November 2022 Volume 4

OPERATIONS & MANAGEMENT

policies. Cost sharing by the employees, including increased deductibles and decreasing benefits, is becoming common. However, the employees share needs to remain affordable so the workers and their families can use this benefit. There are many ways to put together a program that the company can afford, and the employees can use. You may want to look at using an outside risk manager to help rather than just relying on an insurance broker. Employee Benefits and Retention Another key factor in maintaining morale is in the employees knowing that there is a path of progression that can lead to more responsible positions with better pay. This helps in employee satisfaction and increased productivity. Training opportunities can be provided giving the employees knowledge that they have some control of their own destiny. Employee retention is key in today's environment. Many companies are no longer providing guaranteed pension plans and younger workers typically do not put much thought into their futures. Another key retention tool is a 401K plan with a company match. This helps with getting employees to think about and plan for their futures. Vesting tables and company matching are important and become key elements for workers remaining with your company. These plans help provide “nest eggs” for their futures. Company matching also provides for “safe harbor” investing opportunities

by the ownership group. These plans are regulated by the federal government and have significant penalties for noncompliance.There are several ways to structure them and rules that must be followed. It is important that you have qualified help in setting a plan up. Employees are the life blood of any company and need to have safe working conditions and provide financial security. They also must realize that their actions help preserve the company's future which is also their future. A great deal of help and information is available for structuring policies providing for employee satisfaction and your expectations. Remember the adage “ a fair days pay for a fair day’s work ” will always benefit the company. Richard Melford Labor Relations Consultant Email: rich.melford@yahoo.com

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FIA MAGAZINE | NOVEMBER 2022 57