Boston Consulting Firm Benefits
Boston Consulting Group Benefits
An analysis of organizations, both public and private, show the use of flexible benefits programs to help attract and retain a motivated and high-performing workforce. The Boston Consulting Group is said to be one organization, to set the bar very high, when it comes to sharing the benefits wealth with its employees.
What are benefits? Benefits were once popularly referred to as "fringe benefits" which came into prominence during World War II. In the face of federal wage controls to curb inflation, employers began to offer benefits to attract, motivate, and retain employees. ...view middle of the document...
These factors can range from opportunities to grow or learn new skills, to a sense of community and purpose, to more tangible benefits, such as health insurance, flexible work schedules, and provisions for retirement. Today the formal benefits programs offered to employees generally make up roughly one third of the average worker's total compensation, depending on the size, profitability, and philosophy of a given employer. When these programs are properly planned and promoted, they yield attractive advantages for both employees and employers. (Breslin, 2013)
Advantages to Employees of the Boston Consulting Firm
The Boston Consulting firm understands how hard it is during these harsh economic times, especially with healthcare prices steady rising. Most workers prefer receiving benefits as part of their overall compensation because certain benefits programs offer economic advantages that salary alone cannot. A pension plan, for example, guarantees income after retirement. Various insurance plans provide security for workers and their families in case of disability or death. Programs such as these have the added feature of lower cost; negotiated group rates for insurance, for example, are almost always less expensive than individually purchased premiums. This feature is even more attractive if the employer picks up all or a portion of the premium. The Boston Consulting Firm pays all of its employee healthcare premiums, which are normally subject to certain limitations; like employer-paid health insurance, life insurance, and child care, does not count as taxable income to the employee. ("100 best companies," 2012)
Advantages to the Boston Consulting Firm
The Boston Consulting Firm understands that a well-designed benefits program addressing the needs of their employees can have a measurable effect on productivity. Moreover, an attractive benefits package, for the reasons outlined above, is a powerful recruiting tool for employers looking to hire and keep talented workers. Finally, benefits tend to reduce the pressure to raise salaries. Even while the firm offers great competitive wages, enhancing an existing program or adding a new benefit can accomplish the same business goals as increasing pay rates, but at a fraction of the cost to the employer. Just as employees enjoy significant tax advantages from their participation in certain benefits plans, benefits offer tax breaks to employers as well. Subject to a number of conditions and limits, employers can claim a deduction for what they spend on employee health insurance, life insurance, certain retirement plans, and other benefits. ("100 best companies," 2012)
The Boston Consulting firm while seamlessly cornering the benefits programs for the past ten years of more, still has to make new developments and revisions to their existing programs. Because of changes in the general business environment, among the factors...