BUS FPX4043 Assessment5 Attempt2.docx BUS-FP4043 Designing a Benefit Plan Capella Uni

BUS FPX4043    Assessment5 Attempt2.docx  BUS-FP4043  Designing a Benefit Plan Capella University   A comprehensive benefits package is essential to a start-up company wanting to attract and retain talent. Once implemented, it protects an employee and the family in case of unexpected illnesses, etc. as well as helping with employee morale.  However, creating the perfect package with essential needs within a budget is not always an easy task. This paper will look at a benefits package for a newly established upscale restaurant in Muscatine, IA.  Benefits Package/Retention  The benefits package will first include those benefits that are required by law. These include unemployment insurance, workmen™s compensation insurance, and social security. These three benefits insure protection to the employee in the case of injury, unemployment, and disability. Other industry standard benefits for the full-time employees will include health  insurance, holiday overtime pay, sick leave, vacation pay, and flexible compensation allowing for health savings accounts and dependent care reimbursement tax free options, and a 401k plan  [ CITATION Sha \l 1033 ]. Because the restaurant business will usually attract the younger generation (20  somethings), life insurance will not be offered initially as this perk usually doesn™t help attract this age group. However, it will be offered after 5 years of service, in order, to retain them. The restaurant will pay higher than average pay in to attract high quality employees. In addition, we will