Why companies are looking at omnibus pay programs

Article Abstract:

Compensation planners are mulling the shift from traditional approaches to alternative pay schemes such as profit sharing, merit increases and skill-based rewards. However, these alternative approaches do not fully satisfy most companies' aims and thus, an omnibus pay plan is being eyed as a possible recourse. The omnibus plan gives the employee a choice in benefits such as stock options, stock appreciation rights and performance awards. Such a program makes managers more accountable and responsible for plan implementation. The plan itself is simple and flexible.

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How companies can become more family friendly

Article Abstract:

Employee benefits which were designed to benefit only the employee's immediate family are slowly giving way to plans that cover a wider network such as ex-spouses and stepchildren. Progressive companies include such family-friendly benefits in their compensation plans. One such company is Household International, a financial services firm. It provides programs that help the wider family network in home purchasing, career identification for spouses and educational funding for children. Such a policy boosts employee morale and wins the employee's loyalty.

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One-stop shopping for expanding family-care benefits

Article Abstract:

People are giving more time and attention to family needs in the 1990s. For working parents, family must come first before career changes and developments. Thus, they look for companies which can provide them with family care benefits such as dependent care subsidies, flexible work schedules and parental leaves. A comprehensive package of these family services economizes an employer's time and resources.

Management, Employee assistance programs, Family services

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