Forward Style Inc. Employee Policy

Forward style Inc. Employee Policy

Janette Kalla-lobe

HRM 548

September 28, 2015

LJ Elliott

Forward style Inc. Employee Policy

Janette Kallalobe

HRM 548 Recruitment and Retention Practices

September 28, 2015

Forward Style, Inc. Employee Policy Memo

The purpose of this paper is to create and devise a memo for Forward Style, Inc.’s management. The company offers benefits such as Private Retirement Plan, Medical Insurance, Disability Insurance, Social insurance including social security, unemployment insurance, workers compensation, pay for time not worked, stock options, Child Care, and Family and Medical Leave (FMLA) of Six Weeks and up to six additional unpaid weeks. After reviewing and evaluating the company’s incentives and benefits program, determining if legal requirements are being met by the company. In this memo I will accurately identify and explain which benefits are legally required and which benefits are being used to attract employees. So benefits an employer offer can be deciding factor for a potential employee in deciding whether or not to work for that company or not. However, according to the united states small business administration, there are two types of employee benefits in which should benefit employers are required by law to provide benefits that are optional for an employer to offer and or provide. Some examples of required benefits include worker’s compensation, unemployment insurance, and social security. Whereas optional benefits include health stock option, retirement benefits, child care, and health care insurance coverage.

Legal Requirements

Workers Compensation, unemployment insurance, social security, and social insurance family and medical (FMLA) paid leave for six weeks plus unpaid leave for six additional weeks. These benefits can be very expensive for any organization of any dimension if it does not provide for them. If required benefits are not provided for the company to experience financial loss due to imposition of government fines and lawsuits filed against by the employees. While these benefits don’t cover health insurance, however the government intended to make it necessary. In most cases the organization has to pay more money for insurance. This can increase the cost and may affect other benefits or opportunities of loss for employee jobs. However, the organization may have to seek an offer insurance as a cover for the laws that are needed for the future of the organization. The local law will also need to be determined and complied with.

Attract Employees

Benefits offered by organizations by choice are: stock options, private retirement, disability insurance, medical insurance, and pay for unworked time, and child care. Health benefits are not required to be provided by employers. Hawaii is the only private sector in which employers are to cover personnel who work for more than twenty hours a week and be applicable in any state in case legislation is approved. Also medical care and other benefits like disability or life insurance is often provided by employers to attract and retain their employees. However, employers usually offer excellent benefits to draw the best talent into the organization. By offering benefits like stock options, daycare and medical insurance, there are more talent versus those organizations which don’t offer these benefits. It is also important that small companies with about sixty five employees, and the benefits package will be less but competitive. The organization may offer full time employees excellent benefits to retain them and offer less and or no benefits to part time workers. Health Insurance could be critical to a business, within the us department of health and human services in which insured individuals are secure against high and uncertain medical costs and are better inclined to get the necessary and proper health care. The organizations however research to find the most appropriate and cost effective medical insurance for them. Although the benefits are valuable to employees, the organization should be ready to reduce benefits if Forward Style Inc. it is not successful or if the economy performs unexpectedly. So the Forward Style Inc. might have to similarly reduce the benefits it offers to its employees.