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Ashford 4: - Week 3 - Discussion 1

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Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Reference the Discussion Forum Grading Rubric for guidance on how your discussion will be evaluated.

Employee Benefits

Increasingly, employees are being allowed to choose benefit packages from a menu of items. For instance, workers may be given a package of benefits that includes basic and optional items. Basics might include modest medical coverage, life insurance equal to a year's salary, vacation time based on length of service, and some retirement pay. But then employees can use credits to choose among such additional benefits as full medical coverage, dental and eye care, more vacation time, additional disability income, and higher company payments to the retirement fund. Using the theory of consumer behavior, how do you think flexible benefit packages would affect an employee's preference between higher wages and more benefits? Respond to at least two of your fellow students’ postings.

RespondRespond to at least two of your fellow students’ postings. C o l l a p

to at least two of your fellow students’ postings. Respond C o l l a p

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Response  Author Date/Time*

  Response Author Date/Time*

Author

Date/Time*

Indifference Curve Instructor Blagg 8/31/2010 4:12:53 PM

Indifference CurveInstructor Blagg 8/31/2010 4:12:53 PM

Instructor Blagg

Instructor Blagg

8/31/2010 4:12:53 PM

Hi Everyone,

 

Here is a simple visual that explains the Indifference Curve:

 

http://www.investopedia.com/terms/i/indifferencecurve.asp

Respond

Respond

Theory of Consumer Behavior - wcs William Shain 8/31/2010 5:59:05 PM

Theory of Consumer Behavior - wcsWilliam Shain 8/31/2010 5:59:05 PM

William Shain

Theory of Consumer Behavior - wcs William Shain 8/31/2010 5:59:05 PM

8/31/2010 5:59:05 PM

The theory of consumer behavior is focused on using a combination of goods to create the most unity or satisfaction from the goods (p.161). The highest unity can be found from numerous combinations of goods. The sample problem is a great real world situation that the theory of consumer behavior applies. Salary is an obvious benefit of working that can be balanced with other benefits. The question of unity comes from the individual value for these benefits.

In one possible scenario, you may have a family medical history that puts a higher value on full coverage family medical insurance. Contrast that value to a young, single worker with no medical issues, the value of full coverage insurance seems much less. Another great benefit is paid vacation. This is one I bargained for when interviewing for my current position. My response to my prospective employer was I highly valued four weeks vacation and understood that may require starting at a lower salary. Ultimately, I did get the four weeks and a good starting salary, my unity was high.

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The theory of consumer behavior is an exact fit for this example of salary versus other benefits. In recent years, the value of these other benefits has been a strong negotiating feature for employment. Employers often can match salary; however it is the value of the other benefits that brings in the new employees. Creating a combination of goods that makes employer and employee satisfied with great unity.

Charlie

employer and employee satisfied with great unity. Charlie Respond RE: Theory of Consumer Behavior - wcs

Respond

RE: Theory of Consumer Behavior - wcs Marianne Ordonez 9/12/2010 1:34:27 AM
RE: Theory of Consumer Behavior - wcs Marianne Ordonez 9/12/2010 1:34:27 AM

RE: Theory of Consumer Behavior - wcs

Marianne Ordonez

RE: Theory of Consumer Behavior - wcs Marianne Ordonez 9/12/2010 1:34:27 AM

9/12/2010 1:34:27 AM

 

William

 

The first thing I need to comment on is that fact that you were able to negotiate your starting salary and still get four weeks of PAID vacation. I think it is always such a great feeling when you find a good paying job that also provides great benefits. I definitely believe that some people including myself do value benefits more than a high paying salary. I feel as though when I was younger I would have taken any high paying job even if it did not offer benefits but know I like to ask to see if the job offers a 401k plan and how much the company matches. I also like to make sure that the job offers different health care plans that I can choose from.

Consumer behavior may depend on the person and what they value the most. Whether it be benefits or a higher salary. There are many different views people have on different types of benefit plans based on where they are in their life. The true value is really with the beholder.

Respond

Respond

RE: Theory of Consumer Behavior - wcs Sheree Graham   9/6/2010 8:25:25 PM
RE: Theory of Consumer Behavior - wcs Sheree Graham   9/6/2010 8:25:25 PM

RE: Theory of Consumer Behavior - wcs

Sheree Graham

RE: Theory of Consumer Behavior - wcs Sheree Graham
 

9/6/2010 8:25:25 PM

 

Charlie You presented with some interesting points in your posting. One thing that I have noticed with benefits packages recently is the limited selections especially with healthcare insurance. I opted out of health insurance with my former employer for that reason and selected to utilize my spouses insurance as the primary insurer. You also mentioned your request for a set amount of vacation per year, good move. Along with competing for wages, time off is another area that one must focus on. Many employers offer either PTO (paid time off) based on the years of employment. An example would be an employee who has been employed for 6 years or more earns 6.75hrs of PTO per 40hrs. Others offer a set number of days per year for vacation, sick time and so forth.

Respond

Respond

Nichole Carter 9/6/2010 3:35:11 PM
Nichole Carter 9/6/2010 3:35:11 PM

Nichole Carter

Nichole Carter

9/6/2010 3:35:11 PM

RE: Theory of Consumer Behavior - wcs

Good post Charlie. I think that holds true about paid time off. Some days an employee may just want to take a day or week to relax. Employers should allow this because it allows the employee to come back refreshed and renewed. If an employee has a family he or she has to remember that he has to make decisions for his family as well to get time with him or her.

for his family as well to get time with him or her. Respond

Respond

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Page 3 of 23 RE: Theory of Consumer Behavior - wcs William Shain 9/6/2010 5:25:07 PM

RE: Theory of Consumer Behavior - wcs

William Shain

3 of 23 RE: Theory of Consumer Behavior - wcs William Shain 9/6/2010 5:25:07 PM From

9/6/2010 5:25:07 PM

From a mangers point-of-view, for me, it seems paid time off is one of the easiest and cheapest benefits to give employees. Especially salary, exempt personnel. It an be a challenge at time to create schedules to cover this time, however the long-term good will is hard to beat.

Charlie

however the long-term good will is hard to beat. Charlie Respond RE: Theory of Consumer Behavior

Respond

RE: Theory of Consumer Behavior - wcsthe long-term good will is hard to beat. Charlie Respond Hi Charlie, Instructor Blagg 9/2/2010 8:24:11

beat. Charlie Respond RE: Theory of Consumer Behavior - wcs Hi Charlie, Instructor Blagg 9/2/2010 8:24:11

Hi Charlie,

Instructor Blagg

of Consumer Behavior - wcs Hi Charlie, Instructor Blagg 9/2/2010 8:24:11 PM Superb points. I think

9/2/2010 8:24:11 PM

Superb points. I think that younger workers will increasingly look at the overall benefits packages being offered rather than focusing on just the salary. The key is to maximize utility. This can mean accepting health coverage with a much higher deductible if you are a younger employee and save money on the monthly premiums. Then you take these savings and invest it.

monthly premiums. Then you take these savings and invest it. Respond RE: Theory of Consumer Behavior

Respond

RE: Theory of Consumer Behavior - wcs William Shain 9/3/2010 6:19:22 AM
RE: Theory of Consumer Behavior - wcs William Shain 9/3/2010 6:19:22 AM

RE: Theory of Consumer Behavior - wcs

William Shain

RE: Theory of Consumer Behavior - wcs William Shain 9/3/2010 6:19:22 AM

9/3/2010 6:19:22 AM

 

Health insurance options are defiantly a hot topic when it comes to benefits options. In my opinion it seems to be the option that confuses the most people. On many occasions I have had to explain EOB's and plan benefits to employees. A recent tough sell was how paying a small co-pay and

deductible for a lower premium would cost less than the top end plant with no co-pay and no deductible. In one case it worked out to over $2000 a year

more for the premium plan.

She finally agreed but said I just like the no

hassle feature of the other plan. I guess people will pay for what they want.

Respond

Respond

RE: Theory of Consumer Behavior - wcs Ryan Dingman 9/6/2010 2:30:34 PM
RE: Theory of Consumer Behavior - wcs Ryan Dingman 9/6/2010 2:30:34 PM

RE: Theory of Consumer Behavior - wcs

Ryan Dingman

RE: Theory of Consumer Behavior - wcs Ryan Dingman 9/6/2010 2:30:34 PM

9/6/2010 2:30:34 PM

Instructor Belg,

This is what I have done. I never go to the doctor except for major health issues and standard checkups. My health care plan has a $500 to $1000 deductable depending on what I am being seen for, but my standard yearly doctor visits cost me $50. This allows me to keep my payments low, but give me adequate coverage for major medical problems. Ryan Dingman

adequate coverage for major medical problems. Ryan Dingman Respond RE: Theory of Consumer Behavior - wcs

Respond

RE: Theory of Consumer Behavior - wcscoverage for major medical problems. Ryan Dingman Respond Artrell Manning 9/4/2010 9:08:26 PM

Ryan Dingman Respond RE: Theory of Consumer Behavior - wcs Artrell Manning 9/4/2010 9:08:26 PM

Artrell Manning

RE: Theory of Consumer Behavior - wcs Artrell Manning 9/4/2010 9:08:26 PM

9/4/2010 9:08:26 PM

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Hi Charlie, great post. Your post enlightened me on what some of the things I need to inquire about when it is time for me to go on job interviews. Being in the military you don't think about insurance benefits or salary because it is already set. Now that I am close to retirement your post has really helped me.

RespondI am close to retirement your post has really helped me. RE: Theory of Consumer Behavior

close to retirement your post has really helped me. Respond RE: Theory of Consumer Behavior -

RE: Theory of Consumer Behavior - wcsclose to retirement your post has really helped me. Respond William Shain 9/5/2010 6:51:07 AM Another

William Shain

Respond RE: Theory of Consumer Behavior - wcs William Shain 9/5/2010 6:51:07 AM Another quick point

9/5/2010 6:51:07 AM

Another quick point of retiring from Military and benefits. Pay the small stipend to maintain Delta Dental. When you get out, most employers offer insurance, but having two is great. Tricare will always be the secondary insurance and will always have the lower allowed rate.

Typical billing goes something like this, they bill $500, civilian insurance allows $300 and pays. Tricar allows $150. The EOB says Tricare rate exceeded by more than 115%, you owe no additional. Basically after Tricare deductible its all paid for the year. The same goes for prescription, vision and dental.

Benefits can be a challenge at times and not knowing what to ask for is tough. Insurance will at least be an easy choice.

Charlie

Respondis tough. Insurance will at least be an easy choice. Charlie RE: Theory of Consumer Behavior

Insurance will at least be an easy choice. Charlie Respond RE: Theory of Consumer Behavior -

RE: Theory of Consumer Behavior - wcs

Hi Charlie,

Shanna Thronas

Theory of Consumer Behavior - wcs Hi Charlie, Shanna Thronas 9/2/2010 11:39:53 AM Good Post! I

9/2/2010 11:39:53 AM

Good Post! I agree with you that the benefits do play a role when offered a job. I recently interviewed for another position but the position will mean more overtime and more stress. If I do happen to be offered the position I will bargain with them about my salary and benefits that I receive, such as tuition reimbursement past the calendar year maximum. This is important to me in order to continue going to school. It all depends on what is important to the person and what is currently going on in the person's life.

Shanna

Respondwhat is currently going on in the person's life. Shanna RE: Theory of Consumer Behavior -

currently going on in the person's life. Shanna Respond RE: Theory of Consumer Behavior - wcs

RE: Theory of Consumer Behavior - wcscurrently going on in the person's life. Shanna Respond William Shain 9/3/2010 6:21:22 AM Knowing you

William Shain

Respond RE: Theory of Consumer Behavior - wcs William Shain 9/3/2010 6:21:22 AM Knowing you can

9/3/2010 6:21:22 AM

Knowing you can haggle over benefits and customize them is a great thing. I know many young workers who felt the package offered was it, no negotiating. A life lesson to be learned.

Charlie

Respondwas it, no negotiating. A life lesson to be learned. Charlie Week 3 Discussion 1 David

no negotiating. A life lesson to be learned. Charlie Respond Week 3 Discussion 1 David Gaynor

Week 3 Discussion 1

David Gaynor

be learned. Charlie Respond Week 3 Discussion 1 David Gaynor 9/1/2010 7:37:10 AM Consumer theory describes

9/1/2010 7:37:10 AM

Consumer theory describes how consumers seek to maximize their utility in selecting a variety of different goods. Consumers value different goods at different levels, and so by offering employees a variety of ways to be compensated, employers can retain and attract more employees. Most employees will in general value certain

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benefits more than wages, such as health care. Fewer employees may choose options such as 401(k) matching, but employers increase the odds of enabling each employee to have greater utility by offering variety.

However as people have more options, the opportunity cost of each choice increases. For example, when an employee must choose between money, dental coverage, life insurance, and other such benefits, it become harder for him to choose any one of them. Choosing between a higher wage and more benefits becomes more difficult as options increase. Employees can be overwhelmed with options, and may not make the best choices because it takes too much time to research them all. Thus, flexible benefit packages in general will cause employees to choose benefits over higher wages up to a certain point. If too many options are offered, employees may choose the higher wages rather than spend excessive time researching all their options.

than spend excessive time researching all their options. Respond RE: Week 3 Discussion 1 Branden Boyak

Respond

RE: Week 3 Discussion 1 Branden Boyak 9/3/2010 12:13:50 AM
RE: Week 3 Discussion 1 Branden Boyak 9/3/2010 12:13:50 AM

RE: Week 3 Discussion 1

Branden Boyak

RE: Week 3 Discussion 1 Branden Boyak 9/3/2010 12:13:50 AM

9/3/2010 12:13:50 AM

 

David,

 

While I can see your point, for these type of discussions I try to play the other side of the coin just to make people think. Without choices people would not be happy because they would feel that the freedom of choice was gone. But your argument is that when given too much choice, they are still unhappy as there is too much to research to determine the best option. So due to the overwhelming g amount of benefits, they choose to the higher wages. I have not seen this to ever be the case, as each company in my 25 years of being in the industry at most I have had only three or four choices to make for benefits, it has always been the options that seem to overwhelm most people.

Respond

Respond

RE: Week 3 Discussion 1 Nichole Carter 9/6/2010 3:39:16 PM
RE: Week 3 Discussion 1 Nichole Carter 9/6/2010 3:39:16 PM

RE: Week 3 Discussion 1

Nichole Carter

RE: Week 3 Discussion 1 Nichole Carter 9/6/2010 3:39:16 PM

9/6/2010 3:39:16 PM

 

Good post. You can always return later and pick up insurance. High salary from beginning of employment may not be available in the future unless a raise comes up. It all depends on your lifestyle and how you measure happiness and what you need. Each consumer is different in their current situations.

Respond

Respond

RE: Week 3 Discussion 1 Dennis Gregory 9/6/2010 8:52:45 PM
RE: Week 3 Discussion 1 Dennis Gregory 9/6/2010 8:52:45 PM

RE: Week 3 Discussion 1

Dennis Gregory

RE: Week 3 Discussion 1 Dennis Gregory 9/6/2010 8:52:45 PM

9/6/2010 8:52:45 PM

Hi David, good post. I think it depends on where the employee is in life and where they place their priorities. As a younger employee who is not making a lot, they would value the income over the benefits and hope their health holds. As they get older and want to secure their future and they have more use for health care, they would begin to move towards valuing the benefits more. This is assuming they have been receiving raises and their income has risen over the years.

receiving raises and their income has risen over the years. Respond Employee Benefits Branden Boyak 9/1/2010

Respond

raises and their income has risen over the years. Respond Employee Benefits Branden Boyak 9/1/2010 8:07:58

Employee Benefits

Branden Boyak

over the years. Respond Employee Benefits Branden Boyak 9/1/2010 8:07:58 PM The theory of consumer behavior

9/1/2010 8:07:58 PM

The theory of consumer behavior is based upon how consumers attempt to maximize their utility when selecting various goods and services. In order to obtain the highest unity from the numerous goods or services I have chosen to focus on the real example of benefit choices each year provided by various employers.

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Each year, usually in September or October benefits packages go out to the employees from various companies who support your company or are available in the selection process, each employee must attempt to maximize the unity of their benefits choosing between what benefits to cover, medical, dental, life insurance, long term disability and even Federal Spending Accounts. The employer will usually offer some monetary value towards your benefits or to even opt out from them all together. So each individual must maximize his or her unity with the remaining funds and then maybe even have the option to buy stock or increase their investment in a 401K IRA.

The employee must choose between where to spend the choices. Do you spend more on a medical plan because you have young children or less on dental because the kids are past the teenage years, is always a question that needs to be reevaluated each year.

But with so many choices is there sufficient time to make the right choice in order to maximize their utility at this time of year.

Reference

Maurice, S. & Thomas, C. (2011). Managerial economics (10th ed.). New York, NY: McGraw- Hill

Managerial economics (10th ed.). New York, NY: McGraw- Hill Respond RE: Employee Benefits Jeffrey Fort 9/6/2010

Respond

RE: Employee BenefitsJeffrey Fort 9/6/2010 9:18:24 PM

RE: Employee Benefits

Jeffrey Fort

Jeffrey Fort

9/6/2010 9:18:24 PM

Hello Branden,

 

I have many options with my employer that is actually due for renewal next month. The medical coverage is decent; however my fiancé’s coverage is even better. Since I will be getting married this year I am going to drop my employer’s coverage and maximize my benefit by switching to her medical insurance. Another example is the fact that her employer does not offer eye insurance and after marriage she will be added to my employer’s eye coverage plan. With so many options it is very important to really plan on maximizing utility.

Respond

Respond

RE: Employee BenefitsMonica Weber 9/6/2010 8:14:35 AM

RE: Employee Benefits

Monica Weber

RE: Employee Benefits Monica Weber 9/6/2010 8:14:35 AM

9/6/2010 8:14:35 AM

Branden, Great post. We also have the same type of benefit selection system in place. We are informed about the time to re enroll in our benefit programs usually around the end of Sept. and we usually have until the end of Oct. to update our benefit package. I have found from my own experience and other employees that this has been a sufficient amount of time to complete this process. I have not heard any negative feedback re: this process and for the most part they appreciate the ability to choose the benefits they need or want. Very good point however because it may be that not all employers will give sufficient amount of time to make that decision. It may be difficult for some to make those kind of choices since once it is made it will be another year before they can change it again.

Monica

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Page 7 of 23 Respond RE: Employee Benefits Instructor Blagg 9/2/2010 8:21:52 PM   Hi Branden,

Respond

RE: Employee Benefits Instructor Blagg 9/2/2010 8:21:52 PM
RE: Employee Benefits Instructor Blagg 9/2/2010 8:21:52 PM

RE: Employee Benefits

Instructor Blagg

RE: Employee Benefits Instructor Blagg 9/2/2010 8:21:52 PM

9/2/2010 8:21:52 PM

 

Hi Branden,

 

Excellent points. It depends on everyone’s particular situation. Younger workers want more money immediately to use for spending (and paying down debts such as loans from education and automobiles). Older workers have sufficient income and saving so they are looking to protect (or hedge) their wealth through better health care, long term care, and life insurance products.

Respond

Respond

RE: Employee Benefits William Shain   9/2/2010 6:47:11 AM
RE: Employee Benefits William Shain   9/2/2010 6:47:11 AM

RE: Employee Benefits

William Shain

RE: Employee Benefits William Shain
 

9/2/2010 6:47:11 AM

 

To answer your question, is there adequate time to respond to the choices provided to maximize employee unity, I feel yes. This is not a random date to opt in or out of benefits, it is an annual event. Every employee can look over such options and start forming their plan the day after sign-up if they choose. Granted their may be some new options that require additional review that only come out just prior to the sign-up period. My experience has shown these changes to be minor or at a minimum very clearly defined.

Of course many people will not give these benefits a second thought until the last moment and they either lose out for failure to even sign up or make a snap decision. Either way this seems to be more the employees fault, not the employer. Another point for sufficient time, often employers will post information on major changes well before the sign-up time to ensure their employees have adequate information to make the right choice for themselves.

Charlie

 
Respond

Respond

RE: Employee Benefits Ryan Dingman   9/6/2010 2:37:20 PM
RE: Employee Benefits Ryan Dingman   9/6/2010 2:37:20 PM

RE: Employee Benefits

Ryan Dingman

RE: Employee Benefits Ryan Dingman
 

9/6/2010 2:37:20 PM

Branden,

Excellent posting, I have chosen to almost eliminate my dental plan, because my wife and I do not have children and we have not had a dental problem in nearly 15 years. So we chose a dental plan with a very high deductable one dental work, but a low deductable on general yearly office visits. This has been working well for us, and we still have dental coverage if something did happen.

Ryan Dingman

have dental coverage if something did happen. Ryan Dingman Respond Discussion 1 Roosevelt Jeanbaptiste 9/2/2010

Respond

coverage if something did happen. Ryan Dingman Respond Discussion 1 Roosevelt Jeanbaptiste 9/2/2010 11:26:58 AM The

Discussion 1

Roosevelt Jeanbaptiste

Ryan Dingman Respond Discussion 1 Roosevelt Jeanbaptiste 9/2/2010 11:26:58 AM The theory of consumer behavior is

9/2/2010 11:26:58 AM

The theory of consumer behavior is the assumption that consumers can rank various bundles of goods as to whether they prefer one bundle to another or are indifferent between the two (Thomas & Maurice, 2011). In regards to employee benefits, many variables can come into play in the decision making process. One is the age of the employee. A younger employee may not feel the need for full benefit. They may feel that an increase income is more important than full benefit. However, if this young employee is married or has children; their need might be different. A married or an employee with children may want the full benefit because they have dependent. Overall, flexible benefit package can affect an employee’s preference based on their personal situation.

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Reference

Thomas, C. R., & Maurice, S. C. (2011). Managerial Economics: Foundations of Business Analysis and Strategy. New York: McGraw-Hill Irwin.

Analysis and Strategy. New York: McGraw-Hill Irwin. Respond RE: Discussion 1 Shanna Thronas 9/2/2010

Respond

RE: Discussion 1 Shanna Thronas 9/2/2010 11:46:20 AM
RE: Discussion 1 Shanna Thronas 9/2/2010 11:46:20 AM

RE: Discussion 1

Shanna Thronas

RE: Discussion 1 Shanna Thronas 9/2/2010 11:46:20 AM

9/2/2010 11:46:20 AM

 

Hi Roosevelt,

 

Good Post! I agree with your post. Each person is different and their priorities are different. I know of other co- workers that do not have a spouse or any kids and they are in great health, therefore they do not take the full coverage health care but a reduced health care plan. Me on the other cannot afford to not have insurance with the work my husband does both on the job and off the job and with kids. I am fortunate enough to have insurance through my work and my husband has it through the union. So if I change companies and the health insurance is more than what I pay now I would probably opt out of the insurance and just stay with my husbands.

Shanna

 
Respond  

Respond

 
RE: Discussion 1 Instructor Blagg 9/2/2010 8:23:08 PM
RE: Discussion 1 Instructor Blagg 9/2/2010 8:23:08 PM

RE: Discussion 1

Instructor Blagg

RE: Discussion 1 Instructor Blagg 9/2/2010 8:23:08 PM

9/2/2010 8:23:08 PM

 

Hi Roosevelt,

 

Excellent post. It is also interesting that when having to decide between a guaranteed higher wage or more benefits (that may never be used such as health insurance), it can be tempting to choose the guaranteed benefit of higher wages. For every dollar of wage increase being offered at some point with no change in benefits, the choice of choosing the wage over the increased benefits looks more attractive. And looking at it the other way, the more benefits being offered at some point with no increase in wages, the benefits will start to look more attractive, even for a younger employer.

Respond  

Respond

 
 
  RE: Discussion 1 Manuel Colon 9/3/2010 10:04:53 AM
RE: Discussion 1

RE: Discussion 1

Manuel Colon

Manuel Colon

9/3/2010 10:04:53 AM

 

Hi Roosevelt and Professor Blagg, I completely agree that the logical choice would be to secure health insurance even if it takes away from disposable income- regardless of the age group. With health care and insurance prices on the continuous rise it is more of a liability not to be prepared for the worst case scenario. This fact is more apparent with a person supporting a family with children.

Manuel

 
Respond

Respond

RE: Discussion 1 Artrell Manning 9/4/2010 9:14:50 PM
RE: Discussion 1 Artrell Manning 9/4/2010 9:14:50 PM

RE: Discussion 1

Artrell Manning

RE: Discussion 1 Artrell Manning 9/4/2010 9:14:50 PM

9/4/2010 9:14:50 PM

Good posting Roosevelt. I agree that the preference will depend on that individual. Whatever their personal needs are will be the preference they choose. I feel that a good insurance benefit package should be of the upmost

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importance because anything can happen and you have to be prepared. The salary may be appealing but you have to take everything into account when considering what benefit package best suits you.

when considering what benefit package best suits you. Respond Employee Benefits Shanna Thronas 9/2/2010

Respond

Employee BenefitsShanna Thronas 9/2/2010 11:36:08 AM

Employee Benefits

Shanna Thronas

Employee Benefits Shanna Thronas 9/2/2010 11:36:08 AM

9/2/2010 11:36:08 AM

I think flexible benefit packages would affect an employee’s preference between higher wages and more benefits. Depending on the options available to the employee to choose from in return for taking a lower amount of income will affect the employee’s decision. The employee also needs to take into consideration how useful the benefit will be and if there could be another option outside of the employer to take rather than reducing his or her income. If the benefit outweighs the reduction in salary then based on the theory of consumer behavior the employee will choose that option. The theory of consumer behavior explains that a consumer must receive the same value, if not more, than what he or she is giving up for the product. The employee is not going to choose optional benefits if they are not needed, or do not meet or exceed the amount that his salary will decrease if he chose that option.

Respond

Respond

Employee BenefitsKristina Velarde 9/2/2010 2:11:38 PM

Employee Benefits

Kristina Velarde

Employee Benefits Kristina Velarde 9/2/2010 2:11:38 PM

9/2/2010 2:11:38 PM

Using the theory of consumer behavior for this scenario, we can follow the steps outlined in the textbook to construct an indifference curve. First, consider the benefits packages to be the consumption bundles (Maurice & Thomas, 2011, p. 162). Then, employees would rank the bundles according to their preferences and assign utility units to each of the bundles combinations. The preferences will vary by employee; each will want to feel secure and safe in different ways, so benefits like medical, dental, life insurance, and retirement plans may be desired more than wages for some employees.

The preference rankings and utility units will tell us the benefits the employees obtain from the bundles and which bundle they prefer more or less to the others (Maurice & Thomas, 2011, p. 162-3). From the specific utility units, we can then create an indifference curve representing the different benefits package combinations that provide the employee with same level of utility (Maurice & Thomas, 2011, p. 165). The indifference curve will tell us which combination of benefits the employees prefer at different wages. This information could be used to tell managers what employees want in benefits for the wages they are paid.

I think we will see that employees are indifferent between receiving higher benefits / lower wages and receiving lower benefits / higher wages. Receiving higher benefits offset the lower wages because employees won’t need to allocate wages to pay for the benefits out-of-pocket. Similarly receiving lower benefits necessitates higher wages because employees will need to cover benefits expenses out-of-pocket.

References

Maurice, S. & Thomas, C. (2011). Managerial Economics (10 th ed.). New York, NY: McGraw-Hill.

RespondEconomics (10 t h ed.). New York, NY: McGraw-Hill. RE: Employee Benefits Hello Kristina, Jeffrey Fort

(10 t h ed.). New York, NY: McGraw-Hill. Respond RE: Employee Benefits Hello Kristina, Jeffrey Fort

RE: Employee Benefits

Hello Kristina,

Jeffrey Fort

Respond RE: Employee Benefits Hello Kristina, Jeffrey Fort 9/6/2010 9:02:09 PM The indifference curve that could

9/6/2010 9:02:09 PM

The indifference curve that could be outlined is a sure fire approach to determining how an employee can maximize utility. Today having little or no benefits can be very costly. In my situation I would have to maximize my utility by using a combination of both. If I had no benefits and were faced with having to visit a hospital

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then this would put me in a very negative situation.

Respondof 23 then this would put me in a very negative situation. Substitution Effect and Income

Substitution Effect and Income Effectthen this would put me in a very negative situation. Respond Hi Everyone, Instructor Blagg 9/2/2010

situation. Respond Substitution Effect and Income Effect Hi Everyone, Instructor Blagg 9/2/2010 8:19:33 PM Here are

Hi Everyone,

Instructor Blagg

Effect and Income Effect Hi Everyone, Instructor Blagg 9/2/2010 8:19:33 PM Here are a few articles

9/2/2010 8:19:33 PM

Here are a few articles that discuss the substitution effect and income effect:

http://www.investopedia.com/terms/i/incomeeffect.asp

http://www.investopedia.com/terms/s/substitution-effect.asp

Respondhttp://www.investopedia.com/terms/s/substitution-effect.asp RE: Substitution Effect and Income Effect Hi Professor,

Respond RE: Substitution Effect and Income Effect Hi Professor,

RE: Substitution Effect and Income EffectRespond Hi Professor, Shanna Thronas 9/3/2010 8:37:34 AM For some

Hi Professor,

Shanna Thronas

9/3/2010 8:37:34 AMEffect and Income Effect Hi Professor, Shanna Thronas For some reason I am unable to open

For some reason I am unable to open the articles that you posted. I tried copying and pasting the link in two different browsers and niether one said they could display the page because it wasn't found. Any suggestions?

Shanna

Respondpage because it wasn't found. Any suggestions? Shanna RE: Substitution Effect and Income Effect The links

because it wasn't found. Any suggestions? Shanna Respond RE: Substitution Effect and Income Effect The links

RE: Substitution Effect and Income Effect

The links worked for me. Maybe the site was down when you tried it

Kristina Velarde

Maybe the site was down when you tried it Kristina Velarde Respond 9/4/2010 2:50:58 PM Discussion
Maybe the site was down when you tried it Kristina Velarde Respond 9/4/2010 2:50:58 PM Discussion

Respond

9/4/2010 2:50:58 PM

Discussion 1you tried it Kristina Velarde Respond 9/4/2010 2:50:58 PM Audel Zarghami 9/2/2010 11:32:12 PM I think

it Kristina Velarde Respond 9/4/2010 2:50:58 PM Discussion 1 Audel Zarghami 9/2/2010 11:32:12 PM I think

Audel Zarghami

Respond 9/4/2010 2:50:58 PM Discussion 1 Audel Zarghami 9/2/2010 11:32:12 PM I think the dangerous aspect

9/2/2010 11:32:12 PM

I think the dangerous aspect of trying to fit everyone into the same box is that people are always left out. It is important to remember that each family is different and each person has their own set of personal needs. I don't like the idea of people trying to put everyone in the same box. However, when people are given more options they are happier. I believe that when people are given more options to purchase something or just have more options in general there are more likely to purchase more things.

Respondin general there are more likely to purchase more things. RE: Discussion 1 Dennis Gregory 9/6/2010

there are more likely to purchase more things. Respond RE: Discussion 1 Dennis Gregory 9/6/2010 8:55:23

RE: Discussion 1there are more likely to purchase more things. Respond Dennis Gregory 9/6/2010 8:55:23 PM Hi Audel,

Dennis Gregory

more things. Respond RE: Discussion 1 Dennis Gregory 9/6/2010 8:55:23 PM Hi Audel, good post, you

9/6/2010 8:55:23 PM

Hi Audel, good post, you make a very good point. People don't like to be pigeon-holed into a "one size fits all" benefits package. I think also, it depends on your need for security and where you are in your life. A younger person may value a paycheck and income over a good health plan, whereas an older person may value that good health plan.

Page 11 of 23

Page 11 of 23 Respond RE: Discussion 1 Nichole Carter 9/6/2010 3:46:15 PM Good post. I

Respond

RE: Discussion 1Nichole Carter 9/6/2010 3:46:15 PM

RE: Discussion 1

Nichole Carter

RE: Discussion 1 Nichole Carter 9/6/2010 3:46:15 PM

9/6/2010 3:46:15 PM

Good post. I agree with you as well. Many times people judge people because they are in a different situation as theirs. A father may need the extra benefits to satisfy their family's issues. Eventually even younger people will see benefit packages better than higher wage because things arise all time.

Respond

Respond

RE: Discussion 1Branden Boyak 9/3/2010 12:03:46 AM

RE: Discussion 1

Branden Boyak

RE: Discussion 1 Branden Boyak 9/3/2010 12:03:46 AM

9/3/2010 12:03:46 AM

Audel,

While I tend to agree with you think about the employers’ point of view for a minute. I don’t think they are trying to fit everyone into a the same box but it gets very costly with the more choices they tend to offer, no for them but for you. The more people that choose one option over another, the cheaper the price for that option, it is like buying at the store or at a club store, if they buy in larger volume, the cheaper the overall price they can offer.

larger volume, the cheaper the overall price they can offer. Respond RE: Discussion 1 Manuel Colon

Respond

the cheaper the overall price they can offer. Respond RE: Discussion 1 Manuel Colon 9/3/2010 10:24:01

RE: Discussion 1

Manuel Colon

price they can offer. Respond RE: Discussion 1 Manuel Colon 9/3/2010 10:24:01 AM Hi Audel and

9/3/2010 10:24:01 AM

Hi Audel and Branden, I tend to like choices as well. Although it is not likely that one company would offer many choices- it would more than likely limit them to a few of the more cost beneficial ones to both the company and employees. There will never be a one size fit all type of scenario- too many variants involved.

Manuel

fit all type of scenario- too many variants involved. Manuel Respond Employee Benefits Manuel Colon 9/3/2010

Respond

type of scenario- too many variants involved. Manuel Respond Employee Benefits Manuel Colon 9/3/2010 9:10:38 AM

Employee Benefits

Manuel Colon

involved. Manuel Respond Employee Benefits Manuel Colon 9/3/2010 9:10:38 AM In this example the consumer theory

9/3/2010 9:10:38 AM

In this example the consumer theory challenges each employee to determine what he or she believes to be the most beneficial package based on their personal level of understanding of all variables being offered by the company. On one hand- some people will naturally prefer one bundle package over the next based on relative comfort and usual spending habits. That is to say each employee will determine a ranking system of the preferred bundle that yields the most satisfaction. (Thomas, Maurice, 2010, Pg 162). Additional vetting processes such as utility and the levels thereof would be equated by each employee. Generally speaking, I believe that younger employees would naturally opt to take the higher wage package based on the fact that it offers more utility towards their lifestyle. Elder employees might opt to take the additional benefit packages since they are closer to retirement and therefore more beneficial to them based on their respective utility. This is not to say that it is a one size fits all- simply a matter of choice based on relative lifestyles and age.

Page 12 of 23

Manuel

Page 12 of 23 Manuel Respond RE: Employee Benefits William Shain   9/5/2010 6:13:05 PM  

Respond

RE: Employee Benefits William Shain   9/5/2010 6:13:05 PM
RE: Employee Benefits William Shain   9/5/2010 6:13:05 PM

RE: Employee Benefits

William Shain

RE: Employee Benefits William Shain
 

9/5/2010 6:13:05 PM

 

You bring up a very important aspect of choice being different for different generations. Younger people today tend to focus on the moment; which is definitely salary. The more experience worker (older) seems to

take into account the value of other benefits that tend to serve you on a long-term basis. no one-size fits all approach to this question.

Bottom-line, there is

Charlie

 
Respond

Respond

RE: Employee Benefits Audel Zarghami 9/6/2010 8:41:44 PM
RE: Employee Benefits Audel Zarghami 9/6/2010 8:41:44 PM

RE: Employee Benefits

Audel Zarghami

RE: Employee Benefits Audel Zarghami 9/6/2010 8:41:44 PM

9/6/2010 8:41:44 PM

 

Nice post. I believe you make a few very goo statements. You state that younger employees will naturally opt to take the higher wage package based on the fact that it offers more utility towards their lifestyle. This makes sense since younger employees are looking for money not health benefits, and that elder employees might opt to take the additional benefit packages since they are closer to retirement. This is true as well since they are looking for the best way to protect themselves for the rest of their lifes.

Respond

Respond

RE: Employee Benefits Kristina Velarde 9/6/2010 9:16:53 PM
RE: Employee Benefits Kristina Velarde 9/6/2010 9:16:53 PM

RE: Employee Benefits

Kristina Velarde

RE: Employee Benefits Kristina Velarde 9/6/2010 9:16:53 PM

9/6/2010 9:16:53 PM

 

Hi Manuel,

 

Monthly income greatly affects the choices we make in terms of what we purchase and what activities we are able to do. The employees' choices would have an impact on the income they have available each month. Choosing a higher benefits package means less income. With less income, they will have to make choices to purchase less-costly items than they might be accustomed to. I believe that weighing these options for optimal satisfaction is no easy task and will be unique to each person as you mention.

Kristina

 
Respond

Respond

RE: Employee Benefits Shari Buenzli   9/6/2010 11:01:34 PM
RE: Employee Benefits Shari Buenzli   9/6/2010 11:01:34 PM

RE: Employee Benefits

Shari Buenzli

RE: Employee Benefits Shari Buenzli
 

9/6/2010 11:01:34 PM

Manuel, I agree with your post. Personally speaking, I would choose higher wages because I am young, single, and do not have children and I am in more need to live comfortably. If I were older, had a family to raise and was more established, I would probably choose additional benefits versus higher wages. In both cases, opportunity costs arise when weighing each decision because in this particular example, we are giving up increased wages for additional benefits and vice versa.

up increased wages for additional benefits and vice versa. Respond Employee Benefits: Monica Weber Monica Weber

Respond

wages for additional benefits and vice versa. Respond Employee Benefits: Monica Weber Monica Weber Employee

Employee Benefits: Monica Weber

Monica Weber

versa. Respond Employee Benefits: Monica Weber Monica Weber Employee Benefits 9/3/2010 1:33:25 PM

Employee Benefits

9/3/2010 1:33:25 PM

Page 13 of 23

Consumer theory is based on consumption of goods and services with the goal of maximizing their total satisfaction. Satisfaction is also referred to as utility. This is the benefits consumers obtain from the goods and services they consume. A consumption bundle is a particular combination of specific quantities of goods or services. Consumers have limited incomes and must make decisions based on which bundle provides the most utility. Consumers also rank these goods and services based on their utility.

Employers would be smart to offer flexible benefit packages. This would allow a greater combination of bundles which would hopefully provide maximum utility for each employee. If for example one employee is not in need of greater medical benefits but is in need of greater vacation time. This employee would be able to choose greater vacation time while giving up medical benefits. This would increase their utility. In another example, a family of four may be in need of greater medical benefits. They would choose to give up an increase wage for the increase in medical benefits. However, in any of these scenarios there are difficult choices to make. There are opportunity costs that arise in making these decisions. An employee must give up something in order to gain something else.

I do believe that in giving the employees the opportunity to choose which “bundle” they wish to purchase within their limited incomes, it raises the employees overall utility. The employees have a choice in maximizing their personal satisfaction. The employee’s choice between higher wages and more benefits will depend upon the personal needs of the employee and what combination will allow for maximum utility.

References

Thomas, & Maurice, S. Charles. (2010). Managerial Economics: Foundations of Business Analysis and Strategy (10th ed.). New York: McGraw-Hill Irwin.

and Strategy (10th ed.). New York: McGraw-Hill Irwin. Respond Monica Weber RE: Employee Benefits: Sheree

Respond

Monica WeberRE: Employee Benefits: Sheree Graham

Monica Weber RE: Employee Benefits: Sheree Graham

RE: Employee Benefits:

Sheree Graham

Monica Weber RE: Employee Benefits: Sheree Graham 9/6/2010 8:30:53 PM

9/6/2010 8:30:53 PM

Monica, As always you presented with some very good points. One thing that I noticed was the statement you made

about employees selecting between higher wages and more benefits based upon their individual needs. This

is

occuring more so now than ever because many people are coming out of retirement seeking employment to

make ends meet rather than seeking benefits. Most retirees are utilizing their pension and Medicare and have

not need for many of the offered benefits. Employees with families on the other hand are seeking wages that will keep them out of a financial slumber as well as benefit packages that will be of an advantage to themselves as well as their families.

Respond

Respond

Monica WeberRE: Employee Benefits: David Gaynor

Monica Weber RE: Employee Benefits: David Gaynor

RE: Employee Benefits:

David Gaynor

Monica Weber RE: Employee Benefits: David Gaynor

9/6/2010 6:36:02 PM

Monica, good post. I agree that a family of four may be in need of greater medical benefits. I chose to give up

a portion of my wages for additional medical benefits. Having two active boys, trips to the emergency room

would be a huge cost that I could not cover. My personal need was to insure my family at a cost of additional deductions from my paycheck but the benefits of having excellent health, dental, and vision insurance outweighs the loss of pay.

Responddental, and vision insurance outweighs the loss of pay. Week 3, Discussion 1 Shelley Bailey 9/3/2010

and vision insurance outweighs the loss of pay. Respond Week 3, Discussion 1 Shelley Bailey 9/3/2010

Week 3, Discussion 1

Shelley Bailey

the loss of pay. Respond Week 3, Discussion 1 Shelley Bailey 9/3/2010 10:22:09 PM When analyzing

9/3/2010 10:22:09 PM

When analyzing consumer behavior, individuals make consumption decisions with the goal of maximizing their total satisfaction from consuming various goods and services (p. 159). But because every individual is different and has different needs, preferences are different. The consumption bundle, a particular combination of specific quantities of goods or services, allows consumers to rank different goods and services according to the level of satisfaction they get (p. 160). This satisfaction or benefits consumers obtain from the goods and services they consume is called utility. To help consumers make decisions an indifference curve was created. This graph allows a consumer to plot the trade off of different goods and compare it to their capability of substituting that good, or that person’s utility of the good (p. 163).

Page 14 of 23

In this example, it is important for an employee to understand their benefits and be able to compare it to their pay. It may be important for one person to have a 401K plan offered by their company, but not for a different employee. If an employee had a great utility for the 401K plan, they are more likely to accept a lower base salary. This trade off allows for employees to choose what benefits they choose to participate in and also what companies they choose to apply for.

I think companies should allow their employees to choose different benefits important to them and adjust their salary. This way everyone feels like they are fairly treated employees. For example, because of my young age and health, long-term disability and health care, doesn’t interest me. I would much rather receive a higher base salary, and have the money in my pocket, than for my company to partake in something I don’t need.

than for my company to partake in something I don’t need. Respond RE: Week 3, Discussion

Respond

RE: Week 3, Discussion 1 David Gaynor 9/6/2010 6:41:58 PM
RE: Week 3, Discussion 1 David Gaynor 9/6/2010 6:41:58 PM

RE: Week 3, Discussion 1

David Gaynor

RE: Week 3, Discussion 1 David Gaynor 9/6/2010 6:41:58 PM

9/6/2010 6:41:58 PM

 

Shelley, I agree that employers should give employees the options to choose benefits important to them. When I was younger all I wanted was the money. I wasn’t concerned with retirement and insurance. Now that I have a family benefits are my main concerns. Employers need to understand that employees have different needs and offer benefit packages tailored for the individual not the group.

Respond  

Respond

 
RE: Week 3, Discussion 1 Instructor Blagg 9/4/2010 3:14:30 PM
RE: Week 3, Discussion 1 Instructor Blagg 9/4/2010 3:14:30 PM

RE: Week 3, Discussion 1

Instructor Blagg

RE: Week 3, Discussion 1 Instructor Blagg 9/4/2010 3:14:30 PM

9/4/2010 3:14:30 PM

 

Hi Shelley,

 

Good points. If employees even perceive that the benefits are more valuable than a higher salary (even though it may not be true due to the group discount that the company may receive), then the employee will be more satisfied with a comprehensive benefits package. This is where trading can create value for both sides. The employee is able to obtain a comprehensive benefits package by working for the company whereas they would not be able to afford it if they were working for themselves. And the company benefits by being able to offer benefits at a discounted rate which is less than the out-of-pocket cash they would have to pay the employee if they choose the higher salary option. The company can also lower the higher salary perk to match the cost of the benefits so that whatever decision the employee makes, the company would be indifferent to it.

Respond  

Respond

 
 
  RE: Week 3, Discussion 1 Shelley Bailey 9/5/2010 10:52:50 AM
RE: Week 3, Discussion 1

RE: Week 3, Discussion 1

Shelley Bailey

  RE: Week 3, Discussion 1 Shelley Bailey 9/5/2010 10:52:50 AM

9/5/2010 10:52:50 AM

 

Michael, You make a great point that employers do receive many benefits at a discounted rate because of the amount they are purchasing. Group discounts are available in many different things in our everyday lives, like tickets to sporting events and even buying multiple products at the grocery store. Employers are no different and the more employees a company has, the more likely they are paying less for benefits than a smaller company. It is assumed that the larger the company, the better benefits they offer for their employees.

Respond

Respond

RE: Week 3, Discussion 1 Marianne Ordonez 9/12/2010 1:17:36 AM
RE: Week 3, Discussion 1 Marianne Ordonez 9/12/2010 1:17:36 AM

RE: Week 3, Discussion 1

Marianne Ordonez

Marianne Ordonez

9/12/2010 1:17:36 AM

Hello Shelley,

Page 15 of 23

I think your idea of having companies be able to adjust their employees salary based on the benefits is a great idea because it is true that everyone is looking for different things when they apply for a job. People are either looking for larger salaries or a job that provides more benefits.

I agree that long-term disability is something that young adults do not look much at but they are attracted to larger salaries. I like knowing that my company does give me options when it comes to picking my benefits except I do not have the option of asking for a larger salary.

I do not have the option of asking for a larger salary. Respond Employee Benefits -

Respond

not have the option of asking for a larger salary. Respond Employee Benefits - week 3

Employee Benefits - week 3 - Ryan Dingman

Ryan Dingman

Employee Benefits - week 3 - Ryan Dingman Ryan Dingman 9/3/2010 10:41:57 PM Increasingly, employees are

9/3/2010 10:41:57 PM

Increasingly, employees are being allowed to choose benefit packages from a menu of items. For instance, workers may be given a package of benefits that includes basic and optional items. Basics might include modest medical coverage, life insurance equal to a year's salary, vacation time based on length of service, and some retirement pay. But then employees can use credits to choose among such additional benefits as full medical coverage, dental and eye care, more vacation time, additional disability income, and higher company payments to the retirement fund. Using the theory of consumer behavior, how do you think flexible benefit packages would affect an employee's preference between higher wages and more benefits?

For this scenario we are looking at the theory of consumer behavior, which in general says we should focus on using a combination of goods to create the most satisfaction from those goods. In this question we find many different options that can be arranged in many different ways to create consumer satisfaction. The question is can these goods be arranged in such a way as to cause a unity of satisfaction. For the most part I believe there will be a possible way to arrange them to benefit more melodies than not, but it will never affect all of them the same way. Therefore by allowing the employees to choose the benefit package from a list of benefits, the employer allows the employee to satisfy their own needs. This in its self can cause unity.

An example of this can be seen in my own life medical history. When I was younger I always selected the minimum coverage needed, because I never got sick. The problem was at the age of 20 I came down with cancer and then spent the next year undergoing therapy. Luckily I beat the cancer, but now I almost always select the best plan I can afford.

There are many other benefits that an employer can offer that would lead to unity. For example we could look at vacation time, overtime, comp time, sick time, and time off of lunch breaks. All of these could be arranged and offered to the employees in such a manner as to generate unity.

Now if we take the same examples and add good salary to the benefit package, then the business could quickly cause unity. This would also be an example of salary versus other benefits otherwise known as the theory of consumer behavior.

Ryan Dingman

known as the theory of consumer behavior. Ryan Dingman Respond RE: Employee Benefits - week 3

Respond

as the theory of consumer behavior. Ryan Dingman Respond RE: Employee Benefits - week 3 -

RE: Employee Benefits - week 3 - Ryan Dingman

Shelley Bailey

RE: Employee Benefits - week 3 - Ryan Dingman Shelley Bailey 9/5/2010 8:18:17 PM Hi Ryan,

9/5/2010 8:18:17 PM

Hi Ryan, I'm really sorry to hear about your past medical history. It is great to hear that you beat the cancer and are able to talk about it today. For this exact reason, some benefits are more important than others to employees. But in your instance, sometimes you might think you want one option, but then need a different one. This example also proves me point that health insurance is a necessity and all employers should offer it to their employees. Many people think they are invisible to things like cancer and car accidents, but they are very prevalent and unfortunately do happen.

Respond Page 16 of 23

Respond

Page 16 of 23

Respond Page 16 of 23 RE: Employee Benefits - week 3 - Ryan D i n

RE: Employee Benefits -

week 3 - Ryan

Dingman

Shelley,

Ryan Dingman

3 - Ryan D i n g m a n Shelley, Ryan Dingman 9/6/2010 2:14:19 PM

9/6/2010 2:14:19 PM

Yes, I believe all employers should offer health insurance to their employees, but at the same time, I believe the employees should have the opportunity to choose what type of plan they want to invest in. Even after fighting cancer, I do not think we should force things like health insurance on people, however, I think it is necessary for everyone to have. So what employers should do is allow employees to pick and choose the plan that best meets their individual wants.

Ryan Dingman

plan that best meets their individual wants. Ryan Dingman Respond Consumer Theory Nichole Carter 9/4/2010 10:48:23

Respond

that best meets their individual wants. Ryan Dingman Respond Consumer Theory Nichole Carter 9/4/2010 10:48:23 AM

Consumer Theory

Nichole Carter

wants. Ryan Dingman Respond Consumer Theory Nichole Carter 9/4/2010 10:48:23 AM Consumers are for the most

9/4/2010 10:48:23 AM

Consumers are for the most part on a budget. We try to get the maximum amount of good for the amount of purchase. Many businesses do opt to offer a variety of benefit packages. I think many people cannot really afford medical and other types of insurance but, I think they do it anyway because it is beneficial long term. Many times when a patient receives hospital care it can be quite expensive and many people do not have thousands of dollars in their account to give at a moment’s notice. In this case packaging various coverage makes people who want more to pay more while people who really cannot afford it to at least have some coverage. Another reason for packaging could be due to consumer preferences differ. I may not take insurance as been a basic need like another consumer may. I may feel eating out is more important and opt out the insurance.

feel eating out is more important and opt out the insurance. Respond RE: Consumer Theory Kathleen

Respond

RE: Consumer TheoryKathleen Wilson 9/5/2010 12:05:58 PM

RE: Consumer Theory

Kathleen Wilson

RE: Consumer Theory Kathleen Wilson 9/5/2010 12:05:58 PM

9/5/2010 12:05:58 PM

Nichole,

 

I agree that this all boils down to what your personal preferences are. I think that it benefits organizations to offer packages that can be mixed and matched because it allows the employee some control over what they need and want versus what they can afford. I know that at least one organization that is finding more and more creative ways to keep the numbers down on the people that are on their insurance. At my husbands employer, they have what they call a "spousal surcharge" if you try to enroll someone on their insurance that has the opportunity to obtain insurance elsewhere. It is nice to see the other side of the coin that is working for the employee instead of against.

 

Kathy

Respond

Respond

RE: Consumer TheoryMonica Weber 9/5/2010 2:24:00 PM

RE: Consumer Theory

Monica Weber

Monica Weber

9/5/2010 2:24:00 PM

Nichole, Good post. Many people do not have enough money to pay for their medical expenses. Medical insurance is necessary for many people because it is beneficial for the long term and it is a safety net especially if they have children. If a business is able to provide a variety of benefit packages it will allow each employee to customize their benefits, vacation time or salary. This allows for the employee to maximize their utility. This I feel would make for a happier employee and a more productive one. Thanks for the post. Monica

Page 17 of 23

Page 17 of 23 Respond Elasticity & Inelasticity Instructor Blagg 9/4/2010 3:21:09 PM   Hi Everyone,

Respond

Elasticity & Inelasticity Instructor Blagg 9/4/2010 3:21:09 PM
Elasticity & Inelasticity Instructor Blagg 9/4/2010 3:21:09 PM

Elasticity & Inelasticity

Instructor Blagg

Elasticity & Inelasticity Instructor Blagg 9/4/2010 3:21:09 PM

9/4/2010 3:21:09 PM

 

Hi Everyone,

 

These articles briefly discuss elasticity and inelasticity:

 

http://www.investopedia.com/terms/e/elastic.asp

 

http://www.investopedia.com/terms/e/inelastic.asp

Respond

Respond

Week 3 - Employee Benefits Kathleen Wilson 9/4/2010 3:47:54 PM
Week 3 - Employee Benefits Kathleen Wilson 9/4/2010 3:47:54 PM

Week 3 - Employee Benefits

Kathleen Wilson

Week 3 - Employee Benefits Kathleen Wilson 9/4/2010 3:47:54 PM

9/4/2010 3:47:54 PM

 

Week 3 – Employee Benefits

 

When looking at flexible benefit packages for employees, everyone would be different because everyone has a different utility as well as a different budget restraint. Having flexible benefit packaging, allows the employees the ability to prioritize their wants and needs and allowing them to tailor their needs within their budget constraints. This also benefits the organization because it is able to “offer” what employees are looking for. We are also seeing this with companies such as Progressive auto insurance; the ability to “name your own price” allows the consumer to tailor their coverage and deductibles based on the consumer’s budget.

Kathy

 
Respond

Respond

Employee Benefits Shari Buenzli 9/4/2010 8:23:50 PM
Employee Benefits Shari Buenzli 9/4/2010 8:23:50 PM

Employee Benefits

Shari Buenzli

Employee Benefits Shari Buenzli 9/4/2010 8:23:50 PM

9/4/2010 8:23:50 PM

In this case, consumer theory allows employees to choose their benefit packages from different items, depending on their level of satisfaction associated with each package (Maurice, Thomas, 2011, pg 161). Flexible benefit packages will vary, depending on each individual's situation or preference. Personally speaking, I would choose higher wages because I am young, single, and do not have children and I am in more need to live comfortably. If I were older, had a family to raise and was more established, I would probably choose additional benefits versus higher wages. In both cases, opportunity costs arise when weighing each decision because in this particular example, we are giving up increased wages for additional benefits and vice versa.

Reference

Maurice, S. & Thomas, C. (2011). Managerial Economics (10 th ed.). New York, NY: McGraw-Hill.

Economics (10 t h ed.). New York, NY: McGraw-Hill. Respond RE: Employee Benefits Kathleen Wilson 9/5/2010

Respond

(10 t h ed.). New York, NY: McGraw-Hill. Respond RE: Employee Benefits Kathleen Wilson 9/5/2010 12:17:27

RE: Employee Benefits

Kathleen Wilson

McGraw-Hill. Respond RE: Employee Benefits Kathleen Wilson 9/5/2010 12:17:27 PM

9/5/2010 12:17:27 PM

Page 18 of 23

Shari,

Having the option to tailor benefits certainly can make for employees that are happy within the organization. This can create a favorable cycle within the organization especially if the organization is one that typically does not pay well. For example, at my current organization, from the Friday after Memorial day to the Friday before Labor Day we have "Summer Hours". This means that full time employees can leave 1 1/2 hours early on Friday, 32/wk employees leave 1 hour early, and 24/wk leave 1/2 hour early. Perks as simple as this can make a big difference when you are not paid well due to budget restraints.

Kathy

when you are not paid well due to budget restraints. Kathy Respond RE: Employee Benefits Roosevelt

Respond

RE: Employee Benefits Roosevelt Jeanbaptiste 9/6/2010 7:08:11 PM
RE: Employee Benefits Roosevelt Jeanbaptiste 9/6/2010 7:08:11 PM

RE: Employee Benefits

Roosevelt Jeanbaptiste

RE: Employee Benefits Roosevelt Jeanbaptiste 9/6/2010 7:08:11 PM

9/6/2010 7:08:11 PM

 

Hello Shari,

 

Good Post. I also agree with you on the reasons for accepting additional benefits. Age, family status, and income does play a major role when individuals are selecting the proper benefit. I use to choose higher wage versus more benefit. However, once I had my girls, I chose to get more benefit. My priorities changed as i got older.

Respond

Respond

RE: Employee Benefits Ryan Dingman 9/6/2010 2:24:30 PM
RE: Employee Benefits Ryan Dingman 9/6/2010 2:24:30 PM

RE: Employee Benefits

Ryan Dingman

RE: Employee Benefits Ryan Dingman 9/6/2010 2:24:30 PM

9/6/2010 2:24:30 PM

 

Shari,

 

Your argument for why you would pick a less expansive plan helps make my argument as to why I think the plans should be flexible. You said you would pick a plan that would help you live comfortably because you are young and healthy. at the same time this is how I use to believe. unfortunately when I was 20 years old I came down with cancer. I was young, very healthy and did not eat or drink anything that would have lead to health issues. The cancer treatment took one year, and costs more than $100,000. Luckily I was in the military and my health care paid for everything. However, if I hand not been in the military I would have probably not had health insurance and would have not been able to pay for the treatment I needed. When I got out of the military my next employer offered up multiple plans one of which was very cheap. When looking at the less expansive plan I found it only covered $50,000 worth of yearly medical costs. This would not cover me if my cancer were to come back, so I went with the more expensive plan that has a substantially higher cap.

Given the above information, would you still buy the less expensive plan, or would you choose more coverage?

Ryan Dingman.

 
Respond

Respond

RE: Employee Benefits Audel Zarghami 9/6/2010 8:49:21 PM
RE: Employee Benefits Audel Zarghami 9/6/2010 8:49:21 PM

RE: Employee Benefits

Audel Zarghami

RE: Employee Benefits Audel Zarghami 9/6/2010 8:49:21 PM

9/6/2010 8:49:21 PM

I think this is a very personal topic. Personally, I am at a very transitional stage right now in my life. I got married 3 months ago and am looking for the best way to relocate back to my home town. My wife and I are saving to make a down payment on our "dream" home so right now we would need money a lot more than we would need benefits. We are younger so I am sure statistically we are a lot less likely to need to visit the doctor. If we were older and I needed to visit the doctor regularly my choice and decision process would be very different.

my choice and decision process would be very different. Respond Theory of Consumer Behavior Artrell Manning

Respond

choice and decision process would be very different. Respond Theory of Consumer Behavior Artrell Manning 9/4/2010

Theory of Consumer Behavior

Artrell Manning

Respond Theory of Consumer Behavior Artrell Manning 9/4/2010 8:38:04 PM

9/4/2010 8:38:04 PM

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According to the text the theory of consumer behavior is based upon an concentrated effort to maximize their total satisfaction from consuming various goods and services (Thomas and Maurice, 2011, page 161). Basing employee's benefit packages to this theory is to know what is of relevance to that individual. Due to the individuality of the employees their preference will not be the same. You can have someone who is young and single that may place more value on salary. Whereas, an older person with a family will place more emphasis on insurance benefits and vacation.

Speaking for myself, the benefits discussed have been taken for granted because the military offers them for free. Now that I am close to retirement I have to consider what is of importance to me. Though I am single without children, I value insurance benefits, salary and vacation time. I have to ensure the benefits in my next job are of the same or better standards then what I am receiving now. As stated earlier, the preference depends on the individual. That person has to know what is of the upmost importance to them.

REFERENCE:

Thomas, C & Maurice S (2011) Managerial Economics: Foundations of Business Analysis and Strategy 10th Edition New York: McGraw/Hill-Irwin page 161

RespondStrategy 10th Edition New York: McGraw/Hill-Irwin page 161 Week 3 Discussion 1 Dennis Gregory 9/4/2010 11:35:52

10th Edition New York: McGraw/Hill-Irwin page 161 Respond Week 3 Discussion 1 Dennis Gregory 9/4/2010 11:35:52

Week 3 Discussion 1

Dennis Gregory

page 161 Respond Week 3 Discussion 1 Dennis Gregory 9/4/2010 11:35:52 PM “Consumer theory requires that

9/4/2010 11:35:52 PM

“Consumer theory requires that consumers be able to rank (or to order) various combinations of goods and services according

to the level of satisfaction associated with each combinations” (Thomas & Maurice, 2010, p.162). The benefits obtained from

goods or services can be described as utility. Consumers seek to maximize the utility from goods and services they purchase.

A worker’s age would probably affect most what they were seeking in their benefits package. A younger person in good health

might seek to maximize their wage while an older person may need to maximize health benefits and retirement planning.

When I was younger, planning for the future was not high on my list of priorities. Therefore, optional benefits in my companies’ benefits were ignored in favor of making a higher income. As I have gotten older and my income has increased and I am more mindful of the future, I am buying benefits that I may not have felt were that important in the past.

Thomas, C. R., & Maurice, S. C., (2010). Managerial Economics: Foundations of Business Analysis and Strategy (10th ed.). New York: McGraw-Hill Irwin.

Respondand Strategy (10th ed.). New York: McGraw-Hill Irwin. RE: Week 3 Discussion 1 Hi Dennis, Roosevelt

Strategy (10th ed.). New York: McGraw-Hill Irwin. Respond RE: Week 3 Discussion 1 Hi Dennis, Roosevelt

RE: Week 3 Discussion 1

Hi Dennis,

Roosevelt Jeanbaptiste

RE: Week 3 Discussion 1 Hi Dennis, Roosevelt Jeanbaptiste 9/6/2010 7:45:53 PM Good Post. I completely

9/6/2010 7:45:53 PM

Good Post. I completely agree with you. We take different avenue in our lives. At younger age, we tend to go more for the money than the benefit. As we get older, our priority change. I don't if it is because of maturity or because those benefits become more important as we get older.

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RespondPage 20 of 23 RE: Week 3 Discussion 1 Monica Weber 9/5/2010 2:29:32 PM Dennis, Great

Page 20 of 23 Respond RE: Week 3 Discussion 1 Monica Weber 9/5/2010 2:29:32 PM Dennis,

RE: Week 3 Discussion 1Page 20 of 23 Respond Monica Weber 9/5/2010 2:29:32 PM Dennis, Great post. Based on Consumer

Monica Weber

Page 20 of 23 Respond RE: Week 3 Discussion 1 Monica Weber 9/5/2010 2:29:32 PM Dennis,

9/5/2010 2:29:32 PM

Dennis, Great post. Based on Consumer Theory, if a employer offers a variety of benefit packages this will allow the employee to customize their benefits and thus maximize their utility. I agree that the age of the employee will affect what choices they make. The employee's health and the health of their families may also impact their decisions. I feel that being able to choose from a variety of benefit packages would benefit the employee and the employer. Monica

Respondpackages would benefit the employee and the employer. Monica Employee Benefits Jeffrey Fort 9/5/2010 4:56:24 PM

would benefit the employee and the employer. Monica Respond Employee Benefits Jeffrey Fort 9/5/2010 4:56:24 PM

Employee Benefits

Jeffrey Fort

the employer. Monica Respond Employee Benefits Jeffrey Fort 9/5/2010 4:56:24 PM There are two important factors

9/5/2010 4:56:24 PM

There are two important factors here: (1) time and (2) money. Many consumers tend to think about everything that they want to buy now and don’t realize what they may run into later. Their desires usually outweigh their known necessities or in some case their unknown necessities. According to Maurice and Thomas (2011), for any given pair of consumption bundles, consumers must be able to classify the bundles according to the level fulfillment they would enjoy from consuming the bundles (p.162). Personally, I have many things to take into consideration before making purchases or having a preference between a higher wage and more benefits. I have to consider that I am young now and will retire one day and also even though I am young does not mean I will not face health issues. I also have a family that I want to spend time with whenever and as much as possible. So for me vacation time, medical benefits, and retire plans are of high value to me.

The value for the employee will vary based on a couple of different things: age and family status. Obviously, if someone has is married with children then many benefits such as the retirement plan, vacation time, and medical benefits will be of great importance. These types of things are usually important for people who have long term and family goals in mind. On the other side of the fence if an employee only had to worry about making a living for him/her-self then at the time money would be of more importance.

Maurice, S. & Thomas, C. (2011). Managerial Economics. 10th Ed. New York:

McGraw-Hill

(2011). Managerial Economics. 10th Ed. New York: McGraw-Hill Respond RE: Employee Benefits Hi Jeffrey, Kristina Velarde

Respond

Managerial Economics. 10th Ed. New York: McGraw-Hill Respond RE: Employee Benefits Hi Jeffrey, Kristina Velarde 9/6/2010

RE: Employee BenefitsManagerial Economics. 10th Ed. New York: McGraw-Hill Respond Hi Jeffrey, Kristina Velarde 9/6/2010 9:22:43 PM Looking

Hi Jeffrey,

Kristina Velarde

Respond RE: Employee Benefits Hi Jeffrey, Kristina Velarde 9/6/2010 9:22:43 PM Looking at this from the

9/6/2010 9:22:43 PM

Looking at this from the employee or consumer perspective, the different options substitute for each other in different combinations to give us a variety of benefits-income packages that are acceptable. As the employer trying to determine which packages to offer, I think this scenario presents a difficult choice. As you mention, people of different characteristics and lifestyles will prefer different packages. This shows that it would be best

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for the employee to offer many options to employees to ensure they are more satisfied with the wages and benefits they receive. Not doing so could mean more employee turnover and could be more costly to the company.

Kristina

turnover and could be more costly to the company. Kristina Respond RE: Employee Benefits Brandy Garner

Respond

RE: Employee Benefits Brandy Garner 9/7/2010 10:04:26 PM
RE: Employee Benefits Brandy Garner 9/7/2010 10:04:26 PM

RE: Employee Benefits

Brandy Garner

RE: Employee Benefits Brandy Garner 9/7/2010 10:04:26 PM

9/7/2010 10:04:26 PM

 

Hello Jeffrey, time and money are important factors to consider when you are choosing your employee benefit packages. However I think that the end result is the factor of money. Because money is what we need to survive then money has a great influence of your options. If a person has a stable health condition and do not require constant visits to the doctor then that person has the option to choose a fewer benefits, however, if a person is always ill and require a lot of medication then it is in the best health decision for that person to consider a better health plan.

Respond

Respond

RE: Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:46:38 PM
RE: Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:46:38 PM

RE: Employee Benefits

Johanna Petty-Dunlap

RE: Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:46:38 PM

9/6/2010 11:46:38 PM

Hi Jeffrey. Good post. You stated some good points regarding time and money. I believe that some consumers that consider their income more important than their health are those who are on a limited budget. Those who hope nothing wrong happens. Those consumers tend to put their debt before their health first. What they fail to realize is if something happens to them medically, they will be charged much more than what they would have paid towards the benefits package.

than what they would have paid towards the benefits package. Respond Employee Benefits Sheree Graham 9/6/2010

Respond

they would have paid towards the benefits package. Respond Employee Benefits Sheree Graham 9/6/2010 8:19:13 PM

Employee Benefits

Sheree Graham

Employee Benefits Sheree Graham 9/6/2010 8:19:13 PM

9/6/2010 8:19:13 PM

Employee Benefits

Among other factors, employees benefits appreciate the opportunity to choose from select benefit packages. As it relates to the theory of consumer behavior, I think that employees will attempt to make rational decisions about whether or not they would opt for higher wages or more benefits. There are several considerations to make in both cases. From a personal perspective, I would take an overall of analysis of the benefits being offered as well as the amount of deductions faced with each option. The selections of higher wages may come at the cost of not having a decent benefit package. If the employee is married for instance they may opt for higher pay with the option to select such benefits as health insurance from their spouses benefit plan. A single employee, depending on age and health may opt for higher pay and selecting a benefit package at a later day. Another thing that a single individual especially those without children may do is decide whether or not they select a benefit package that is minimal in cost in the event that they are only employed for a short period of time. Depending on an individuals age, they may want to take advantage of a benefit package that will be advantageous to them in the future versus seeking higher wages.

Reference

Maurice, S. & Thomas, C. (2011). Managerial economics (10th ed.). New York, NY: McGraw-Hill

Managerial economics (10th ed.). New York, NY: McGraw-Hill Respond RE: Employee Benefits Great post! Shari Buenzli

Respond

economics (10th ed.). New York, NY: McGraw-Hill Respond RE: Employee Benefits Great post! Shari Buenzli 9/6/2010

RE: Employee Benefits

Great post!

Shari Buenzli

Respond RE: Employee Benefits Great post! Shari Buenzli 9/6/2010 11:04:25 PM

9/6/2010 11:04:25 PM

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I would choose higher wages because I am young, single, and do not have children and I am in more need to live comfortably. However, in both cases, opportunity costs arise when weighing each decision because in this particular example, we are giving up increased wages for additional benefits and vice versa.

up increased wages for additional benefits and vice versa. Respond RE: Employee Benefits Johanna Petty-Dunlap 9/6/2010

Respond

wages for additional benefits and vice versa. Respond RE: Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:24:32

RE: Employee Benefitswages for additional benefits and vice versa. Respond Johanna Petty-Dunlap 9/6/2010 11:24:32 PM Hi Sheree I

Johanna Petty-Dunlap

9/6/2010 11:24:32 PMversa. Respond RE: Employee Benefits Johanna Petty-Dunlap Hi Sheree I agree with your post. Depending on

Hi Sheree I agree with your post. Depending on a person's age, lifestyle, needs, marital status, income and even health status will determine what type of benefits package they will choose. It all depends what is most important to them for example most single mothers at my job purchases additonal vacation time to compensate when their children are sick or have school activities that they are required to attend. I purchased additional life insurance when I purchased my home.

Respondadditional life insurance when I purchased my home. Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:19:47 PM

Employee Benefitsadditional life insurance when I purchased my home. Respond Johanna Petty-Dunlap 9/6/2010 11:19:47 PM As I

when I purchased my home. Respond Employee Benefits Johanna Petty-Dunlap 9/6/2010 11:19:47 PM As I read

Johanna Petty-Dunlap

9/6/2010 11:19:47 PMmy home. Respond Employee Benefits Johanna Petty-Dunlap As I read this question, I think of myself

As I read this question, I think of myself choosing my benefit package. When I was younger, single and I barely went to a physician unless I was sick or for my yearly physical; my benefit package with my employer was the most basic medical and dental coverage the company offered. At that time, I wanted higher wages and I could care less about having the best medical coverage. Vacation time and retirement pay was most important to me. However, when I became a mother, wife and home owner; additional benefits became more of a priority. I was willing to receive lower wages for more benefits. I have chosen full medical coverage, dental and eye care, bought additional vacation time, purchased additional disability coverage and allocated a little more than average into my retirement fund. Therefore, a consumer chooses their benefits based on their needs, lifestyle and income. For example, the more often a consumer is going to the physician, the more likely he/she will choose the best medical coverage available with the lowest deductible. They will save money in the long run.

the lowest deductible. They will save money in the long run. Respond RE: Employee Benefits Brandy

Respond

deductible. They will save money in the long run. Respond RE: Employee Benefits Brandy Garner 9/7/2010

RE: Employee Benefitsdeductible. They will save money in the long run. Respond Brandy Garner 9/7/2010 9:57:44 PM Hello

Brandy Garner

in the long run. Respond RE: Employee Benefits Brandy Garner 9/7/2010 9:57:44 PM Hello Johanna, I

9/7/2010 9:57:44 PM

Hello Johanna, I truly understand your issues and concerns about employee benefit packages. I to have changed my way of understand benefit package for health care for me and my family. Four years ago when it was just me and my daughter we will only go to the doctor once a year for annually check ups, we was our health was stabled. However, when my son was born his health became serious. My son suffers from chronic asthma and he is only 3 years old. I visit the emergency room at least three times a month and he requires so many refills on his medication that my insurance will not cover all of his medication that he will need for the month. So due to his medical conditions I have to have a good insurance plan which required more money.

to have a good insurance plan which required more money. Respond Employee Benefits Brandy Garner 9/7/2010

Respond

Employee Benefitsa good insurance plan which required more money. Respond Brandy Garner 9/7/2010 9:50:01 PM It has

plan which required more money. Respond Employee Benefits Brandy Garner 9/7/2010 9:50:01 PM It has been

Brandy Garner

required more money. Respond Employee Benefits Brandy Garner 9/7/2010 9:50:01 PM It has been reported that

9/7/2010 9:50:01 PM

It has been reported that consumer behavior involves the use and disposal of products as well as the study of how they are purchased. Product use is often of great interest to the marketer, because this may influence how a product is best positioned or how we can encourage increased consumption. Since many environmental problems result from benefits for an employees this is an area of interest for many people. Consumer behavior involves services and ideas as well as tangible products. The impact of employees choosing higher wages and more benefits will be a great impact when it comes considering your benefit packages. Due to the economic difficulties that every family is facing, many employees are choosing to lower their benefit package so their wages would

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increase. Just managing food and shelter for families have been a great concern for many and as result health benefits have been decreasing for thousand of families.

Respondbenefits have been decreasing for thousand of families. Employee Benefits Marianne Ordonez 9/8/2010 11:36:32 PM Many

have been decreasing for thousand of families. Respond Employee Benefits Marianne Ordonez 9/8/2010 11:36:32 PM Many

Employee Benefits

Marianne Ordonez

of families. Respond Employee Benefits Marianne Ordonez 9/8/2010 11:36:32 PM Many companies have decided to give

9/8/2010 11:36:32 PM

Many companies have decided to give their employees the option of choosing their benefits. Just as Maurice & Thomas have stated in the reading, “all individuals make consumption decisions with the goal of maximizing their total satisfaction from consuming various goods and services” (2011,p.161). In the case of benefits packages I feel as though there are many options that companies give their employees know which sometimes make it hard to understand.

When I was fresh out of college all I cared about was how much the salary was when I was looking for a job. Now that I am getting closer to my 30’s and am thinking about getting married and having a family it is no longer so much about the salary but what benefits the company offers. I know that with people my age and others who have families, benefits are important because medical and dental is something to consider when you start

getting older and have more health issues. I also think that the 401K option is a great option that some companies

have instead of raising salaries they match their employees 401k contributions.

definitely comes into play for employees when they pick their benefits because a 22 year old woman will probably not have the same interest for health, medical, 401k and life insurance benefits that a 45 yr old man may be interested in. Either way I think it is beneficial that employers are giving their employees options.

Age, family status and lifestyle

Thomas, C. R., & Maurice, S. C. (2011). Managerial Economics: Foundations of Business Analysis

and

Strategy. New York: McGraw-Hill Irwin.

RespondAnalysis and Strategy. New York: McGraw-Hill Irwin. * Times are displayed in (GMT-07:00) Mountain Time (US

* Times are displayed in (GMT-07:00) Mountain Time (US & Canada)