Compensation Plan Outline for Public Service Electric and Gas Company (PSE&G)

PSE & G Compensation Plan
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Institution Affiliation
PSE & G Compensation Plan
Public Service Electric and Gas Company (PSE & G) is the most ancient utility, whose ownership is solely by the investors in New Jersey. The corporation formed through an amalgamation of over 400 transportation, electric, and gas organizations in 1948. PSE&G offers services to an estimated 6,700km square area, crossing over Gloucester to Bergen counties. The clientele base of the company covers 2.2million electric clients and 1.8 million gas customers in about 300 towns and other rural centers (Overland Consulting, 2012). The company has approximately 13,000 employees. Moreover, PSE&G ranks the best in employee compensation, following a survey of 20,000 workers serving the largest organizations in the US (Chris Christie, 2011).
The company’s management believes that people yield more when treated fairly with their most critical needs satisfied. Consequently, the company invests a substantial amount of resources to its employees to ensure an optimal return to the consumers (Becker, 2013). To date, the company has the most comprehensive, flexible, and valuable benefits program as compared to its competitors. Among the benefits are rewards and recognition programs, family and personal care, savings and retirement plan, as well as a health plan (Overland Consulting, 2012).
Health Plans and Well-Being Programs
The company provides a benefit option fitting the needs of its team, covering all catastrophic, routine and preventive problems. The health plan is set at a reasonable cost, with the deductions considered before taxation. PSE & G’s employees have the rights of benefiting from the plans as soon as they start working with the company, including their first day at work. The health plan covers the company’s workers and their immediate family members (Becker, 2013).
PSE&G finance programs that promote the employees’ wellness and health. The program incorporates forums that enhance health, screenings, educational materials and wellness learning sessions. The employees suffering from chronic conditions get ideal health services (Overland Consulting, 2012). Additionally, employees receive educative sessions that lower the risk of accidents and injuries in the workplace. Such services catalyze proper management, and improve the internal sanitary conditions.
PSE&G Company provides the employees with access to professional experts in wellness and counseling on job related fitness issues. Moreover, the company motivates physical therapies by refunding 300 dollars in a year to permanent employees, who join a fitness center. Further, the company provides a channel through which employees may access tools, recipes, and means of weight loss know-how from organizations such as Nutri System and weight watcher (Schiemann, 2014).
PSE&G Company covers the purchasing of prescribed medication for employees. An individual worker is entitled to freely access the medication, whether through purchasing from a local retailer or by a mail-order. However, type of health problems and needs is significantly distinct depending on the problem. For instance, vision insurance depends on the dental and medical plan an individual has registered. However, the company caters for vision improvement services including surgery (Becker, 2013).
PSE&G Company has set some dental insurance that fluctuates depending on whether the employee is a union of a non-union group member. PSE&G Company maintains a special health plan for People with disabilities. The company provides financial protection when a person falls ill or is injured. Employees enjoy the advantage of both short and long term coverage for disability. The plan for special people is available throughout the period, when they are working within the organization. Additionally, PSE&G has a fitness center at the office that provides exercise sessions, equipment to train on strength and cardiovascular machines that help individuals in maintaining a healthy routine. The fitness centers are accessible to all the employees.
Retirement Savings Plan: 401 (K)
Fundamentally, the company invests without limits where the investments add substantial value to the 401 (k) savings plans. The savings plan consists of options, upon which the employees select their preference (Chris Christie, 2011). Among the choice categories is an option to save after a half a year of employment or as soon as the job starts. Besides, individuals select whether to save under a tax levy, pre-tax or even post-taxation saving defined by a Roth option (Overland Consulting, 2012). Moreover, the employees may opt for a target plan with a portfolio of various investments managed distinctly according to the age and social growth stage. Therefore, the company has clear outlines allowing employees to define their saving plans.
PSE&G gives the employees an opportunity to design their personal retirement vision during retire-wise seminars. The employees get the opportunity to define their goals, concerns, and life aspirations. PSE&G’s employees also define the preferred retirement scheme and the means of financing it with relation to the trends in the pension scheme (Schiemann, 2014). Besides, the individuals enjoy the opportunity of gaining financial planning skills by...