Gb 540 Talent Survey Assignment
Talent Survey Assignment
William Geter III
Kaplan University
GB 540: Economics for Global Decision Makers
Instructor: Pamela Morris
2/07/2010
Talent Survey Assignment For most firms today, success or failure is determined by the ability to find, attract, keep, develop, and tap into the most talented workforce that can be assembles. The talent survey article composed regarding Winston Churchill’s speech that discusses a shift in the discovery of the new natural resource going forward. This natural resource is the talents and abilities of the employees that a company can recruit. Historically, the natural resources that a company could obtain were the most important aspect of a company’s growth. …show more content…
One of the main areas that companies now offer in order to recruit and retain their talent is the application of a medical benefits plan. As the price of medical coverage rises among all countries, more and more companies offer medical coverage as a benefit that attracts and retains employees. The cost of medical coverage in almost all countries is so significant that it makes this benefit a valuable retention tool. Private medical coverage can be very expensive to an individual and thus having group medical coverage which lowers the cost the employee is the equivalent to an increase in salary. The benefit that most large companies have is that because of the large number of employees, the cost of individual coverage is lowered and oftentimes the company pays a significant portion of the premiums for the employee. Thus, when an employee is considering leaving the company they are forced with the dilemma that obtaining individual coverage is quite more expensive to have as well as it is oftentimes more restrictive than one would receive in a group medical benefits plan. This dilemma helps the employer promote retention as well as recruitment. At one point, I was employed with a company that was very small and the medical benefits option was not significant and thus forced the …show more content…
Especially in areas such as the United States, where studies show that the government pension option will more than likely decrease and that one could probably not retire with this benefit alone, the availability of a retirement plan is a great recruiting and retention tool. As in many countries, part of an individuals plan to enter the workforce is their plan to eventually retire at some point. In the United States, there are numerous types of retirement plans available and often times these benefits have tax incentives to promote and individual to save for their own retirement. So, in addition to having a retirement plan at a company’s disposal, a company’s choice of the type of retirement plans available is a very large recruiting and retention tool. Historically in the United States, defined pension plans were the most beneficial plan as it guaranteed a certain benefit according the defined benefit formula. At the time that these plans were popular, turnover among companies was a lot lower. The problem with most defined benefit plans is that they lack portability and a person deciding to leave the company before a certain time would lose the majority of their benefits. As time has evolved, the companies providing retirement plans evolved with the changing job market, and increasingly offered defined
William Geter III
Kaplan University
GB 540: Economics for Global Decision Makers
Instructor: Pamela Morris
2/07/2010
Talent Survey Assignment For most firms today, success or failure is determined by the ability to find, attract, keep, develop, and tap into the most talented workforce that can be assembles. The talent survey article composed regarding Winston Churchill’s speech that discusses a shift in the discovery of the new natural resource going forward. This natural resource is the talents and abilities of the employees that a company can recruit. Historically, the natural resources that a company could obtain were the most important aspect of a company’s growth. …show more content…
One of the main areas that companies now offer in order to recruit and retain their talent is the application of a medical benefits plan. As the price of medical coverage rises among all countries, more and more companies offer medical coverage as a benefit that attracts and retains employees. The cost of medical coverage in almost all countries is so significant that it makes this benefit a valuable retention tool. Private medical coverage can be very expensive to an individual and thus having group medical coverage which lowers the cost the employee is the equivalent to an increase in salary. The benefit that most large companies have is that because of the large number of employees, the cost of individual coverage is lowered and oftentimes the company pays a significant portion of the premiums for the employee. Thus, when an employee is considering leaving the company they are forced with the dilemma that obtaining individual coverage is quite more expensive to have as well as it is oftentimes more restrictive than one would receive in a group medical benefits plan. This dilemma helps the employer promote retention as well as recruitment. At one point, I was employed with a company that was very small and the medical benefits option was not significant and thus forced the …show more content…
Especially in areas such as the United States, where studies show that the government pension option will more than likely decrease and that one could probably not retire with this benefit alone, the availability of a retirement plan is a great recruiting and retention tool. As in many countries, part of an individuals plan to enter the workforce is their plan to eventually retire at some point. In the United States, there are numerous types of retirement plans available and often times these benefits have tax incentives to promote and individual to save for their own retirement. So, in addition to having a retirement plan at a company’s disposal, a company’s choice of the type of retirement plans available is a very large recruiting and retention tool. Historically in the United States, defined pension plans were the most beneficial plan as it guaranteed a certain benefit according the defined benefit formula. At the time that these plans were popular, turnover among companies was a lot lower. The problem with most defined benefit plans is that they lack portability and a person deciding to leave the company before a certain time would lose the majority of their benefits. As time has evolved, the companies providing retirement plans evolved with the changing job market, and increasingly offered defined