Employee Benefits on AT&T, Sprint, and Verizon

Employee Benefits
Name
Student Number
Employee Benefits: HRM 320
Research Project Number: 35281600
E-Mail Address
Employee Benefits
Human resources are an indispensable part for business success. For this reason, companies are keen to treat workers with the kind of care they treat finances, materials, or information resources (Stalmasekova et al., 2017). One of the major tasks of the human resources management is employee motivation through rewards that may include both monetary and non-monetary rewards. Non-monetary rewards are the employee benefits an employer extends to the workers. Employee benefits constitute a large percentage of operational costs incurred in many sectors and individual businesses. Nevertheless, these benefits are critical in realizing organizational goals, maintaining a thriving organizational climate, and snowballing positive attitudes and wellbeing (Galanaki, 2019). Companies such as AT&T offer many welfare and retirement benefits for their employees and is one of the reasons for success in business. There are many factors that impact on its overall performance, including production processes, economic issues, capital, and employees (Stalmasekova et al., 2017). Many employers have made efforts to not only reward workers with a salary, but also provide them with employee benefits to motivate them and improve performance. This report provides an analysis of employee benefits at AT&T Inc., Sprint, and Verizon in the telecommunication sector.
AT&T Inc.,
Many American workers, such as AT&T employees enroll in health insurance which is partly funded by their employer. In this case, companies pay a significant fraction of the health premiums for their workers. The contributions made towards these benefits are tax-free for workers and tax deductible for employers. Employees at AT&T benefit from health, vision and dental plans (Payscale, 2022a). Besides, the company offers their workers group life insurance, short- and long-term disability insurance, and death benefits covering specific causes of demise. Retirement plans fully funded by AT&T are critical to ensure workers have a dependable income after retirement. At the company, employees also have defined benefit pension plans and contribution pension plans. While defined benefit retirement plan pays workers a fixed sum after retirement, defined contribution retirement plan are designed to help workers save or invest for their retirement. The most popular benefits for employees at AT&T Inc. include paid holidays or vacations, paid sick leaves, life insurance/disability, education/training/tuition/certification reimbursement, casual dress/atmosphere, and cell phones. Apart from the defined benefit pension plan and defined contribution pension plan, other retirement and financial benefits at AT&T include stock bonus, 401(k) plan, and profit sharing. The average base salary at Verizon Wireless is $93k/year while the average bonus is $9k.
Sprint
Located in Overland Park, KS, Sprint was founded in 1986 and has 28,500 employees (Built In, 2022). The company offers free wireless services and discounts to employees, including their friends and families. Sprint also has a competitive pay, $5250 reimbursement for ...