Part cash, part balancing act: why cash balance plans get so much attention

Article Abstract:

The need to provide employees with high-quality and cost-efficient benefit programs has prompted company officers to adopt alternative financial plans. One of the most interesting plans currently used by companies is the cash balance program, which was first introduced and adopted in 1985. Aside from its potential to reduce fixed costs, cash balance payments allow firms to minimize the rate of final average pay plans while optimizing shareholder value. Since these plans make use of pay credit incentives and profit sharing components, they permit employers to render higher pension and retirement benefits to employees and at the same time, enhance the flexibility of benefits design.

Overhead costs

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Maximizing the power of your reward and recognition strategies

Article Abstract:

The changes in the work environment brought about by increased competition, decreased unemployment levels, and the emergence of virtual corporations has resulted in developments of new pay systems to attract and retain employees. Firms are now focussing their efforts at meeting the demands of top employees in terms of rewards through the implementation of strategically aligned compensation systems. Such pay systems focus on the attainment of organizational goals through employee participation.

Methods, Compensation and benefits, Strategic planning (Business), Virtual corporations

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