National Steel Benefits Case
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The benefits and pension package offered by a company can be one of the most important tools for attracting and retaining qualified personnel. A good benefits package can encourage workers to stay with an organization while a poor package can result in valuable employees leaving prematurely. In the context of human resource management, "good" can be defined as meeting the current and future needs of the particular workers at a particular company. In this way, the benefits package that is most appropriate to a computer software company, with highly skilled and professional employees, would be different than a benefits package offered to a fast-food franchise operation with less skilled hourly workers. However, a benefits package also represents a significant cost to an organization, and a package which is not evaluated and modified to meet the changing needs of today's dynamic companies may well be expensive and not achieving the company's long-term objectives. This research examines the benefits package offered at Granite City Steel, a division of the National Steel Corporation, and makes recommendations as to how the company can improve its competitive position by modifying its benefits and pension package.Granite City Steel is a division of National Steel that came into the company through acquisition. In recent years, Granite City has been the most profitable division of the company, and it competes in the integrated steel mill industry ra
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week, this amounts to 13 weeks. However, the nature of the steel industry is such that employees may well reach 520 hours before the 13th week, which is why the company refers to the 520 hour rule rather than the 13 weeks. Some workers have reached the threshold of benefits within only seven weeks.
Included in the benefits package are four health management organizations (HMOs) from which employees can choose. The company representative does not see much difference among the various HMOs except for their physical location to individual employees. Employees can also choose from a company plan (although the company is not self-insured) which offers $250 deductible per year and an 80/20 split on expenses. Union members do not pay anything for their medical plan as that is part of their contract. Salaried employees pay $10 an individual for the HMO, or $20 per family; the company plan costs salaried employees $20 for an individual and $40 for the entire family.
Granite City also offers a 401(k) plan for both union and salaried workers. Salaried workers are eligible immediately, but union workers must wait one year before choosing to participate. All employees can contribute between one and 18 percent of their wages. Salari
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Some common words found in the essay are:
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Approximate Word count = 2040
Approximate Pages = 8 (250 words per page)
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