Global Economy Becomes Even More Article Review

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The different generational expectations among workers means that employers will have to tailor their compensation packages much more individually than in the past.

Implemented properly, the situation might present some opportunities both to employees and to employers. One way would be to let employees to choose what benefits they want. If their priority is health-care, then they might choose a benefits package that gives more coverage, if their priority is quick financial gain, then they might opt for bonuses or simply more pay. This allows the company to scale back on the total amount it spends on benefits, while allowing employees to keep whatever benefits they find most important for their situation (Reese et al., 135). Creating the systems to manage benefits and allow employees to choose among several options has already been shown to be both cost effective and easy to implement (Sturman and Milkovich, 110). Of course this does not negate the fact that less benefits may be given overall, but such is the reality of the global market place.

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The only alternative to cutting benefits at all, would be to impose tighter import controls and other protectionist measures. Yet such policy choices have historically proved to be detrimental to the growth of the economy (Bennet and Kaufman, 125). Thus the only real future for employee benefits is to allow employees a greater choice in the benefits they have, while letting companies cut costs so as to maintain profitability and remain competitive in the global marketplace.

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"Global Economy Becomes Even More" (2010, April 09) Retrieved May 19, 2024, from
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"Global Economy Becomes Even More", 09 April 2010, Accessed.19 May. 2024,
https://www.aceyourpaper.com/essays/global-economy-becomes-even-1512
   

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