Describe indirect financial compensation.
1 Ethical dilemma on a poor bid.
a) What would you do?
Since I understand that rules and laws apply differently when dealing with bid mistakes from state to state, locality to locality, among different agencies within the same state, county, or municipality, I will revise the bid and present the final draft to the board and ask them to consider the error in the initial bid as a clerical or mathematical. I will then ask them to accept the new bid without having to forfeit my initial bid bond. Since the bid was submitted in good faith and I come forward to justify the mistake, the error may be considered genuine and I may have a chance for securing the contract on behave of the company.
b) What factors in this ethical dilemma might influence a person to make a less than the ethical decision.
Carucci (2016) claim that an ethical person may be forced to act unethically due to circumstances, some factors may contribute to such situation and they may include, first, an individual may feel psychologically unsafe to speak up due to the consequences, for instance, mentioning about the miscalculations may lead to penalties and failure to secure the contract which may be blamed on the person who raised the concern. Second, organizational relationships with the individual, an individual would have decided to keep quiet since if he or she talks may destroy the relationship leading to job loss. Third, an individual may have noted the opportunity the company may have of securing the contact if he or she failed to disclose the mistake and decide to let it go unnoticed.
2. Describe indirect financial compensation. Why is this an important tool for attracting and retaining talent?
It refers to the non-monetary benefits given to an employee that has financial value and it may be non-cash benefit other than just salary or wage. They are essential in an organization since they enable them to attract and maintain existing employees. The non-monetary benefit provided to employees acts as additional rewards for working in a specific organization providing the employee with more financial values other than salaries, this makes existing employees continue working hard, attract potential employees, and maintain existing employees in the organization. For example, pension funds, overtime pay, and annual leave.
3. What is the difference between mandated and discretionary benefits?
Mandatory benefits are benefits that an employer is required to provide employees by the law such as worker’s compensation insurance and unemployment insurance while discretionary benefits are all types of benefits that an employer must not provide to employees as per the law, for instance, an organization must not provide health insurance to employees, they might or request employees to take a personal initiative. For mandatory benefits, employers must provide while for discretionary benefits, employers have a choice to either provide or fail to.
4. Explain the pros and cons of PTO (paid time off)
The various pros include, employees tend to relax and rejuvenate, since PTO is unlimited, some employees opt to take advantage of the chance and take care of their personal needs helping them to grow socially and professionally. Second, increases productivity as employees has ample time to be creative and innovative leading to a better outcome. On the other hand, the cons include, first, employees tend to abuse PTO since its unlimited as some employees may decide to extend their off without being afraid of losing their jobs. Second, vacations may overlap leading to inconvenience as multiple employees may decide to take time off at the same time
5. Pick a benefit that staff enjoys at your organization. Describe how it works and why employees appreciate having this benefit. If you’re not currently working – ask a friend or family member.
One of the benefits enjoyed by most employees is health insurance cover, French & Jones (2011) claim that health insurance is most valued because the highest population work to cater for the basic needs, health being one of them. Health insurance provides employees with a way to pay for health care whereby the person being covered and the employer agree on the appropriate plan to pay a certain rate, or premium, each month. So, in case the employee gets sick, the health insurer pays a portion of the money to cover the medical costs.
6. Name some of the things that employees say make a job more satisfactory or interesting.
First, livable wages, employees have needs that need to be covered and when offered fair wages they feel comfortable and satisfied. Second, mobility and growth opportunities within the company, employee empowerment make them remain green and grow professionally and as Carnevale & Peltier Campbell (2020) argue, most training in the US is provided by businesses and employers. Third, workplace flexibility and schedule control, an employee under flexible working schedule enjoying working in such environment. Forth, conducive working conditions and a safe environment where employers observe rules and regulations such as the Occupational Safety and Health Act (Freund, 2020).
7. http://www.sas.com/en_us/company-information/employee-retiree-services.html (Links to an external site.)
Discuss SAS’s work/life program.
The website is designed to ensure that SAS family members and retirees in the US are aware of the benefits, programs, and facilities available to them. SAS’s work or life program focuses on the importance of a family, balanced work or life, and the joy of working in a conducive environment. The programs are committed to ensuring that employees, families, and retirees enjoyed well-balanced life whereby they can solve the day-to-day challenges by providing them with necessary resources, coaching services, and educational programs.
Could you be happy working for them?
Yes, I would love to work with SAS and I hope to be happy since as an employee, I will be assured of a conducive working environment and balanced work and family life while when I retire, I will be assured to enjoy my benefits at peace without intimidations.
8. Discuss some of the creative work/life balance options and tools which companies use to retain staff.
Some of the tools used by HRs and companies to retain employees include recruiting tools to evaluate employee potential, performance evaluation tools to support career growth, employee survey tools to measure satisfaction, employee rewards, and recognition tool and compensation management tool. Other creative options include mentorship programs to empower employees through training, good workplace communication, continuous feedback on performance, recognition and rewards systems, and work-life balance.
Carnevale, A. P., Fasules, M. L., & Peltier Campbell, K. (2020). Workplace Basic: The Competencies Employers Want.
Carucci R., (2016). Why Ethical People Make Unethical Choices. Harvard Business Review. https://hbr.org/2016/12/why-ethical-people-make-unethical-choices.
French, E., & Jones, J. B. (2011). The effects of health insurance and self‐insurance on retirement behavior. Econometrica, 79(3), 693-732.
Freund, O. (2020). Labour law (pp. 215-263). University of California Press. Employers want.