ETHICAL ISSUES

Ethical Issues with Insurance and Wage Plans Offered by Companies

Abstract

In this paper, I will be discussing the ethical issues regarding wages, and insurance plans offered by companies. It will include the in depth analysis, remedial measures, and employee point of view. The current issues with employees and employers will also be discussed in this research paper. I will also be concluding all the study connected to these issues.

Table of Contents

Introduction5

Discussion6

Issues Regarding Insurance offered by companies6

Wage Plans Offered by Companies7

Profit-Sharing7

Gain-Sharing8

Skill-Based Pay8

Wage Incentives8

Ethical Concerns Regarding Wage Plans9

Ethical steps to be followed11

Conclusion12

References14

Ethical Issues with Insurance and Wage Plans Offered by Companies

Introduction

In today's corporate world, there are many ethical concerns regarding company sponsored insurance and wage plans. The employees are of the view that companies always think of their own interest. From employee point of view, the companies in the modern world are self centered. The insurance plans offered by companies have not been in favor of employees. It rather benefits companies itself. There are some ethical concerns about the wage plans offered by employers.

Insurance can be bought to cover a range of circumstances - theft, unemployment, health, car accidents - and just about anything of value. One would get quotes from a few insurance companies before deciding which one suits ones needs best. If one asks questions about what the company will pay if a claim is made, such as, will it pay for replacement of an item or only what the item was worth at the time of the claim. If one has problems with one's insurance plan provided by company, try to resolve them through the company's complaints or dispute resolution procedures first. If one is unhappy with the outcome, the employee should take corrective measures in this regard (Diana & Jean, 2000).

The central ethical issue in the insurance industry centers on money over customer support. Several facets differentiate those who see insurance as a vocation and those who view the profession as a means to a financial end. If an insurance agent enters into the profession without a strong ethical foundation he may quickly discover that people would rather not do business with him.

Discussion

In this section, we will be discussing the ethical issues regarding insurance plans offered by companies, and some ethical issues related to wages (compensation and benefits).

Issues Regarding Insurance offered by companies

The management of employer sponsored wage and insurance plans is expensive and timely. There is a cumbersome process for applying insurance, finding the effective plan, evaluating the coverage and rate, phone calls, paperwork, and changes in policies and taxes business owners. While all company owners and representatives, they explain changeable degrees of management challenges. Those companies that do currently offer insurance plans to their employees spend much time in investigating diverse health insurance plans to lessen costs as well as assisting their employees with the claim and other paperwork. Many of the companies that do not currently offer insurance plans to their employees constantly investigating whether or not they might be able to afford it in the ...