chapter 3 homework assignments PDF

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1. Describe the concept of total compensation. Why is it important? Total compensation is the total value of the workers base as well as the total value of their benefits package. This can be understood by adding a section to orientation that includes the paid portion of health insurance and produce customized benefits annually during open enrollment. This is important because the benefits are essential during recruitment and retention. 2. In designing a benefits plan, what are the most important considerations for an employer? What about for the Employee? The most important considerations in designing a benefit plan are having the basic mandated benefits. Such as; generational differences, demographics and organizational budget. The most important for the employee on the other hand include workers comp, social security, 401k and health insurance. 3. Some industries are cutting back on benefits because of globalization and global competitiveness. Will globalization affect benefits offered in healthcare organizations, or is the benefits structure in healthcare insulated from these global pressures? Globalization will have a greater effect on benefits of the employee population through analyzing market data. Additionally the demographics of the employee input through opinion surveys or focus groups. 4. Employers are finding it more difficult to support health insurance coverage as a benefit, as it has become more costly than the tax savings for offering it. Is employerbased health insurance on its way out, and if so, is it more or less practical to maintain it as a benefit in a healthcare organization? I do believe that employer based health insurance is on its way out. As medium to large organizations are legally mandated to offer health benefits to full time employees or face a penalty, more reports are showing high expense cost. In order to offer benefits due to overall healthcare costs now outweighing the tax penalty, some organaizations save money by simply not offering insurance....