Human Resources: 1204356

Employee benefit program

Things that matters to software engineers

In order to understand the fact that what matters to the employees the methods like surveying needs to be done. Since at the posts of software engineers most of them are youngsters hence they give more importance to the flexibility in the job and paid leaves. The strategy of servant leadership needs to be used in the design of the employee benefits program in order to make it more employees friendly.

Determining budget

The budget that is being allocated for this task will be around 30% of the total profit generated by the company each year. This will include all the health insurances and bonuses for the employees. It will act as a share of the employees in the company’s benefit. However the pay structure for the post of software engineer will be $113605. In order to attract more numbers of people this pay structure has been set higher than the national average.

Important employee benefits

The employee benefits that need to be given to the software engineers are as follows:

  • Flexibility: Software engineers need to be given flexibility in terms of shift timings and must be given higher numbers of work from home facility. They also needs to be given flexibility in terms of the dress code as casual wears should also be permitted as it is an back-end job.
  • Bonuses: Company need to give 50% of the salary as a bonus to the employees. This bonus can be given any time of the year.
  • Health insurances: Company needs to give health insurances to the employees. This insurance must provide full reimbursement for the medical bills on health and dental issues.
  • Retirement saving plan: Company needs to give a retirement saving plan for their employees. For which the employees had to pay 10% of their salary every year that will be cut on monthly basis and 10% will be paid by the company.
  • Maternity leave: There need to be 13 months paid maternity leaves for women employees.
  • Salary hike: There should be a salary increase of 15-25% on the basis of the performance of the employees at the end of the appraisal period.
  • Additional benefits: Company needs to give additional benefits to the people in terms of paid vacations to any other city or any other country. This kind of benefits is highly liked by the current employees. However this needs to be given in every 2 or 3 year.
  • Overtime pay: If the employees work for extra hours in order to complete any project assigned to them then they must be given the overtime pay. This must be 150% of the employee’s salary.

The strategy that will be used for the development of these benefits will be of the collaborative decision making. Employees from all the departments should be given the opportunity to speak about the challenges that they are facing and the benefits that they could seek to overcome these challenges (Spisakova 2019).

Company culture

There needs to be development of the culture where employees are treated as valuable assets. The company culture must be of individual development where training and skill development need to be given higher priority (Balkin and Werner 2019). There must also be on-site and off-site social events so that a collaborative space could be developed.

Employee’s enrolment process

The enrolment process must be automatic and the claim forms for this must be easily available to the employees through the websites. Instruction, policies and guides must be given to the employees on the regular basis (Jaworski, et al. 2018). There must be development of the organised database to keep the track of administrative and financial procedures.

Review benefit plan

There must be review of the benefits that is given to the employees and this must be done on the regular basis so that any lag in the benefits can be removed from it. There must be an auditing committee in the HR team that continuously monitors the employee benefit program so that it will be as per the demand of the employees (Garabato, Gardner and Nyce, 2018).

Tell the world

It is critical for the organisation to tell the world that they have such an employee benefit program. This must be done through the help of websites and other type of the media so that other employees that are looking for the post of the software engineer in this company will not have to face challenges (Kratzer, Meissner and Roud 2017). It should be communicated to the employees as well so that they are aware of the benefits they have.

References

Balkin, David B., and Steve Werner.  2019. “The Employee Benefits and Performance Relationship: An Organization Support Theory Perspective.” Academy of Management Proceedings. Vol. 2019. No. 1. Briarcliff Manor, NY 10510: Academy of Management.

Garabato, Natalia, Jonathan Gardner, and Steve Nyce. 2018. “Global Developments in Employee Benefits.” How Persistent Low Returns Will Shape Saving and Retirement: 194.

Jaworski, Caitlin, et al. 2018. “The effects of training satisfaction, employee benefits, and incentives on part-time employees’ commitment.” International Journal of Hospitality Management 74: 1-12.

Kratzer, Jan, Dirk Meissner, and Vitaly Roud. 2017. “Open innovation and company culture: Internal openness makes the difference.” Technological Forecasting and Social Change 119: 128-138.

Spisakova, E. Dulova. 2019. “Position of Employee Benefits in Remuneration Structure.” Transformations in Business & Economics 18.2: 47.