Conduct some research on the Internet in order to familiarize yourself with benefit plans that companies offer. Many companies post information about their benefits and indirect compensation plans on their websites. Visit some company websites to learn more about their benefits. Pay particular attention to “cafeteria” style plans.
Assume you are the manager of a midsized software development company. Your company currently offers a relatively traditional benefits program. This program includes:
Health insurance: The organization contributes $500 per employee per month, which covers the cost for the employee. The employee pays an additional $100 per month per covered dependent.
Dental insurance: The organization contributes $50 per month, which covers the cost of the employee. The employee pays an additional $10 per month per covered dependent.
Life insurance: The company contributes $20 per month for $40,000 in term life insurance; the employee can buy additional units of coverage as a function of annual salary.
Paid Time Off – Everyone gets 2 weeks’ vacation, 10 paid holidays and 5 paid sick days.
However, your boss has determined that he cannot continue to fund these benefits as they are presented above. It has become too costly. He either must reduce benefits or start to lay off employees. Your boss has indicated he wants the company to adopt a cafeteria-style benefits plan. You have been tasked to present such a plan.
Define the term “cafeteria style” benefits.
Use the set of benefits listed above as a starting point.
Devise such a plan and give your employees as many options as possible.
You must be specific and thorough.
You must explain your reasoning.
In conclusion, explain why you think your proposed plan will work for both the employees and for the “boss.”
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