Business Finance Homework Help

I’m working on a management discussion question and need support to help me learn.

Please remember, you are reading these peoples opinions and sharing your thoughts about what they said concerning the topic. You’re not analyzing or criticizing.

Each response should consist of some of these starter sentences

“ I enjoyed reading your post about ______…… “

“ I agree with what you said about ______…”

“ I disagree with _______……”

etc..

1. Benefits and perks are something that is very important to me. Having worked where I am now for almost 10 years, I get a good bit of paid vacation each year in addition to having good medical/dental insurance at very little cost to myself, employer-provided life insurance, and a great 401k match program. All of these are things that would have to be at least as good or better at a new company if I considered leaving where I am. With that being said, I feel like it can vary from age group to age group and what each considers to be most important. For someone ages 22-25, just coming out of college, I feel like they would be most drawn to a company that offered a good amount, or an unlimited amount, of vacation time. Being as young as they are they probably wouldn’t even take much consideration as to whether or not it was paid leave. They would just think of the fact that it was days they wouldn’t have to work. Not to say younger people have a poor work ethic, but I just assume they are at a time in their life where travel and vacations are a top priority. For the older members of the workforce, ages 55-65, I think they would be more concerned with the retirement and medical insurance aspect of a benefits package. At this point in a person’s life, they are focused on the future and what will sustain them once they are no longer working. Therefore how much money is going into their retirement would certainly be more important than how many days they get off each year. In addition, medical insurance would be important to someone at this age. Even though there are many older people who are very healthy into their older age, the number of routine tests you are required to do annually increases the older you get. And they all come with a price tag. Therefore health insurance becomes more attractive the older you get.

2. This new generation entering the workforce have high expectations of technology to allow them to work remotely in addition to the ability to have a flexible work schedule. Especially amidst a pandemic, younger folks are expecting more of a home/work like balance and that translates to being able to work from anywhere and on their own schedule. If their days can be flexible as long as their tasks and responsibilities are completed, that is a perk that will be much appreciated, if not expected in this current climate. Additionally, having access to endless coffee at a coffee bar and or a stocked breakroom with snacks and pastries is a fairly inexpensive way to show gratitude to staff but also to discourage tardiness from visiting local eateries for breakfast or coffee.

For the more experienced staff in the workforce, I think acknowledgement of seniority and accomplishments is very important. For example, public acknowledgment of goals in the form of companywide publications or a designated parking spot makes them feel valuable and that their contributions are recognized. Having seniority can translate to having additional decision making authority and other delegate authority over less experienced staff. Furthermore, tangible momentous commemorating milestones with an organization such as a plaques or engraved name plates or pen holders can make a staff member feel personally valued and celebrated.

Surveys distributed to new hires and existing staff that offer options and suggestions for perls can help senior management determine how best to prioritize perks amongst staff and distribute them most effectively; when used appropriately, perks should be utilized as a way of incentivizing and encouraging staff to perform most efficiently. What is important may be insignificant to others in terms of benefit so therefore it is essential to get to know your staff and what motivates and encourages them.