Vidant Health provides healthcare services and education to 29 counties in eastern North Carolina, with a emphasis on delivering optimal care. They collaborate closely with local medical communities and providers to act as an essential resource within the region.
As per Vidant Health's employee handbook, their compensation package comprises benefits beyond just the annual salary. The package encompasses a comprehensive benefit plan including ample vacation time, illness or disability leave, nine paid holidays annually, health, life and long-term disability insurance, retirement savings plans, and a tuition assistance program. Based on the duration of employment with the organization, individuals are offered vacation time. Full-time employees can accrue up to 6 vacation days.
Employees receive 3 PDO hours per pay period, which covers 46 pay days. These hours are collected from the hire date and become eligible for us
...e after a stable 90-day employment period. The accumulated PDO hours serve various purposes such as vacation time, personal leave of absence, making up lost work hours, or attending funerals. Full-time workers also enjoy one week of vacation after their first year of labor and two weeks after three years. Nevertheless, using PDO hours necessitates paperwork for absences due to vacations or funerals.
From my perspective, implementing an integrated approach to paid time off would be beneficial for both employers and employees. This strategy allows workers to take longer periods of time off, resulting in fewer overall absences. Such a plan would prove advantageous for both the organization and its workforce. Furthermore, the company offers a disability or illness leave program that applies equally to full-time and part-time employees alike. Medical necessity determines how long this policy lasts, including pregnancy but usually
not exceeding 6 months (including FMLA time) and requiring appropriate authorization. To qualify for leave, an employee must have been with the organization for at least 6 months.
Assessing and analyzing the proposed scheme is crucial, along with evaluating which leaves to grant employees based on their performance and reasons for their request. Terminating an employee over a temporary issue can be a mistake that not only disadvantages the individual but also the organization as a whole. Finding a replacement incurs significant expenses in recruitment and training, according to Martocchio (210 p 176). Furthermore, this company has a nine-day paid leave policy that I can confirm from personal experience since I have worked here before.
While I believe it's positive that the company includes this plan in their benefit and compensation package, I find that only select departments reap the benefits. During my time working at a 24/7 department, the paid holiday plan felt nonexistent. If I was scheduled to work on holidays, my pay remained the same and I received no additional compensation. Similarly, if I wasn't scheduled for a holiday shift, my pay came from my accumulated PDO's to make my weekly hours total to 40.
Personally, I considered the advantage of receiving a full hour week but disagreed that it was appropriate for the plan to utilize my accrued PDO hours. Previously, I have held various jobs where PDO hours were not a requirement, and the company would issue a 40 hour week check during my vacation period. As for benefit and compensation packages, this organization provides Health, life and long-term disability insurance for both regular full time and part time employees. The health insurance
policy remains consistent across the board.
The company provides its employees with the choice to opt-in or opt-out of medical plan coverage. The medical premium credits available are related to wellness, non-tobacco use, and the employment of a spouse. (www.vidanthealth.)
com) The proposal allows employees to decide whether or not they want insurance coverage, giving them the option to either obtain their own insurance or go without any. I believe that choosing this plan may encourage workers to refrain from using tobacco, leading to better health outcomes. I think that altering this plan is unnecessary. Furthermore, the company provides a life and long-term disability insurance policy which employees can purchase at their discretion.
The disability benefits provided by the plan offer a payout worth 50% of an employee's monthly salary if they remain disabled for over six months. This is advantageous as it enables individuals to receive a paycheck and maintain their financial responsibilities during their absence from work. Additionally, our organization automatically enrolls eligible employees into a 403 (B) - Tax-Sheltered Mutual Fund retirement savings plan that is supported by contributions from both the employer and employee.
Employees have the option to either begin contributing to their retirement plan from their start date or decline. However, the employer's match contribution is only given after a year of employment and varies depending on how long the employee has worked for the company. This plan can be beneficial in generating retirement income.
The retirement savings plan available at vidanthealth.com enables employees to save a greater amount of money for their retirement before taxes. This initiative is funded via payroll deduction and provides a 5% matching contribution for staff members who have
been with the organization for five years or less, whereas those who have worked there for over ten years receive a 100% match. Although I acknowledge the benefits of this scheme, I am apprehensive that it may experience comparable issues to the Social Security Benefits Plan.
Laurence Kotlikoff, who authored “The Coming Generational Storm” and has long advocated for reform, believes that Social Security resembles a Ponzi scheme and could potentially burden future generations with significant financial woes due to generational imbalances. Nevertheless, some find this program helpful in supplementing prospective Social Security benefits or filling gaps therein. A possible solution for improvement would be raising the contribution limit for investments. The Tuition Assistance Plan is also part of the benefit and compensation plan designed to support employees interested in pursuing higher education.
The plan proposed is praiseworthy as it covers both tuition fees and book expenses, while also offering employees the chance to advance their knowledge in their respective fields. However, there is one disadvantage: staff members are required to sign a contract that binds them to stay with the organization for a specific period before they can leave without repaying the funds. In my view, this condition could be improved by granting employees the choice of reimbursing instead of being compelled to remain with the company. All things considered, after assessing this organization's benefit and compensation package, I conclude that it is satisfactory because it provides different benefits for all personnel regardless of whether they are full-time or part-time employees.
Although I found the 403 (B) Tax Sheltered Mutual Fund to be impressive, I believe that there is always room for improvement in any plan.
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