. Employers provide benefits to their employers because it leads to happier and more productive workers and ultimately help the organization thrive. When employers provide their employees with great benefits, it increases employee loyalty and dedication; it also encourages employees to do their best work. Employee benefits are an important element of compensation packages (Martocchio, 2020). It is also very important to offer the best innovative benefit practices in organizations as well. These benefits are incentives or perks offered by the employer that are over and above the employee’s salary. For organizations to remain competitive, employers should offer incentives that go beyond compensation and standard or traditional benefits.
Traditional benefits such as; retirement, dental, vision, health and disability insurance are common benefits employers provide for their employees. They also provide innovative benefits to meet the various needs of their employees. Innovation is vital in organizations when employers are trying to differentiate their organization from competitors. It is very important to implement the best innovative benefit practices in organizations. An innovative organizational culture ensures employees in the organization are working towards improving efficiency, performance and business practices. Innovation is key in effective business management and has several positive outcomes such as improved performance, competitive advantage and creation of business value (“Sustainability, Innovation”, 2022). There are three innovative benefits employers could consider to attract and retain talent in their organization; remote work opportunity, mental wellness and flexibility. These innovative benefit practices have a significant impact on the mental, emotional, physical and over all well-being of employees of an organization.
Remote working has become increasingly popular in recent years. Remote working is a great innovative benefit because it provides flexibility, cost savings and improved work-life balance. Working remotely, workers can save money on transportation cost, parking fees and wardrobe expenses. Without having to commute, remote workers also have more time for other activities such as; spending time with family and friends, hobbies or volunteering. It can also make it easier to take care of family and personal responsibilities. Remote workers have more control over their work environment, which can lead to reduced stress level and improved overall well-being.
Mental wellness benefits are very important, it is critical employers continue to offer support and benefit programs that meet the needs of their employees. Employers should be supportive of their employees and create an environment where they feel comfortable talking about mental health issues without fear or rejection. Employers should also encourage better wellness practices the organization, such as; educational seminars and health fairs. When employers promote mental wellness it decreases anxiety, stress and depression and increases productivity, decreased absenteeism, better physical health and a competitive advantage in recruiting and retention of employees.
Workplace flexibility is a benefit that is an increasingly global phenomenon; it has increased tremendously in recent years. It is also one of the most valued qualities in the workplace. Flexible employment is an excellent option for individuals seeking a healthy work-life balance. Workplace flexibility gives employees a choice to perform work-related tasks outside the temporal and limited space of a standard workday (Lai et al., 2020). Flexibility gives workers a flexible work schedule and flexible work hours and also accommodates workers in terms of where to work. Flexibility enables employees to comply to other responsibilities, such as eldercare, childcare, school, personal errands or appointments. With less stress of a busy or hectic work schedule, employees are more engaged and productive. It also leads to loyal, focused and satisfied employees.
References
Lai, L., Besen, E., Sarkisian, N. & Xu, Q. (2022). A Sino-U. S. Comparison on Marketplace Flexibility: Evidence from Multinational Firms. International Journal of Human Resource Management, 33(3), 561-593. https://doi.org/10.1080/09585192.2020.1737174 Links to an external site.
Martocchio, J. J. (2020). Strategic Compensation: A Human Resource Management Approach (10th ed.). Upper Saddle River, NJ: Pearson
Sustainability, Innovation and Organization in Business: The Importance of Adapting to Changing Markets. (2022). Strategic Direction (Bradford, England), 38(11), 39-41. https://doi.org/10.1108/SD-09-2022-0106