Vidant Health is a regional health system that serves 29 counties in eastern North Carolina. Vidant Health is a major resource for health services and education. This organization strives to support local medical communities and to work with providers throughout the region to deliver excellence care. According to Vidant Health’s employee handbook the compensation package at Vidant Health includes much more than a yearly salary.
The organization has a benefit plan that included a generous vacation plan and, it includes illness or disability leave, nine paid holidays each year, health, life and long-term disability insurance, a retirement savings plans and tuition assistance program. Plans The organization offer vacation time depending on the amount of time that an individual has been employed with the organization. A full time employee will accrue anywhere from 6. 46 pay days off per pay (PDO) period through 9. 3 PDO hours per pay period The vacation time is made up of accrued PDO hours.
PDO hours start to accrue on the date of hire and may be taken after 90 days of being steadily employed with the organization. The accrued PDO hours are not just used for vacation time; PDO hours can be used to make up lost hours from work, funeral day, and for personal leave of absentees. This organization allows each full time employee a one week vacation after one year of employee, and a two weeks’ vacation after three years of employment and that is as high as vacation plan goes.
There is at least one disadvantage that I can think of for this PDO plan, and that is that if you are taking time off for a vacation or a funeral you have to fill out paper work and everyone knows why you are absent from work. It is my opinion that an integrated paid time off plan would work better for both the employer and the employee, because the employee could take as much time that he or she need at one time and there would be fewer absences from work. An integrated paid time off plan would benefit both the organization and the employee.
Illness or disability leave The organization also offers an illness or disability leave plan as a benefit; this plan is the same for both regular full time employees and regular part time employees basically are the same the length depends on medical necessity including pregnancy. Normally this time is not to exceed 6 months, including FMLA time, with appropriate authorization. This organization will only approved time off if the employee has been with the organization at least 6 months.
I think that this plan should be evaluated and the leave some be considered and evaluated and granted to the employee based on facts about the need for the leave and the performance of the employee. I think that it could be a mistake to get rid of an employee, because he or she has a temporary issue going on. Getting rid of the employee is not just a disadvantage to the employee, but a disadvantage to the organization. Replacing an employee can be quite costly with the cost of hiring and training process. (Martocchio 210 p 176)
This organization also has a 9 day paid holiday plan. I used to work for this company, and speaking from my own person experience with this company. I think that it is good that they have this plan as part of the benefit and compensation plan, but it only benefits certain departments. I worked in a department that operated twenty-four hours seven days a week. It was like not even having a paid holiday plan-. If I was scheduled to work on a holiday, I only got paid my regular pay; I did not get anything extra.
Also if I was not scheduled to work on a holiday I did get paid for that day, but the company would use my accrued PDO’s to make up a 40 work hour week. In my opinion receiving a full hour week was an advantage, but I did not think that it was a good ideal that the plan used my accrued PDO hours. I have worked other jobs that did not acquire PDO hours and the company would always give me a 40 hour week check for the week that I went out on vacation. Health, life and long-term disability insurance Health insurance Health insurance is also included in this organization’s benefit and compensation package.
The health insurance is policy offered by this organization is the same for both regular full time employees and regular part time employees. The company give their employees the option to include a medical plan coverage or not to choose the medical coverage. Possible medical premium credits include wellness, non-tobacco use and working spouse. (www. vidanthealth. com) I think that an advantage to this plan is that it gives the employee the option to choose this insurance or to purchase insurance on their own, or not to have coverage at all.
It is my opinion that an employee who chooses to take advantage of this plan could be persuaded not to use tobacco. That could improve their overall health. I would not change anything about this plan. Life and Long Term Disability Insurance The organization also offers a life and long term disability insurance plan, this plan gives the employees the option to purchase these policies at their own expense.
It pay benefits that will equal 50 percent of the employee’s monthly salary, should the employee become disabled for more than six months. I think that this is a good plan because it allows the employee to receive a salary, so that they can still take care of their financial responsibilities while they are out of work for a period of time. Retirement Savings Plan Eligible employees are automated enrolled in a retirement plan through this organization. The plan is called a 403 (B) – Tax-Sheltered Mutual Fund. This plan is funded by both the employer and the employee.
The employee has the option to opt out of the plan if they would like to. If the employee decides that he or she would like to take advantage of this plan and invest some money to save for retirement he or she can start to contribute to the plan on the date that they are hired; however, the organization will not start to contribute to the plan until the employer has been employed with the organization for one year. I think that this is a great plan to help build retirement income to enhance social security and personal savings.
This organization matches contributions according to how long an individual has been employed with the company. During the first 5 years with the company the organization only matches 5 percent of the employees’ contribution, but once the employee has been with the company for 10 years or more, the organization matches 100 percent of the employees’ contribution. (www. vidanthealth. com) I think that this plan can be good for the employee, because this savings plan that is set up through payroll deduction that allows you to save additional money for retirement on a pre-tax basis.
Even though I feel that this is a good plan to invest in I cannot help but to wonder if this plan will end up like the Social Security Benefits Plan. “Social Security is very much a Ponzi scheme where the next generation will get stuck holding the bag,” “We have a huge generational imbalance. ” according to Laurence Kotlikoff, author of “The Coming Generational Storm” and a longtime advocate of reform”.
On the other hand I think that this plan could be a great advantage as to help supplement the benefits or lack of benefits that will be received from social security in the future. The only thing that I think could make this plan better is to increase the amount of the contribution that can be invested per year. The Tuition Assistance Plan The tuition assistance plan is a part of the benefit and compensation plan, it is designed to help employees who want to continue their education. I think that this is a great plan because it covers the fee associated with tuition and book.
It also gives the employee a chance to gain more knowledge in the field that he or she is employed in. I think that this plan also offers a disadvantage, because the employee has to sign a contract that holds them obligated to work for the company for a certain amount of time, before he or she can leave the organization, without having to repay the money. I think that this program would be more successful if the employee where not forced to stay with the organization, and just had the option to repay the money.
Conclusion From my study of the benefit and compensation package of this organization, I have come to the conclusion that this organization has a fairly decent benefit and compensation plan. The plan offers a wide variety of benefits for all employees both regular full time employees and regular part time employees. I was really impressed by the 403 (B) Tax Sheltered Mutual Fund. However it is my opinion that there is always room for improvement in any plan.