This report will be discussing and summarizing the following topics that you had missed during our business seminar last week: * Child-care benefits for company employees * Elder-care benefits for company employees * The financial advantages and disadvantages of each As you know, many employees have recently become fixated on the concept of child- care benefits, as well as elder-care benefits within the company. The seminar which took place last week covered several topics, such as the financial advantages and disadvantages involved with such an extensive employee benefit program.
Because so many employees Walton our organization mammalian a strong Tamely- oriented lifestyle and the majority of workers have children or possibly elders in which they must look after, this seminar was very helpful in deciding which areas of he corporation have allocated enough remnant funding to put towards a small child and elder-care program. Recommendations have also been made which will help benefit the strict employee schedule. These child and elder-care programs will be very helpful for employees in both the long run and the short run.
But the most important question answered during the seminar was solely focused on the financial situation of the company and whether or not a benefit program such as this would prove to be a cost-effective situation for our organization. The majority of information encompassed in this report was discussed during our cuisines seminar last week and additional information has been included to help benefit your understanding of the topic. Thank you for the opportunity to summarize the topics discussed in the seminar last week.
This re-cap has since improved my own understanding of the employee benefit program and additionally helped me retain it effectively, as well. If you have any questions about the information or material discussed in this report, you can contact me through email. Sincerely, Table of Contents Letter of I Executive Summary… ……….. Introduction 1 Purpose and Scope… …………… ? 1 Assumptions… ………………………………………………………………………………… Methods 1 Limitations… ……………………………………………. ……………………………………… 1 Child-care: Employer/Employee Benefits………. ………………………………………. 2 Elder-care: Employer/ Employee Benefits…… ? .. 4 Conclusions and Recommendations… 6 References… …………….. .7 Appendix A: Raw Survey Data.. ? For the People Child-Care or Elder-Care for Company Employees Executive summary
The purpose of this formal report is to help the Seneca College – Markham Campus – decide on whether or not to implement an on-site elder/child-care program to help aid in the effectiveness of its employees, as well as the students themselves whom are known as the primary care-givers for either and elder family member or child. To increase employee productivity, morale, and benefit the organization financially, Seneca College should include full-service elder/child-care programs on-site at the Markham Campus.
This will be known as a test-trial to introduce the concept and evaluate the effectiveness of the care-programs. The program will, in the long run, help improve employee mental health and physical well-being. The report will discuss the financial ability of the organization and in turn, prove that said program will be very cost effective and can be paid for with full- service fees and or personal mobile nurse payments. Introduction Our corporation, Seneca College – the Markham Campus – is currently debating on whether or not to implement a new child/elder-care program within the company itself.
This program will be very beneficial towards employees, but may not be as cost-effective as our organization can handle. This report will in turn, touch on the financial situation of the company as well as the advantages and disadvantages that follow. Purpose and Scope The purpose of this report is to inform and summarize the company seminar to Mrs.. Marcia Gunter, due to her absence during the meeting in question which took place last week. In this report, I will focus on six specific topics which can be used to debate the concept of child and/or elder-care within our organization.
The first topic will be the employee benefits to child-care. The second and third topics will be the advantages and disadvantages of child-care within our company. The fourth topic will be the employee benefits for elder-care within our organization. While the final, fifth and sixth topics will be the advantages and disadvantages of elder-care. Page 1 . I will be discussing the financial implementations involved with opening a child/ elder-care program within our organization, but I will not be discussing the financial situation for running said care-program or the return on investment.
Assumption My recommendations are based on the assumption that many corporations can benefit from a care-program because the majority of employees maintain a family Tie; enabling I learn and/or elders In wanly Methods teen must KICK rater. The information used in this report comes from the library and online sources, interviews with current employees, as well as a survey filled out by several of the company workers. I surveyed workers on July 25, 2013; during their lunch breaks and on their way out of the building as well. Page 2. Limitations My research has only two major limitations.
The first limitation is due to the fact that many employees of the organization would not know how much it could cost to start a child/elder-care program and do not understand the concept of the program being cost-effective towards the corporation. The second limitation involved in this report is due to the fact that a small amount of employees within the organization do not maintain a strong family lifestyle; by not having children or an elder to look after. Employer Benefits from implementing Child-Care within the Organization A. Employees who often have problems with daycare arrangements typically have difficulties with their attendance.
If a child is sick and cannot attend their regular day care, one of the parent’s must stay home to look after them. Now, day care providers often offer an option for sick child care, and in addition to their regular on-site day care. B. When employees are not worried about the child care program their kid is receiving, and can visit over a work-day, that they will have a better focus on the out- put of their work. Page 3. C. Studies have also shown a remarkable reduction in employee turnover at employers who offer on-site or near-site day-care or even care subsidies as a benefit.
In a study of employees with children in company-sponsored child care programs, 93% of respondents said that the work-site child care was an important factor in engendering a Job change. 19% of respondents had actually turned down another Job, rather than lose their work-site child care, and 25% of those who turned down other job opportunities were managers. D. The younger a child, the more expensive the program will be for that specific family, because it takes many more care-giver hours for a baby than for a school- aged child or a toddler. In Boston, where daycare providers are licensed, the price to care for a baby rises tremendously.
It costs between $350-$450 per week for licensed daycare providers (or close to $17,500 for a 50 week year) for newborns to 18 month old babies. This is beneficial towards the organization because employers will pull in more money Tort younger centre Page 4. E. Some Universities, Colleges, and other employers do offer a variety of child care benefits. Most corporations with day-care now offer a savings account through which an employee can designate pre-tax dollars to pay for their child care, as well as medical care, medicine, parking and transit costs.
A few have gone further and offer on-site or near-site day care with some level of subsidy. Employee Benefits of Elder-Care within the Organization A Forbes magazine study done by the National Alliance for Caregivers and Center for Productive Aging from Dotson University found employees who were dealing with altercate issues took substantial time away from work to do so: * 81% of caregivers routinely took time during the workday to make arrangements for care or to check on their loved one. * 70% said they needed days off to attend to their care giving duties. 64% of workers arrived late or left work early. * 41% took time at work to discuss caregiver issues with co-workers. Page 5. Recent studies performed by Statistics Canada (Assistant) showed more than 1. Million Canadians ages 45 to 64 provide care to approximately 2. 3 million seniors with long-term disabilities or physical limitations. The cost of absenteeism in the workplace is roughly estimated at $1 billion per year, in Canada alone. Implementing an elder-care program will aid in the solution to the following issues: A.
The elder- care program will cut down on employee absenteeism within the organization. With so many employees being primary care-givers for their family members (ex: children or elders), the workers will be more inclined to get to work, and get to work on-time as well. B. Improved Job satisfaction is another added benefit towards an elder-care program in the workplace. Employees are happy and content with their occupational status due to the fact that they no longer have to struggle with finding a care-giver for their elderly family member.
An elder-care program is also a very uncommon occurrence in the business environment unless the company is relatively wealthy. Page 6. C. Employees will also become victim to an improved organizational commitment. Without having to worry of where to leave their elderly family member, workers will be able to organize themselves more effectively than normal. D. Improved morale is an added benefit that comes with an elder-care program in the workplace due to the fact that employees are less stressed out, there for, more happy and friendly with other employees.
Without the tedious task of searching and paying for elder-care during the work week, workers will have a load taken off of their consolers. E. Another benefit of the elder-care program will include the improved physical and mental well-being of the employees within the organization. Stress adds a lot of unnecessary issues to the illnesses that affects the human body, and can cause a reminders amount of harm to any person. Page 7. Conclusions and Recommendations In conclusion, child/elder-care programs will be a very beneficial employee service that will not only help the workers, but their employers as well.
The number of positive benefits geared towards the organization will without a doubt, surpass the costs of running said care-programs. The Seneca College, Markham Campus should implement the following ideas and/or concepts. 1 . Include both an elder-care program, as well as a child-care program on-site. The use of elder/child-care programs within the organization will benefit the corporation throng and could include a full service with the use of: * Resting Areas * A Meal Plan 2. Maintain a set-rate for annual care, along with extra care for a premium fee.