Reflection:
This unit focused on benefits including familiarizing with, training, communicating, and enforcing rules and regulations. Many of these benefits I had a basic knowledge of due to my real-life management experience. The in-depth FMLA research was helpful to expanding my knowledge base and provided me with beneficial online resources to reference in the future. I felt comfortable in health benefits as well.
Areas where I saw great growth included retirement plans and education assistance plans. The research on retirement plans provided me with a chance to learn about plans that have never been offered in my current career field. Knowing the difference between defined benefit plans and defined contribution plans aids in the understanding of the overall programs. I was not aware of ERISA and its function, but this unit provided a learning experience on this agency.
Finally, education assistance was covered. Through research I increased my knowledge of programming available and the tax implications of each. I also realized the importance of knowing all aspects and pros/cons of each program option to create the right program for the company. We also covered how to effectively communicate with employees through role play communications.
Skills Inventory:
Benefits – General understanding of overall benefits plans including health, retirement, FMLA, and educational programs. Capable of communicating with employees, and potential employees, about programs available to them.
Health benefit review – Can review and explain benefits to employees. Ability to ask the right questions to establish the needs of employees and offer suggestions on plans to meet their needs.
Health benefits overview presentation – Able to determine beneficial data and major differences between benefit plans. Effortlessly create a presentation to highlight those major differences and other important pieces of information.
Retirement plans – Recognizes different retirement benefits including 401(k), pensions, 403(b), and more
FMLA – Expanded knowledge of FMLA rules and how to implement within company. Competent in communicating those rules to both employees and administration. Strong knowledge of resources available to employers.
Educational assistance – Basic knowledge of educational assistance programs and how to execute general program.